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Drive to digitalization in insurance a study on policyholders' attitude towards using mobile banking
G. Sowmiya,
Published in Innovare Academics Sciences Pvt. Ltd
Volume: 7
Issue: 9
Pages: 134 - 136
After demonetization on 8th November, 2016 in India, life insurers saw a six-fold increase in the premium collection up to Rs.6.700 crore for November, as more people took to buying policies through direct, agent or online. Post demonetization, there was 50% growth yearover-year at private insurers, as LIC saw premiums rise three-fold, because all businessme on, students, employees, and the general public started using smart mobile banking apps including e-Applications for paying all their bills including insurance premium. Also mobile banking play a very significant role for insurance companies for collecting their premium, policy settlement, and also it is reducing the work burden of the insurer. Still there are certain policyholders in Life Insurance Company who oppose and do not fully happy about the drive to the digitalization of insurance and their attitude towards using mobile phone apps or internet banking for payment of premium was dissatisfied. The study covers only the policyholder's attitude towards using mobile banking services provided by LIC in Oragadam only. The choice of the respondents for the study may not be similar, if it is conducted from other districts of Tamil Nadu. The size of the sample was limited to 200 only. The questionnaire was collected only from the online users while making their payment through mobile. Insurance customers still access services through conventional channels, which provide face to face services. They do not come forward to use the E-Services offered by insurance industries, because they do not trust the online services, at the same time they are afraid of adopting mobile insurance. Mobile services offer enlarged agility and control and save time. Customers only made use of the payment through Debit, credit card and net banking. © 2020 Innovare Academics Sciences Pvt. Ltd. All rights reserved.
About the journal
JournalJournal of Critical Reviews
PublisherInnovare Academics Sciences Pvt. Ltd