New India Assurance eyes 100% growth in online policy sales

New India Assurance Co is looking to achieve 100% growth in online sales which stood at Rs 150 crore last year. "We are selling 30,000 policies every month online. Currently, our online sales are clipping at 15-20% which I expect to clock more than 100% growth now," Srinivasan said.

Among the private sector general insurers, the market leader ICICI Lombard said it has no plan to offer any additional discount to online customers as already it sells three to four products online. "We are already selling three to four retail products through our customer portal, known as E-Channel. We provide small discount for online sales. Despite so many products only 5 % of our sales are online," ICICI Lombard's Sanjay Datta said.

SBI General said it gives some discounts to policyholders who buy online. "Right from the start, we have been offering 10% discount on car and two-wheeler policies, as well as retail health policies bought online," Gunjan Ghai of SBI General said. "We are happy to support a cashless economy, as it will result in direct customer acquisitions and a seamless system for conducting business. In fact, online customers have higher ticket sizes and better renewals due to ease of transaction," he added.