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New-age Insurance vs Traditional Insurance

Team AckoMar 20, 2023

New-age Insurance vs Traditional Insurance



Evolution is defined as a change in characteristics over successive generations. The insurance industry has also evolved and new-age insurance is on the rise. With simplicity at its core, digitization has changed the way insurers offer insurance and the way customers purchase it.

Have a look at the five points that distinguish between new-age insurers and traditional insurers.

  • Pricing

Traditional insurance has high operational costs owing to their several branches and offline strategy. New-age insurance is based on an online model that is economical and cost-effective. These companies are fully-digital, and hence their policies are less expensive as compared to their traditional counterparts.

  • Buying Process

The purchase journey in case of traditional insurance is complicated and involves a multi-step process. Customers often get confused and irritated due to the lengthy and confusing buying process. On the other hand, the buying process in case of new-age insurance is extremely simple and quick. It is similar to the buying process followed by leading E-commerce websites. Something that the users are comfortable with and used to.

  • Communication

People often perceive insurance as difficult to understand. This perception is mainly due the way the information is presented to them. Traditional insurance uses a lot of jargons while communicating features and benefits of the policies whereas new-age insurance relies on communication that is easy to read and understand.

  • Claims

An insurance company’s claims process is of utmost importance to its credibility. Policyholders often find it difficult to claim insurance as they face roadblocks throughout the insurance claims process. New-age insurance addresses this issue by providing customer-friendly and hassle-free claim settlement.

  • Paperwork

There’s a lot of paperwork in case of traditional insurance. Filling lengthy forms and keeping track of all the documentation involved seems like an added task for the customers. New-age insurance relies on a digital process that requires minimal paperwork and offers maximum convenience.

These are the usual complaints policyholders have when it comes to settling claims.

  • Tedious process

  • Unnecessary documentation

  • Hassle of coordinating with the garage and the insurer

  • Low-claim amounts

  • Disappointing service

With Acko, you don’t have to worry about these claim settlement issues at all. Just give us a call and we’ll take care of everything – from picking up your car, to getting it repaired and dropping it back right at your doorstep. Isn’t this Paisa Vasool?

Here’s how we make claims stress-free:

  • Quick pick-up

You can simply call us on 1860-266-2256 and our crew will ensure a quick pick-up of the damaged vehicle. In select cities, we even offer one-hour pick-up!

  • Repaired & Delivered

Your car will be repaired and delivered at your doorstep once the repairs are completed (available in select cities)

  • Coordination

No need to take extra effort finding a garage that is affiliated with us. We offer cashless claims across garages. This means we do the coordination with the garages (pick-up, repair and drop), without you paying any repair amount upfront.

  • Instant settlements

We’ve cut short the claims process even more when it comes to minor damages. For example, you can opt for instant settlement, in case of a cracked windscreen, and receive the claim amount. Then, proceed to your favourite garage to get things sorted as per your convenience.

Wondering how things happen so smoothly?

Here’s our zero-trouble claims process:

  • Step 1 – Register your claim by logging in to our website or calling 1860-266-2256

  • Step 2 – Let us know from where to pick up the vehicle

  • Step 3 – Track progress on the website as the vehicle is taken to the garage and repaired

  • Step 4 – Vehicle is delivered and you are ready to drive again

Full Paisa Vasool

1.3 crore Indians trust Acko when it comes to meeting their car insurance needs. We are rated highly by happy customers, one of which is Subha Dip from Bengaluru. He is a Nissan owner and this is what he has to say regarding Acko’s seamless claims experience: “From query to delivery, Acko’s quick turnaround time made sure my experience was completely hassle-free!”

If you are looking to insure your car or renew its insurance, click here to know about our killer prices.

Points to Be Noted

Make sure to go through the inclusions and exclusions of your insurance policy before purchasing it. Read the terms and conditions and make an informed choice. Get your doubts cleared on call or via email with the insurance company. Reading, understanding, and buying insurance is easy, convenient, and hassle-free with Acko, the new-age insurer.

Also, read: Vehicle Scrappage Policy in India


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