In recent years, there has been a shift towards digitisation. Be it any walk of life, from shopping for medication, movies, or insurance, we have everything at our disposal, at just a click of a button.
Zen Insure is one such example, which brings motor vehicle insurance to you, without the need to contact an agent or visit an insurer’s office. This modern and efficient approach to accessing insurance is called paperless insurance, and it has several benefits over the traditional approach.
Note, this is not a trend, but a way of life that is here to stay and makes your lives easier. In this article, we’ll be studying all about paperless insurance - its meaning, benefits, and a guide to accessing it. So, make sure to read it till the end, and get ready to move with the changing times.
Paperless car insurance
What is paperless insurance? It refers to the process of buying, managing, claiming, and renewing insurance policies online.
There’s no need for any face-to-face meeting, visiting the insurer’s office, or safe storage of the documents. Everything is done online, from the comfort of your home. Furthermore, the policy is accessible at the touch of a button, claims can be filed quickly, and the customer support is fast.
Overall, compared to traditional car insurance, paperless options are faster, efficient, and greener.
What supports digital insurance solutions in the Philippines
Did you notice that in the past few years, the insurance companies and even the authorities have been pushing towards digital insurance solutions? Ever wondered why? Well, that’s because of the numerous benefits it holds compared to the traditional approach (discussed in detail below).
Here in the Philippines, this shift is supported by the following factors -
- Increased internet penetration and mobile usage in the country
- Preference for contactless transactions, especially after the pandemic
- Adoption of modern tech by insurers, thus initiating faster processing of applications & claims
Key benefits of a paperless insurance policy
Let us now discuss some of the top reasons why you should opt for paperless insurance -
Hassle-free application and renewal
No traffic, no queues, & no time wasted.
One of the most significant benefits of paperless insurance is a hassle-free insurance application and renewal process—no more need for a physical visit to the insurance office. You can do the needful from the comfort of your home or while in the office, and it can be done in minutes.
Fast claim submission, processing & approval
At the time of need, i.e., when you require the settlement amount to make the payments (repair & hospital), digitisation is the key. Online claim submission is quick and straightforward; all you need to do is duly complete the form, upload the required documents & photos, and hit submit.
Furthermore, the claim processing and approval process is fast, as the insurer can review the submission immediately, without the need to wait for any physical paperwork.
Zero clutter
No more stacking of paper at home, and everything is tidy. All the information, policy details, and policy itself are stored safely online.
27/4 access to insurance documents
It doesn’t matter if you are at home, the office, or on vacation; you can access your e-policy anywhere, anytime. All you need is an internet connection; however, even that is not a problem, as you can download the policy and access it when required.
Secure and fraud prevention
Did you know that a digital insurance policy is secured via encryption and authentication? All this minimises the risk of policy fraud or tampering, keeping your policy and information protected.
Low cost
Many insurance providers in the country offer discounts to clients who opt for a paperless policy, as it reduces the company’s operational costs (courier and printing).
Better customer support
It is a known fact that online insurance platforms offer better customer support through features such as live chats, email support, and AI support. All this leads to a faster solution/response to customer problems and queries.
Easy policy update & modification
Wanna add coverage, a driver, or make changes in your details? The paperless insurance offers a quick and easy way to do so, without any hassle of visiting the insurance office multiple times.
Seamless payment integration
Paying for premium is super easy, as all you need to do is pick your phone and do the needful via e-wallet options like GCash, Maya, or direct bank transfer.
Environmental-friendly practice
Going for paperless insurance is a way to contribute towards nature; here, you omit cutting down trees, paper wastage, and carbon emissions.
Applying paperless car insurance: A step-by-step guide
Are you interested in obtaining a paperless car insurance policy? If yes, follow the steps and in a week or less, get your e-policy.
Step 1: Assess your insurance needs.
Step 2: Compare two to three of your insurance providers on factors like premium, coverage, customer service, claim process, etc.
Step 3: Visit the website or application of the chosen provider.
Step 4: Select the required coverage.
Step 5: Duly complete the online form along with the vehicle’s and personal details.
Step 6: Upload digital copies of the required documents (valid government-issued ID, vehicle OR/CR, and previous insurance policy, if applicable).
Step 7: Pay the premium via the preferred online payment method.
Step 8: Check your e-policy on your email or application; make sure to download the policy for easy later access.
Top car insurance providers with a paperless policy option
Here are a few insurance providers in the country that offer the facility to go paperless -
- Pioneer Insurance
- OONA Insurance
- Malayan Insurance
- Fortune General Insurance
- Standard Insurance
- FPG Insurance
Most of the mentioned insurance providers accept G-Cash payment, thus facilitating contactless transactions. As for the claim processing time, it ranges from 3 to 7 days, depending on the insurer.
Government support & digitisation of insurance
The Philippine government and the Insurance Commission understand the potential of digitalisation and therefore support & encourage insurance providers towards paperless operation. This way it also ensures that more and more Filipinos get motor vehicle insurance, thus securing roads and ensuring public safety.
Common concerns related to paperless policy
Concern 1: What if I require a hard copy of my insurance policy?
Solution: It's pretty simple, either ask the insurer for a hard copy or print out the e-policy. Now use it for the required legal or personal use.
Concern 2: Are my details safe in my online insurance policy?
Solution: Yes, all the information mentioned in the online policy is safe and secure. Just make sure that you go for a trusted insurance provider with encryption and two-factor authentication.
Concern 3: How will I access my policy if there is no internet connection?
Solution: You can have 24/7 access to your e-policy regardless of internet connection availability - just make sure you download the e-policy after it gets issued to you.
Also Read: Motorcycle insurance for delivery riders: Is it worth It?
Bottom line
The whole world is going towards digitisation, and the Philippines is not far behind. From education to finance to insurance, everything is done smartly and quickly online. Talking specifically about insurance, what was once a paper-heavy working arena, is gradually going paperless. Several well-known and reputable names in the business have launched digital platforms wherein clients can buy, claim, and renew policies.
The benefits? There are several advantages - both for the insurer and insured. The former offers several benefits, including low operational cost, enhanced productivity, protection of private information, less customer interaction, reduced wastage, and building of a positive brand image. The latter, on the other hand, enjoys quick policy issue & claim processing, 24/7 access, and seamless policy updates.
FAQs
Q1. Is a paperless or online car insurance policy legal in the Philippines?
Ans. Yes. The Insurance Commission (IC) recognises e-policies, which are legal and valid. So, go ahead and take advantage.
Q2. Are online/digital insurance policies expensive compared to traditional ones?
Ans. It is the other way around. Generally, digital insurance policies are affordable compared to traditional ones due to the following factors:: low operational cost, no intermediaries, more accurate risk assessment, and personalized policy.
Q3. Is it possible to get a hard copy of the policy, even if I go for paperless insurance?
Ans. Absolutely, you can either ask for it from your insurance provider or get a printout yourself.
Q4. I lost my smartphone, how can I access my policy?
Ans. Do not worry, you can access your insurance policy by logging in from any other device.
Q5. How can I file an insurance claim online in the Philippines?
Ans. You can file an online claim by following a few simple steps, including gathering necessary information and documents, accessing your provider's online portal/app, inputting policy details, uploading required documents, and submitting your claim.
Q6. What necessary documents are required to file an online claim?
Ans. To file an online claim, you require the following documents:: policy number, proof of incident, vehicle OR/CR, and valid ID.
Q7. Do all insurance providers in the Philippines offer a paperless policy option?
Ans. Not necessary, however, several well-known and top providers have digital platforms and mobile applications.
Q8. What is the timeline to procure an e-policy?
Ans. An insurance applicant usually receives the e-policy within 24-48 hours after payment confirmation.
Q9. Is it possible to use G-Cash to pay for an insurance policy?
Ans. Absolutely, many insurance providers in the country accept e-wallet payments like G-Cash from applicants.
Q10. Are online insurance platforms safe from hackers?
Ans. Well-reputed insurance providers ensure that their online platforms are encrypted and protected with cybersecurity measures.
Q11. What if I don’t have internet access? Will I still be able to access my e-policy?
Ans. Only once you have downloaded the insurance policy.
Q12. Are there any discounts offered by insurance providers to go paperless?
Ans. Yes, some insurance providers offer promos or special rates for going paperless.
Q13. Does LTO accept e-policies?
Ans. The Land Transportation Office now accepts electronically transmitted Certificate of Coverage for CTPL and other motor vehicle insurance policies for the registration and renewal process.
Q14. Is it possible to switch from paper to a paperless insurance policy?
Ans. Yes, generally, it is possible to go from paper to paperless policy mid-term.
Q15. Can I renew my paperless insurance policy while being abroad?
Ans. Yes, most insurance providers allow policyholders to renew their policy remotely.
Also Read: What to do if your car gets flooded (and will insurance cover it?)
