Gone are the days when one had to solely depend on the insurance agent for all insurance related processes. Gradually the insurance companies are switching over to the mobile channel so as to reduce intermediary in between and connect directly with consumers.
ICICI Prudential and Max New York Life Insurance have already launched a service which enables mobile subscribers to pay premiums through SMS. The services are launched in alliance with mobile payment companies and requires one time registration.
Companies like Reliance Insurance and Bharti Axa are more likely to introduce such services in alliance with their sister concerns in the telecom business.
Observers say this will turn put to be significant new revenue churner for mobile service providers especially in metros where the operators are struggling to offset the damage caused by dwindling ARPUs.