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Online information disclosure- how safe are we?

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Online information disclosure- how safe are we?
March 16, 2019
We live in the information age where every aspect of our existence and activity has been impacted by the advent of digital revolution. The ongoing boom in the online markets has directly impacted our commercial activities and in a country like India, where the fruits of development are poised to emerge heavily in the near future, this impact has been profound. Indian economy is set to emerge as a global giant in the coming times and the mass outreach of digital technology coupled with the thrust of the incumbent administration is fuelling this trend. Earlier, during the pre-disinvestment era, the core sectors of economy, like the banking, insurance and allied industries were noted for the bulky amounts of paperwork, administrative hassles, and extensive mechanisms of operations.

This was especially true for the insurance sector. However, after the early 2000s, when the private insurance players were introduced, things began to change effectively and with the advent of digital technology and the benefits that come with it, not only has the routine information and data gathering become a less time consuming and simple process, but it has also become more reliable and the incidence of human error has become almost nil. This has had a very beneficial impact on the core business development and consumer-centric approach has attained new levels of growth.

Today, comparing insurance policies offered by different insurers involved days of meetings with advisors, extensive paperwork, elaborate documentation and multiple rounds to the offices of insurance companies. Intensive paperwork and manual handling of data also meant that there was a high probability of human error and concurrent mistakes. In such cases, the customer had to begin the process again, which resulted in wastage of time and efforts. However, today, the online mode has taken over the offline mode and this has impacted every routine procedure. The process of purchasing a plan is now just a click away and has been thoroughly simplified.

However, at the same time, online procedures mean disclosing important pieces of information online and this has also increased the vulnerability to various unwanted and ill practices. Online linkage between personal data and vital records like account details, bank information etc. has increased the instances of online scams and data theft. There have been multiple instances wherein unsuspecting individuals have been duped by online scammers who use e-mails as a tool for gathering the crucial personal information through phishing scams. The advent of social media tools has further increased this menace and people of all age groups today are vulnerable to such malpractices.

What is therefore required is to adopt a careful and proactively vigilant attitude while being online. Sensitive or personal information must never be shared online or on social media groups.  In today's world, where data means everything, we must remain cautious and must avoid replying in any manner to any fraudulent emails or messages. In case of any such concern, we must always seek the help of governmental cyber-patrolling and IT cells.

Along with the protection of data and personal information, financial security is equally crucial. HDFC Life presents a host of term insurance plans that are aimed at your financial betterment and towards securing the future of your loved ones. 

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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