An Insurance web aggregator is a digital intermediary between the insurance policy seeker and the insurance policy seller. However, unlike a traditional insurance broker, a web aggregator is not a marketer. In this era where trust is low and reliance of technology is high, getting an insurance web aggregator license has been in the top of the list of several entrepreneurs.
In this article, we are going to cover all the reasons behind it.
What are the primary objectives of an insurance web aggregators?
When you obtain a web aggregator license, you have to adhere to the following primary objectives.
· Comparison between insurance products: The website that you’ll design after obtaining the IRDA web aggregator license will have a module that will allow your visitors to compare between the insurance policies
· Providing all the relevant information about the insurance policies: The visitors of your website should have unbridled access to unbiased information about the insurance policies
· Agreement with insurance companies: An insurance web aggregator license doesn’t automatically give you the power to display insurance policies of company. First, you need to sign an agreement with those companies.
· Providing insurance information to the visitors in a non-discriminatory fashion: As an insurance web aggregator, you should know that you’re not a marketer, but an information provider. Thus, your objective is to prevent mentioning anything in your module that even resembles marketing.
· Only displaying insurance products: An insurance web aggregator is only allowed to display insurance products on their website.
Who oversees the functioning of an insurance web aggregator?
IRDA or Insurance Regulatory Development Authority of India is takes with overseeing the functioning of a n insurance web aggregator. As a the IRDA web aggregator license is a fairly new requirement and web aggregation is a fairly new business, the rules associated with it keeps on changing. The latest implemented laws that IRDA uses to oversee the web aggregators are part of IRDA web aggregator regulations, 2017.
Why you should care about the Insurance web aggregator license?
We have discussed what you can do as an insurance web aggregator, we have also dived into who oversees this body. It’s time we discuss why you need to obtain the IRDA web aggregator license in India:
· Technological opportunities: With the use of internet on the rise, and the reliance on it for shopping matters have increased even higher, insurance policies now can too be sold online. IRDA web aggregators have the opportunity to tap into this unique market to provide people with insurance policies of their choosing.
· Adhering to the quality standards: One of the difficulties that starting insurance brokers face is getting trust from the customers. The rise of fraud has driven many customers away. However, when you start an insurance web aggregator business, it automatically means that your website adheres to the IRDA regulations. As you’re already living up to the right standard, your customers believe in you.
· Multiple products: As an insurance web aggregator, you won’t be bound with only one insurance company. You can sign contracts with many. Thus, you’ll have the opportunity to present many companies to the customers.
There are several reasons to opt for Insurance webaggregator license in India. The above-mentioned points are just some of them. For more information in this regard or if you want to know about Insurance web aggregator license fees, call us.
Why to obtain insurance web aggregator license in India? There are many reasons, but we have listed the three that you should care about.