An Insurance web aggregator in India is an online insurance intermediary that lets the Customer choose, compare and select the insurance policies they want to buy. By giving up the control of manipulating the customers into purchasing a particular insurance policy. A web aggregator establishes itself as a non-interfering intermediary. This article will discuss the different roles this insurance intermediary plays in the insurance domain.
Insurance services are changing. People no longer feel the impact of the charming words of an insurance agent. They understand that they have a better chance of getting the right insurance policy if they read and comprehend the terms. Therefore, most of them now rely on insurance web aggregators or their policy needs.
An Insurance Web Aggregator is a non-human insurance intermediary with the IRDA license to set up an insurance platform that performs three functions:
- Presenting the insurance policies as insurance products,
- Providing the terms and conditions of those insurance policies in their natural format, and
- Facilitating the visitors with a comparison module to select between different policies.
Let’s now see the role that insurance web aggregators play in the insurance domain in India.
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Role of an Insurance Web Aggregator
Following are the roles of a web aggregator of insurance policies:
- Comparing insurance products: No two insurance policies are the same, even if their terms are similar. From the percentage growth they provide to the conditions under which one can claim their value, Customers must consider different factors before choosing. Thus, one of the primary jobs of an insurance aggregator is to provide a comparison module to the prospects.
- Drafting an agreement between aggregator and customers: The customers must know what to expect before interacting with the insurance web aggregation portal. Therefore, the web aggregator’s responsibility is to draft an agreement that the Customer agrees to before entering the website.
- Displaying insurance policies: An aggregator must treat insurance policies as insurance products. He must present these products as clickable options that lead to terms and conditions of the insurance policies.
- Not ranking insurance policies: An insurance web aggregator license doesn’t empower the licensee to play favourites and provide ranking to insurance companies or products. It must be impartial and only provide information about the policies in their natural format.
- Only providing insurance products: An insurance intermediary doesn’t have permission to deal with any entity other than the insurance policy. If the IRDA finds that the web aggregation portal is hosting financial products that are not part of the insurance domain, it will hold the licensee liable for contravening the terms and conditions of the web aggregator license.
- Keeping all the details transparent: While IRDA licenses the web aggregator to solicit insurance policies, it only has the permission to do so transparently and through online means.
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An insurance web aggregator is an insurance entity that has to provide insurance information to the customers impartially. It must provide a comparison tool and can only solicit insurance policies online. Furthermore, there are other roles that it has to perform as per the conditions of the web aggregator license.
Now that you know the role of an Insurance Web Aggregator in India, consult with Registrationwala for the license.