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Insurance web aggregator license: How to become eligible?

People now trust internet more than they do people. Whether they are shopping for clothes or filing taxes, people of India have decided that a hands on approach is better than a human one. That’s why, when it comes to insurance policies, people have started to rely on insurance web aggregator.

So, if you are of a mind to start an insurance business, take the route to become an aggregator.

What is an insurance web aggregator?

An insurance web aggregator is a platform on which multiple insurance policies of multiple companies are present. Visitors can come to this platform, peruse through these policies, dive into their terms & conditions, and if it suits their liking, pick and buy one of them.

As a business, insurance web aggregator is lucrative, and as a legal entity, it’s complex. That’s why, in order to obtain insurance web aggregator license, you have to become eligible for it.

This article takes you through of the each eligibility requirements and teaches you how to meet them all.

The applicant of the Insurance web aggregator license should be a company

Its perhaps the easiest to meet this criteria. All you need to do is pick a name of your company. Reach out to a Company Secretary and incorporate a company with that name. The whole process can take around 3 days to a week, max.

The object of the company should be web aggregation

When you’re incorporating your company, one of the required document is the Memorandum of Association. Specify in it that the objective of your company is web aggregation business of insurance products.

You should not have any current association with the insurance industry

Before you apply for the insurance web aggregation license in India, remember that you shouldn’t be a prior part of this domain in any shape or form. Meaning that if you’re a corporate agent, insurance or a micro insurance agent, TPA, IMF or even an insurance broker, you won’t be considered for the permission to become insurance web aggregator. Those are insurance intermediary businesses for which the IRDA requires other certifications. But for becoming an insurance web aggregator, you exclusively need the insurance web aggregator license.

You should not have a referral arrangement with an insurer

If you already have a referral agreement with an insurer, IRDA would consider it as an attempt to manipulate your customers into buying insurance policies of a specific company. Fairness and non-discriminatory way of business is the primary requirement that a web aggregator has to meet. In case you already have signed such an agreement, nullify it before applying for insurance web aggregator license.

 The Principal officer of your company should have the relevant training

Not just anyone can apply for insurance web aggregator license, for it requires the applicant to also have the right qualification. Thus, as soon as you realize your need for the license, start training your principal officer in ways of insurance web aggregation. For that purpose, you can reach out to several IRDA accredited Insurance Training Institutes. Read More: VNO License Consultants

 Conclusion

Becoming an insurance web aggregator is the best thing for insurance business that you can do for the people and yourself. If meeting these requirements seems like a mountainous task, reach out to Registrationwala, for we would help you climb it. Furthermore, if your current license is on the verge of expiration, consult with us to start the IRDA license renewal process. 

How to become eligible for insurance web aggregator license? By meeting the eligibility criteria by following the tips mentioned in this blog. For further details, contact Registrationwala. Also Check: FFMC License

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