FinanceLaw & Legal

What are the benefits of starting an Insurance

Self Network Platform?

Insurance Self Network Platform is a business entity that the IRDA gave permission to start once it realized the value of e-commerce in the insurance domain. This article explains the benefits of starting an ISNP in India.

Insurance policies are now more akin to products than services. People aren’t interested in calling dubious insurance agents anymore. They now possess the understanding to learn the terms and conditions of insurance policies by themselves and choose the policy that suits their requirement. The Insurance Regulatory Development of India, motivated by this phenomenon, introduced IRDA ISNP. Insurance Self Network platform is an online portal that lets the users:

  1. Choose the insurance intermediary,
  2. Select the insurance policy,
  3. Read the terms and conditions, and
  4. Contact the insurance intermediary to go ahead with the insurance buying process.

But why choose an insurance self network platform, when the insurance web aggregator performs practically the same tasks?

The answer to this question lies inside the benefits of starting an ISNP.

An insurance intermediary can establish an ISNP

Unlike the Insurance Web aggregator, which only those with no prior connection to the insurance domain can establish, an ISNP is exclusively for the current stakeholders of the insurance sector. Whether you are an intermediary acting as a broker of insurance policies or a corporate agent, starting an ISNP is now within your grasp courtesy of relaxed new regulations set by the IRDA.

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It can increase the market penetration of the insurance market

If you want to go beyond the restrictions of cold calling and reach out to customers where you really matter, ISNP should your choice of an insurance entity. By handling the reins of choosing the insurance policy for your customers, ISNP is able to penetrate the insurance sector deeply than before. Furthermore, as an insurance company, you would be able to host multiple insurance intermediaries on this portal – enhancing your reach by the virtue of having more insurance options.

It reduces the cost of Transaction

People started to deviate from the traditional mode of buying insurance policies because of the cost factor. From calling an insurance agent to dealing with the intermediary costs, the price of insurance used to cost more than the policy itself. With the insurance self network platform, you can trim the fat of additional costs. Your customers will go directly to the insurance policies they want to buy, thereby reducing the cost of the transaction.

Attracting more customers

When the insurance policies are available online along with their terms and conditions readily available to the people. you can attract more customers. Through an ISNP, the reach of your services can go far and wide courtesy of the online service model. While you do need to implement some marketing strategies to enhance your reach, you won’t have to worry once you achieve it.

 Better management of insurance services

On the insurance self networking platform, the licensee has to organize every insurance policy with the user in mind. The better user interfaces you implement, the better you will be able to manage your insurance services.

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Insurance Self Networking Platform is an online portal designed to specifically cater to online crows who don’t trust the human element of the insurance services. In addition to providing more and better-managed services,  ISNP lets the customers make the choice of which insurances to buy. It instills the customers with confidence in your insurance product. And, it also lets you establish your foothold in the insurance domain.

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