Setting up as an Insurance Web Aggregator in India

Insurance Web Aggregator is a type of insurance business that has combined the human aspects of an insurance agent with the digital aspect of an internet. However, unlike an insurance agent, those bearing the IRDA web aggregator license cannot be impartial. There are only capable of doing three tasks:

  • Aggregating the insurance policies and their information on a business web aggregator portal.
  • Allowing the customers to browse through those policies.
  • Providing a module that allows the users to compare between the policies.
  • And, providing a flawless way so that users can buy the insurance policy of their choosing.

The Insurance Web Aggregator Business model, in that way, is pretty straightforward. However, despite that, many don’t know the intricacies of getting Insurance web aggregator license in India. Through this article, we are going to tell you most of the necessary points you need to remember about this license.

Before applying for the license, you need to apply for the training

Any business, to be successful, has to have a principal officer who knows how to run it. Same goes for IRDA web aggregator. An insurance web aggregator aspirant has to go through proper training given by the IRDA institutes before he or she can apply for the business permit for it.

After the training complete, that aspirant has to give a certification exam. Clearing the exam is a deciding factor in whether or not the aspirant is eligible to apply for the license.

However, being trained is only the only eligibility criteria to setup a web aggregator. IRDA has given a comprehensive list of eligibility criteria.

What makes you eligibility to apply for Insurance web aggregator license

Following are the eligibility criteria to which you should adhere to before IRDA consider you worthy to apply for the IRDA web aggregator license:

  • You should have a registered business entity whose objective should be to run an insurance web aggregator business.
  • You should not be a current member of insurance industry. You should not be an insurance agent, microfinance agent, Surveyor and loss assessor, or corporate agent.
  • You should not have any criminal case filed against you in the department of revenue intelligence or Department of Enforcement.

After becoming eligible for the license., you can file the application for it as per the simplified process given by IRDA.

Process of filing the application for IRDA web aggregator

The steps you need to follow to obtain IRDA web aggregator license are as follows:

  • Receive training by the IRDA
  • Incorporate your company
  • File the online IRDA application
  • Pay the requisite IRDA web aggregator license fee
  • Let the license be assessed by the experts
  • Obtain the IRDA web aggregator certification.

Other License Which can be useful: FFMC License

Conclusion

In order to setup an Insurance Web aggregator in India, you need to obtain the certification from the IRDA. The process, although straightforward, entails a lot of nuances that are beyond the scope of this blog. Thus, to know more about the process, reach out to our IRDA web aggregator consultants. We can assist you meet your web aggregator needs.

Setting up as an Insurance web aggregator In India? Read this blog first. It will tell you all you need to do to obtain the Insurance web aggregator license.

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