Insurance Web Aggregator License India: Registration, Renewal & Compliance

A An insurance web aggregator is an intermediary licensed by the IRDAI that operates a website or online platform providing information about insurance products from various insurers. They facilitate comparison and provide quotes but do not sell insurance directly. Their role is to connect potential customers with insurers.

A Their main role is to provide a transparent platform for comparing insurance policies, offering unbiased information, and generating quotes to help consumers make informed decisions.

A • Web Aggregator: Provides information and comparison; does not sell or solicit insurance.
• Insurance Broker: Represents the customer and advises on insurance needs, actively soliciting and selling policies.
• Insurance Agent: Represents the insurer and sells policies on their behalf.

A The Insurance Regulatory and Development Authority of India (IRDAI) grants licenses.

A The process involves:
• Meeting the eligibility criteria.
• Submitting an application to the IRDAI with a detailed business plan and technology demonstration.
• Undergoing scrutiny and due diligence by the IRDAI.
• Obtaining an in-principle approval.
• Fulfilling other regulatory requirements.
• Receiving the final license.

A Key criteria include:
• The applicant must be a company incorporated in India.
• It must have a sound business plan and a robust technology platform.
• It must demonstrate the capability to provide unbiased and accurate information.
• Key personnel must have the necessary qualifications and experience.

A A comprehensive set of documents is required, including:
• Detailed business plan.
• Technology platform details and demonstration.
• Financial projections.
• Information about the promoters and directors.
• KYC documents.
• Details of tie-ups with insurers.

A The platform must be secure, user-friendly, and capable of providing accurate and up-to-date information on insurance products. It must also comply with data privacy regulations.

A The IRDAI's processing time can vary and may take several months due to the scrutiny involved.

A Key responsibilities include:
• Providing unbiased and accurate information.
• Displaying information in a clear and transparent manner.
• Ensuring data privacy and security.
• Adhering to IRDAI guidelines on advertising and marketing.
• Maintaining records of transactions.
• Complying with reporting requirements.

A No, web aggregators cannot sell insurance policies. They can only facilitate the connection between the customer and the insurer.

A Web aggregators typically earn revenue through commissions from insurers for leads generated through their platform. Transparency in commission disclosure is required.

A Compliance is stringent and includes:
• Adhering to IRDAI guidelines on operations and conduct.
• Maintaining accurate records.
• Filing regular returns with the IRDAI.
• Complying with data privacy regulations.

A Web aggregators must comply with all applicable data privacy laws and regulations, including those related to the collection, storage, and use of personal information.

A Violations can lead to penalties, including fines and cancellation of the license.

A Covered in the licensing process details.

A Refer to the IRDAI's website for the latest circulars and guidelines.

A Discussed in the eligibility criteria section.

A Secure, user-friendly, accurate information, data privacy compliant.

A Commissions from insurers.

A Unbiased information, transparency, data privacy, compliance.

A They are expected to provide a wide range of options but may have tie-ups with specific insurers.

A Look for IRDAI license, transparency, and user reviews.