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Insurance Web Aggregator License: A new Type of IRDA License

Author: Vicky Kumar
by Vicky Kumar
Posted: Feb 02, 2021

Everything that you see online is courtesy of a web aggregator. While you enjoy a list of products that you browse, there is someone in the backend who has received no recognition of finding, and making those products appear before you. These simple E commerce websites are the reason you’re able to thrive on products, while sitting at your homes. Now, the range of products have increased, and insurance policies are one of them.

An Insurance Web aggregator is a company that provides a platform to the people. At this platform, or a portal. visitors can come, browse through the insurance policies, compare between several of them and proceed to buy the ones that suit their need. Such a revolutionary step towards making people aware about insurance policies has brought a new era of information in the world. We now reside in a space where we are capable of understanding the terms and conditions on our own, without the meddling insurance agents.

However, don’t mistake that starting an insurance web aggregator business is an easy task. The IRDA License required for this purpose – the Insurance web aggregator license, is not that easy to gather.

That being said, no need for you to get de-motivated. With the right knowledge, there is no mountain that you cannot climb, IRDA license being one of them.

How does one become eligible to get the IRDA License

For obvious reasons, the IRDA license for insurance web aggregator is not for everyone. "Insurance" policy business, as lucrative and profitable as it is, isn’t something that everyone can just pick up. That’s why, the Insurance Regulatory Development Authority of India has provides the following eligibility criteria for the applicants:

  1. The applicant must first incorporate their business as a company.

  2. That company should exclusively deal with insurance web aggregation business.

  3. Although the applicant must possess the knowledge associated with the insurance policies, they must not, at the time of applying be:

    1. An insurance agent

    2. A microfinance agent

    3. A corporate agent

    4. Someone with an Insurance surveyor license

    5. a marketing firm for insurance policies

    6. or a Micro insurance agent.

If you happen to be any of the above, you’d have to leave your job, and then fully commit to being ONLY an insurance web aggregator.

  1. The applicant must have an insurance website

  2. The applicant must have the necessary qualifications.

  3. The applicant should not be someone whose prior IRDA certificate was cancelled because of fraudulent reasons...on his end.

How to get the Insurance web aggregator license

The whole sphere of application process begins with filing the online application and ends with IRDA license certificate download. The nitty-gritty of the steps are as follows:

  1. First, incorporate your insurance web aggregator business as a company. It provides legitimacy to your business.

  2. Prepare the required documentation for The process

  3. Then, file the IRDA license application in FORM A.

  4. Now, pay the required application fee

  5. Once you’ve paid the processing fee, conduct an IRDA license check to keep an eye on your application.

  6. If the application is accepted, you’ll get the registration. At that point, you can do a IRDA license download.

If there is a mistake in your license, which it won’t be, you’d have to apply for an update. At that time, you’ll receive an URN number. Once the update process is complete, you’d have to IRDA certificate download with URN number.

Conclusion

Insurance Web aggregator license is the type of IRDA license that has the potential to make you the richest. However, to obtain it, you have to climb a large mountain. We have explained to you the nitty-gritty of the license, but have deliberately left out some details. Interested in knowing about the documents? Reach out to our experts.

About the Author

Vicky kumar is a company analyst in IP1 License.

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Author: Vicky Kumar

Vicky Kumar

Member since: Aug 19, 2020
Published articles: 33

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