Insurance Web Aggregator License and its perks

Now is the right time to get the Insurance web aggregator license.

If the pandemic has taught us one thing, it’s this – life is uncertain and we are the most relaxed when we have some guarantee that our future would be safe. Insurance policies are one of many ways to do it. Thankfully, due the presence of online mode, more and more people have started to understand, and even look forward to buying insurance policies on their own.

No longer do they want to be bogged down by the impressions of a broker.

No longer do they want to deal with fraudulent calls that promise treasure but give garbage.

But they DO WANT Insurance policies, and that’s why, they have chosen an insurance web aggregator to meet their needs.

What is an Insurance web aggregator?

An insurance web aggregator is a website, a portal where information about several insurance policies is displayed. People can visit this portal, click on the policy of their choosing, read about it, compare it with others and then make a choice to buy said insurance policy. Read More: Prepaid Wallet License

Here, the primary element that stops people from buying the insurance policies is removed: the human element.

Courtesy of internet, and existence of the blogs related to insurance policies, the terminologies that most policies entail are now simplified. People find it easy now to comprehend the terms and conditions of the said policies. It has empowered them, and with that, their need to hire experts have been depowered.

So what is an insurance web aggregator in this particular context, it’s an agent of empowerment – letting people make their own choice when it comes to insurance policies.

And now the license to start one is within your reach.

What is Insurance web aggregator license?

It’s the license to start a business of insurance web aggregator. And the steps to obtain it are as follows:

1. Become eligible for the license by taking care of the following:
   1. Appoint a principal officer and train them
   2. Incorporate your business as a private or a public limited company
   3. Accumulate net worth of INR 20 Lakh before proceeding.
2. Once you’ve become eligible, apply for the IRDA web aggregator license online.
3. Submit the required documents while you’re filing the application. They are as follows:
   1. Certificate of incorporation of your company
   2. Articles of Association and memorandum of association of your company
   3. Principal Officer training certificate
   4. Net worth certificate of your business
   5. Audited Balance sheet of your company
   6. Web content of the website
   7. Backend access of the insurance web aggregator portal
4. Based on the above documents and the way you’ve filed the application form, IRDA will assess whether or not to issue you the Insurance web aggregator license.
5. If by chance there are any issues with your application, IRDA will inform you via notifications. Answer those notifications and make the necessary corrections to mitigate the said issues.
6. Once the issues are resolved and the website gets the approval, IRDA will issue you the Insurance web aggregator license.

Why you should care about taking the above steps

We admit that the process of getting the license of web aggregator isn’t exactly linear. Then, why should you care for it?

Why should you train your principal officer and go through the arduous procedure to become a web aggregator? Read More: Legal Metrology Certificate For Import

Here are the reasons why:

1. Access to a new market: As we have repeatedly told you, people want straight up information, and not someone who would interpret for them. With a web aggregator license, you’d have access to a platform that will be used by people on their own terms. And in this age of customized services, that’s the best you can do.
2. Not many players in this field: Can you name an insurance web aggregator other than policy bazaar? You can’t. It’s because only policy bazaar has been able to provide the services and market itself properly. Right now, it is reigning as the king of web aggregators, you can topple it with your own strategy.
3. Customer trust: As the human element is hardly involved in the process, you have more access to customer trust. As you’re practically giving them free reign in your website, it becomes their choice to go through, compare and buy insurance policies. That level of transparency fosters a high level of trust.

Conclusion

There are perks to obtaining the insurance web aggregator license. Through this article, you now have access to all of them. Reach out to Registrationwala to know more about the procedure associated with it.

Insurance web aggregator and its perks. Know the intricacies of insurance web aggregator license and understand the perks that come along with it.