A web aggregator company is defined in Section 2 (n) if the insurance act, 1938 as a company registered through Companies Act, 1956 (1 of 1956) and approved by regulating authority of insurance companies. This company gives quotations and stats related to insurance products and policies of different companies.
A web aggregator company acts as an intermediary that maintains and supervises the website and offers price comparison with features of different insurance products to the customer.
An insurance web aggregator company is approved and regulated by IRDA and is registered through the Companies Act, 2013. IRDA is responsible for ownership and approval of the website and gives information related to different insurance policies and products of various insurance companies. The Insurance web aggregators provide customers a single platform to compare quotes from different insurance companies on a single platform.
A license granted by the authority must be renewed after three years which is its period of validity. The authority holds the right to suspend a license in case the company fails to comply with the norms of the IRDA Act.
Getting an Insurance web aggregator license application cleared from IRDA is not an easy task. The application needs to be impeccable and should be minutely examined to avoid any discrepancies that could lead to the cancellation of the application by the authority. MUDS helps companies in getting the license easily by giving complete end-to-end support to new companies in getting their Insurance web aggregator license and registration.
The Insurance web aggregator’s activities include suggesting customers prospects of several insurance policies to let them choose a plan according to their requirements. whereas, the Insurance broker’s duty is to advise the clients on the best insurance product depending upon the financial and other aspects of the client.
Yes, it is absolutely necessary. The applicant should get a working website ready while preparing the web aggregator website. It is also mandatory to furnish the audit report (known as CISA Report) of the website certified by authorized professionals for this purpose.
The Principal Officer is often the presiding officer or key management executive of the Insurance Web Aggregator Company. The PO conducts all the activities of the business. The principal officer must have the requisite qualifications as required. The PO of the applicant company must complete training from an institute notified as per the authority.