Insurance Self Network Platform is an e-commerce portal dedicated to dealing with insurance services in India.
E-commerce is prevalent in all forms of products and services these days. It has provided the providers of those products and services with better reach and low cost of transactions. That’s why, to make sure that the same goes for insurance services, IRDAI or the Insurance Regulatory Development Authority of India has provided the registration of Insurance E Commerce Platform.
If you’re willing to adhere to the conditions set forth by the IRDA, you can run your e commerce portal dedicated specifically to selling insurance policies. This portal will be called the Insurance Self Network Platform?
1. The applicant must either be an incorporated company or a Limited Liability partnership
2. The applicant’s business entity must have a principal officer
3. The applicant must conform to all the guidelines mentioned in the form INSP-1
4. The applicant should be able to prove that the e commerce portal is able to automate the process and maintain the data privacy at all times.
To start a e commerce website dedicated to selling insurance policies, you must attach the following documents to the ISNP application form:
· Certificate of incorporation
· Memorandum of Association
· Articles of Association
· Details of the directors and shareholders
· A document containing the description of business
· Details of the management personnel
· Details of steps taken to prevent unauthorized access
· Details of procedure implemented for disaster recovery
· Details of the encryption implemented to safeguard customer information
· Details of the Information Security management system
· Source code of the e commerce portal
· CERT-in certification of the E commerce portal
Following is the procedure that’s to be implemented to start an INSP
· Application filing of the FORM –INSP 1
· Submission of the application to the IRDAI
· Assessment of the application and the source code
· Grant of ISNP permission
When you take on the task of obtaining the ISNP registration, you'll realize that filing the application is merely the tip of the iceberg. There is a lot more depth to the process and there are several nuances to it that can increase the time it takes to get the registration. Therefore, you should find consultants that can expedite the process for you. Registrationwala is one of those consultants. We can provide you services like:
· Document drafting
· Application filing
· Department follow up
So, if you’re in a hurry to start to your own insurance e-commerce portal, reach out to Registrationwala.