What is Insurance Web Aggregator License in India?
An insurance web aggregator is an aggregate of insurance policies. To operate, it has to obtain Certificate of Registration from Insurance Regulatory Development Authority of India commonly known as the Insurance Web Aggregator License.s
What is an Insurance Web Aggregator?
Insurance Web Aggregator is the solution to buying the right insurance policies. It aggregates insurance policies at one place in which where prospects can by insurance policies as per their needs.
In this uncertain world, security is hard to come by. It has driven people to buy insurance policies to give their families a secure future. But, with so many policies available online, people have a hard time picking the right one. More often than not, that hard time pushes them into buying the wrong policies which can severely impact their lives.
You can give them an online solution by becoming an Insurance Web Aggregator.
Web aggregator meaning is to aggregate articles on the web on one portal. An Insurance web aggregator is an insurance company or an insurance intermediary. Its job is to aggregate, accumulate and present information about insurance products of different insurance companies. The insurance web aggregator business isn’t just to present multiple insurance products in one place, it allows people to come and:
- Read the policies of the insurance products
- To provide benefits of compare policy, insurance web aggregator provide a comparison module.
- And Choose the insurance product that suits their needs.
That said, not just anyone can start a web portal like that, you need to Insurance web Aggregator License India or IRDA License. It’s governed under the Insurance and Development Act 1999, and is given to insurance companies or intermediaries to aggregate and showcase insurance products to online customers.
Due to the prospects it presents, many entrepreneurs are are now coming forward to become an insurance web aggregator in India.
However, just like anything worth having, there are many legal conditions involved with getting the web aggregation license. That’s why, Registrationwala takes up the task to guide you towards the insurance in the most hassle-free, affordable and reliable fashion.
So, get ready to count yourself among the top web aggregators in India. There are not many of it anyway. It means that you not only have a chance of starting an online insurance web aggregator business, but also make it thrive.
Eligibility Criteria for Insurance Web Aggregator License in India
Following is the Eligibility Criteria for you to become Web Aggregators in insurance industry:
- You must apply as either a company, or an LLP.
- The memorandum and Articles of association/LLP agreement of your company/LLP should specify that the object of your company/LLP is web aggregation.
- Your business shouldn’t be anything other than selling policies online.
- You must not be registered as:
- An insurance agent
- A corporate agent
- A microfinance Agent
- A Surveyor and loss assessor
- An Insurance Marketing firm
- or a Micro Insurance Agent.
- You must have a referral agreement with an insurer.
- You’ll only get one certificate of insurance web aggregation.
- You must have your own website which acts as a portal to present insurance products.
- Your principal officer should have the necessary qualification to conduct insurance web aggregation as per FORM C Schedule 1.
- Your principal officer should’ve gone through the necessary training and should be certified by the concerned authority.
- You and other key members of your company must adhere to the Fit and Proper criteria of Insurance aggregator Form D Schedule 1.
- Your company must not have violated any obligation specified in FORM V and FORM W.
- You must not be someone whose insurance web aggregator license was cancelled by the authority.
Documents Required for Insurance Web Aggregator License in India
The following documents are required to be submitted to the IRDAI:
- Certificate of incorporation
- Memorandum of Association and Articles of Association
- LLP agreement if your business entity is an LLP.
- PAN Card of the company
- Director profiles of the company/Partner profiles of the LLP
- Principal Officer Profile and documents pertaining to his educational qualification.
- Description of contents of the web aggregation website.
- Website hosting details
- Details of the website content manager.
- Shareholding pattern of the company.
- Net worth certificate of the company.
- Audited financial statements for the last three years if the applicant is an existing company.
- Latest financial statements if the applicant is a new company.
- Details of the company’s/LLP’s IT infrastructure.
- Organogram (Organizational Chart) of the company
- Access (ID and password) to view the content and backend of the insurance aggregation website.
- Receipt of the IRDA license fees.
Process of obtaining the Insurance Web Aggregator License in India
To provide the license to become a web aggregator, IRDA has provides a simple pathway. The IRDA certification process for insurance web aggregators is made in such a way that one has to understand each and every step thoroughly.
The process to acquire Insurance Web Aggregator License and IRDA License download is as follows:
- Incorporate a company/LLP: If you’re applying for insurance aggregator license for the first time, it’s wise to take the right first step, which is to get your business registered as a company/LLP.
- File the application using FORM A: Fill the application FORM A and attach the required documents. You can file the application at IRDA licensing portal or IRDA License portal.
- Pay the required application fee: Pay the requisite IRDA web aggregator license fees to get the application into processing.
- Wait for the Authority to examine your application: After receiving your application, the IRDAI will process it. If it finds that your application is in the general interest of the policyholders, you’d get the certificate of registration in FORM E. However, that may not always be the case because the rejection rate is also high. Thus, keep a sharp eye on the IRDA license check portal for insurance web aggregators at all time.
- Downloading the IRDA License: At that you time you’d be able to IRDA license certificate download. That would have a unique IRDA license number or IRDA license No. specific for insurance web aggregators.
Once you receive the notification and have committed to IRDA licence certificate download, and have committed to your business, you provide your visitors not just the facility to browse and insurance policies, you can also provide them a direct line to the insurance portal. It will allow them to IRDA license insurance certificate download.
Note point: You should know that the once you have the IRDA license copy, download the information related to IRDA license renewal process as well. As the online insurance license doesn’t have a lifetime validity, you should take some early steps to ensure that your business doesn’t halts if your license stops.
Our Assistance to get the Insurance Web Aggregator License in India
To make you a part of the IRDA web aggregator list and start your insurance business web aggregator portal, we assist you in the following ways:
- We will file your IRDA license application.
- We prepare the documentation for it.
- We provide end to end Insurance License assistance.
For more information, reach out to our experts. We can spring into action and deliver you the Insurance web aggregator license right away.