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9 Key Criteria to become eligible to get the Insurance Web Aggregator License?

9 Key Criteria to become eligible to get the Insurance Web Aggregator License?

Insurance Web Aggregation is a new type of online business. It’s all encompassing, provides accurate information to the customers, and let them choose the insurance policies as per their requirements. That’s why, at this day and age, being an Insurance web aggregator is one of the most lucrative professionals.

However, getting the IRDA Insurance Web Aggregator License, the authorization that let you act as a web aggregator of insurance policies, is not easy to get. There are some specific eligibility criteria that you have to stick to. If you don’t, you won’t get the chance to even apply for the IRDA license.

Thus, through this video, we are going to tell you about the Insurance Web aggregator License. We are going to tell you 9 Key criteria to become eligible to get the Insurance Web aggregator

Eligibility Criteria 1: You should be a registered business entity

If you are not a registered business entity, which can either be a company or an LLP, then you can’t apply for Insurance Web aggregator License. IRDA has specifically reserved the authorization for only those who are serious about conducting web aggregation business, and being a company or LLP is the part of it.

Eligibility Criteria 2: The MOA should clearly mention your objective to act as an Insurance Web Aggregator

Memorandum of Association – the information sheet of your company – should specifically say that your business objective is to aggregate insurance policies online. Additionally, you need to have a separate printout of the page that has the clause that has mentioned that objective.

Eligibility Criteria 3: No business other than selling policies online

Insurance Web Aggregation is a business that requires the sole focus of the one who is running it. That’s why, if you choose to become a  web aggregator, your primary attention should only be on aggregating insurance policies.

Eligibility Criteria 4: You should not be in any way associated with an insurance or finance business prior to becoming an aggregator

If you’re registered as any of the following, you can’t become a web aggregator:

  1. An insurance agent
  2. A microfinance agent
  3. A corporate Agent
  4. A surveyor
  5. A loss assessor
  6. An insurance marketer
  7. A micro finance agent

If you’re any of the above and still want to the IRDA license, you need to give up the registrations related to the above points.

Eligibility Criteria 5: You require a special agreement with the Insurer

As you’re aggregating the insurance policies, make sure that once you attract a lead and turn him or her into customer, you have a written agreement with him or her.

Eligibility Criteria 6: You require a website

The whole idea of Insurance “Web” Aggregation hinges on you having a website that people can visit to see, know about, compare and buy insurance policies. That’s why, focus your efforts on a good website design.

Eligibility Criteria 7: Your Principal Officer should be qualified

Insurance web aggregation is not a business that anyone can choose on a whim. One has to acquire the proper knowledge. Here, your principal officer, the one leading your company, has to have all the necessary training and qualification required by a web aggregator.

Eligibility Criteria 8: All key members of your company or LLP should be fit and proper

All the main members, including the higher level staff of your insurance web aggregation company must be of sound mind.

Eligibility Criteria 9: None in your company should be a convicted of any crime related to financial domain

As per of IRDA, Insurance web aggregator license can only be given to those who have a clean record in terms of not having any cases filed against them.

Conclusion

It’s not just necessary to have a company, you also need an officer with proper qualification, a website that’s easy to navigate, and the staff members with sound mind, body and a clean criminal record. That’s what it takes to establish an Insurance web aggregation business in India. And that’s what your customers expect from you.

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