It may also provide the buyer’s contact details to various relevant insurance companies, provided the buyer is made aware of the fact that their contact details are going to be shared with any such insurance company. What should you do? Time to ‘Flip the Bird’ on Insurtech.
No web aggregator should promote or push a particular product of a particular company on web-site or distance marketing.
Irdai for changes in vehicle depreciation. IRDAI chief cautions insurers against predatory pricing. IRDAI offers relief to morbidly obese. IRDAI proposes to standardise, simplify policy wordings of health indemnity insurance policies. All rights reserved. For reprint rights: Times Mae Service.
Web Aggregators- Transforming the insurance sector
The concept that drives the insurance company revenue model is a business arrangement with an individual, company or organization where the insurer promises to pay a specific amount of money for a specific asset loss by the insured, usually by damage, illness, or in the case of life insurance, death. In return, the insurance company is paid regular usually monthly payments from its customer, for an insurance policy that covers life, home, auto, travel, business, and valuables, among other assets. Basically, the insurance contract is a promise by the insurance company to pay out for any losses to the insured across a variety of asset spectrums, in exchange for regular, smaller payments made by the insured to the insurance company. The promise is cemented in an insurance contract, signed by both the insurance company and the insured customer. That sounds easy enough, right? But when you get down to how insurance companies make money, i.
No web aggregator should promote or push a particular product of a particular company on web-site or distance marketing.
Irdai for changes in vehicle depreciation. IRDAI chief cautions insurers against predatory pricing. IRDAI offers relief to morbidly obese. IRDAI proposes to standardise, simplify policy wordings of health indemnity insurance policies. All rights reserved.
For reprint rights: Times Syndication Service. Personal Finance News. Bharti Infratel. Market Watch. Pinterest Reddit. By Sunil Dhawan. The recently launched Insurance Regulatory and Development Authority of India Insurance How do insurance web aggregators make money aggregators Regulations, will supersede earlier version.
The next time you get a call from a telemarketer asking you to buy an insurance product, make sure you are not made to buy only the specific product that they wish to sell.
The new guidelines for the web aggregators issued by the Insurance Regulatory and Development Authority of India IRDAI mandates that no insurance web aggregators should promote or push a particular product of a particular how do insurance web aggregators make money either through its web-site or through distance marketing.
Further, the product has to be sold based on the need analysis of the prospect. While soliciting and procuring the insurance business, the Insurance Web Aggregator has to ensure that if the Web Aggregator is having tie-ups with more than one insurer, they have to provide prospective buyers with the details such as scope of coverage, term of policy, premium payable, premium terms and any other information which the customer seeks on all products available with.
What are Web Aggregators? Online access to life insurance plans is also available through insurance aggregators having an online presence. The websites of insurance aggregators work as comparison sites as they showcase plans of various insurers. The objective of the Insurance Web Aggregator Regulations is to supervise and monitor Web Aggregator as an insurance intermediary who maintains a website for providing interface to the insurance prospects for price comparison and information of products of different insurers and other related matters.
Consumers will now also benefit from the easy access to these products online, as the digital channel is increasingly becoming their preferred mode for research and transactions.
They include — Display of product comparisons on web-site and their conditions, transmission of leads by web aggregator to the insurer in a specified manner, the manner and process of sale of insurance online by web aggregators, sale of insurance by tele-marketing mode and other distance marketing for solicitation of insurance based on the leads generated from its designated website. Some of the key highlights according to Dahiya includes — The solicitation of low-cost Ulips being allowed to be sold online on web aggregator’s platform up to the limit of Rs 1.
Conclusion Similar to buying insurance products offline through an insurance agent or a broker, buying life insurance online also needs to be an informed decision. It’s better to speak to the web aggregator executive before initiating the transaction online so as to not end up buying the wrong product for your specific need.
And, approaching them after doing at least a bit of research on what your requirements are, will make the process much more seamless, informative and free from surprises. Planning to invest in stocks? Read more on web aggregators. Insurance Brokers. Follow us on. Download et app.
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Some of the key highlights according to Dahiya includes — The solicitation of low-cost Ulips being allowed to be sold online on web aggregator’s platform up to the limit of Rs 1. This set of regulations define the process of attaining a license to act as a web aggregator, disclosure norms, penalties for aggregators without a license, remuneration of web aggregators and other related matters. How do insurance web aggregators make money, however, things have changed for the better with the boom of the Information Technology sector. To subscribe to articles by other authors or in other topic areas, or to manage your existing aggregatofs, click. They have become extremely receptive to these aggregators and are rushing to enter into agreements and tie-ups with .
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