{"id":2503,"date":"2021-02-20T08:59:50","date_gmt":"2021-02-20T08:59:50","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=2503"},"modified":"2021-02-20T09:30:28","modified_gmt":"2021-02-20T09:30:28","slug":"process-and-benefits-of-insurance-web-aggregator-license","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/process-and-benefits-of-insurance-web-aggregator-license\/","title":{"rendered":"All You Need to Know About Process and Benefits of Insurance Web Aggregator License"},"content":{"rendered":"\n<p class=\"has-drop-cap\">In India, a web aggregator is an insurance company that provides information on the insurance provided by different companies. Insurance web aggregators help buyers to compare various insurance products along with their prices and features. A web aggregator is registered under the Companies act approved by the Insurance Regulatory and Development Authority (IRDA). These web aggregators need to get <strong><a class=\"text-primary\" href=\"https:\/\/swaritadvisors.com\/insurance-web-aggregator-license\">Insurance Web Aggregator License<\/a><\/strong> before starting any aggregation activities through their website. The primary reason for introducing Insurance Web Aggregators in India was to educate people and make them know about the different insurance products. <\/p>\n\n\n\n<p>In the past, people call insurance agents to learn about insurance policies against which insurance agents were taking high commission charges. That is why IRDAI introduced a digital, transparent, and highly regulated platform to minimize the misconducts of charging pointless commissions by agents. Insurance Web Aggregators also offers policy comparison facilities to get more information and decide on their insurance requirements. Scroll down to check more information regarding the process and benefits of Insurance Web Aggregator License.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a25e46335cca\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a25e46335cca\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/process-and-benefits-of-insurance-web-aggregator-license\/#What_is_the_Idea_behind_Insurance_Web_Aggregator_%E2%80%93_Overview\" title=\"What is the Idea behind Insurance Web Aggregator? \u2013\nOverview\">What is the Idea behind Insurance Web Aggregator? \u2013\nOverview<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/process-and-benefits-of-insurance-web-aggregator-license\/#Laws_concerning_Insurance_Web_Aggregator_License\" title=\"Laws concerning Insurance Web Aggregator License\">Laws concerning Insurance Web Aggregator License<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/process-and-benefits-of-insurance-web-aggregator-license\/#What_are_the_benefits_of_Insurance_Web_Aggregator_License\" title=\"What are the benefits of Insurance Web Aggregator License?\">What are the benefits of Insurance Web Aggregator License?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/blog\/process-and-benefits-of-insurance-web-aggregator-license\/#Essential_Documents_Required_for_Insurance_Web_Aggregator_License_Registration\" title=\"Essential Documents Required for Insurance Web Aggregator\nLicense Registration\">Essential Documents Required for Insurance Web Aggregator\nLicense Registration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/blog\/process-and-benefits-of-insurance-web-aggregator-license\/#Process_of_Insurance_Web_Aggregator_License_Registration\" title=\"Process of Insurance Web Aggregator License Registration \">Process of Insurance Web Aggregator License Registration <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/blog\/process-and-benefits-of-insurance-web-aggregator-license\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_Idea_behind_Insurance_Web_Aggregator_%E2%80%93_Overview\"><\/span>What is the Idea behind Insurance Web Aggregator? \u2013\nOverview<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Before we discuss the process and benefits of Insurance Web Aggregator License, let us first discuss the idea of Insurance Web Aggregator. Basically, it collects, maintains, and assembles the details of various insurance products provided by different insurance companies. All the details of various insurance products are collected by the web aggregator, which is available online for easy convenience by the buyers searching for insurance services. The idea of Insurance Web Aggregator is also controlled by the provisions of both the Insurance Act and the Companies Act. So, in India, if anyone wants to establish a company to operate as an Insurance Web Aggregator, it is mandatory to obtain Insurance Web Aggregator License from Insurance Regulatory and Development Authority (IRDA).<\/p>\n\n\n\n<p><strong>Also, Read:<\/strong> <mark style=\"background: #fffd03 !important\"><a href=\"https:\/\/swaritadvisors.com\/blog\/start-insurance-web-aggregator-website\/\">How to Start Insurance Web Aggregator Website?<\/a><\/mark><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Laws_concerning_Insurance_Web_Aggregator_License\"><\/span>Laws concerning Insurance Web Aggregator License<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The\nlegal provisions regulating the idea of Insurance Web Aggregator License are as\nfollows:<\/p>\n\n\n\n<ul><li>The <a href=\"https:\/\/en.wikipedia.org\/wiki\/Insurance_Act,_1938\">Insurance Act, 1938<\/a>.<\/li><li>The Insurance Regulatory\nand Authority of India Rule, 2017.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_benefits_of_Insurance_Web_Aggregator_License\"><\/span>What are the benefits of Insurance Web Aggregator License?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Following is the list of all the benefits of Insurance Web Aggregator License:<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/infographic-for-Swarit-Blog-7.png\" alt=\"Benefits of Insurance Web Aggregator License\" class=\"wp-image-2507\" width=\"591\" height=\"278\" srcset=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/infographic-for-Swarit-Blog-7.png 985w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/infographic-for-Swarit-Blog-7-300x141.png 300w, https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/02\/infographic-for-Swarit-Blog-7-768x362.png 768w\" sizes=\"(max-width: 591px) 100vw, 591px\" \/><\/figure><\/div>\n\n\n\n<ul><li><strong>Fast Comparisons between Various Policies:<\/strong> Web aggregators provide fast comparisons between multiple policies at the same time to the customers. Customers can compare various policies based on some major factors such as premiums, terms &amp; conditions, benefits provided, coverage, etc.<\/li><li><strong>Fast Processing:<\/strong>\u00a0Buying insurance online is easy and faster than taking insurance from an agent. The entire process from looking different plans up, comparing them and selecting the one you want and making the payment for it can be done in a portion of the time otherwise you take lots of time to buy a policy offline.<\/li><li><strong>Convenience of Purchasing Insurance from Anywhere:<\/strong>\u00a0One of the significant benefits of Insurance Web Aggregator License is online aggregators provide is convenience. Customers can buy the insurance policy from anywhere in India. All you need is an internet connection or data and a clear thought of what you want. Once you choose the insurance policy you want, you only require to provide information about yourself and make the payment online, and you are done.<\/li><li><strong>Easy to Pay:<\/strong>\u00a0Making online payment of insurance policy is far better and easier than an offline payment. With the various payment gateways available online, insurance policy payment can be made in seconds; otherwise, you have to pay for insurance in cash or through a cheque.<\/li><li><strong>Genuine Method of Purchase:<\/strong>\u00a0Many customers are afraid of buying an insurance policy online, that the policy will not be genuine or authentic. But they fail to know that insurance policies available online are absolutely 100% genuine and authentic. The banks or insurance companies are only using web aggregator as a platform to sell their insurance policies. The policy&#8217;s application will go directly to the banker or the insurer who will approve or reject the application. The bank or insurer themselves will issue the policy.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Essential_Documents_Required_for_Insurance_Web_Aggregator_License_Registration\"><\/span>Essential Documents Required for Insurance Web Aggregator\nLicense Registration<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Before starting the\nprocess of Insurance Web Aggregator License Registration, you need to arrange\nall the essential documents as mentioned below:<\/p>\n\n\n\n<ul><li>Submit a copy of\nCertificate of Registration (COR).<\/li><li>In case of a company,\nsubmit a copy of AOA (Articles of Association) and MOA (Memorandum of\nAssociation)<\/li><li>Submit a copy of LLP\nAgreement which is authorized by CA (Chartered Accountant).<\/li><li>PAN Card copy.<\/li><li>Submit the copies of\nexperience certificates and qualification certificates of all the proposed\ndirectors\/partners.<\/li><li>Submit the copies of\nexperience certificates and qualification certificates of the Principal\nOfficers.<\/li><li>Submit a declaration\nwhich is duly signed by two partners or directors stating the capability of the\npromoters, partners, directors, principal officer or shareholders:<\/li><\/ul>\n\n\n\n<ol><li>They are not mentally\nimperfect.<\/li><li>The net revenue of the\ncompany is at least more than Rs. 25 lakhs.<\/li><li>The directors, Key\nManagerial Personnel (KMP), shareholders, and the principal officer are major.<\/li><li>In the past 5 years, they\nhave not been involved in any economic violations.<\/li><li>They have no criminal\nrecords in the previous five years.<\/li><li>The company&#8217;s director\ndoes not hold any position in an insurance company.<\/li><\/ol>\n\n\n\n<ul><li>The principal officers or\ndirectors of a company are not registered as the:<\/li><\/ul>\n\n\n\n<ol><li>Company Agents.<\/li><li>TPAs.<\/li><li>Insurance Brokers.<\/li><li>Insurance Agents.<\/li><li>Micro-insurance Agents.<\/li><li>Surveyors or Loss\nAssessors.<\/li><li>Any other insurance\nintermediaries stated by the regulations of IRDAI.<\/li><\/ol>\n\n\n\n<ul><li>Submit pictures of the\ndesignated portal and a proof that the company has attained the registration of\ndomain name.<\/li><li>Submit an address proof\nof the specific area where a website is hosted. Such an area can be registered\noffice or any other office for actions.<\/li><li>Detailed list of all the\nindividual who have authority to regulate and post details on the official\nportal regarding insurance guides, products, etc.<\/li><li>Next three yare of\nbusiness plan of the company.<\/li><li>Details of\ninfrastructure.<\/li><li>HR chart displaying all\nthe responsibilities of each individual.<\/li><li>Certificates of training\nand qualification of the certified verifiers and principal officers.<\/li><li>Login details for the\naggregation website verification by IRDAI.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Process_of_Insurance_Web_Aggregator_License_Registration\"><\/span>Process of Insurance Web Aggregator License Registration <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Below is the step by step\nprocess of Insurance Web Aggregator License Registration:<\/p>\n\n\n\n<ul><li><strong>Step 1: File an Application:<\/strong> The first and foremost step is to apply with the IRDA in <strong>Form-A of Schedule I<\/strong> of the regulations of IRDAI.<\/li><li><strong>Step 2: Submit Documents and Required Fees:<\/strong> The Company&#8217;s director should file an application along with the essential documents. They need to pay a specific fee of INR 10,000 plus applicable taxes. The application fee must be paid through a Demand Draft to the IRDAI. If an applicant failed to submit the fee and the application, it would not continue further.<\/li><li><strong>Step 3: Eligibility Criteria:<\/strong> Before filing an application for the registration, an applicant must know the eligibility criteria. If the company wants to perform outsourcing and telemarketing functions, it must specify the same in the application.<\/li><li><strong>Step 4: Refusal of Application:<\/strong> The authority can also reject the application if it does not comply with IRDAI conditions. In case of any failure, the authority will give the applicant thirty days to fix all the errors and mistakes before it gets refused.<\/li><li><strong>Step 5: Additional Information:<\/strong> The authority may also ask for extra information to submit. Further, filing replies to the questions asked by IRDAI is a multi-stage process. A company required to file multiple replies for one question. Suppose an applicant cannot file a reply before thirty days from the communication date. In that case, the authority rejects the application, and the applicant requires to a file a new application for the registration.<\/li><li><strong>Step 6: Issuance of License:<\/strong> Once the authority satisfied with all the documents and information submitted by the applicant, IRDAI will issue a Registration Certificate to the applicant.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An Insurance Web Aggregator works as an online platform for providing information related to financial and insurance products. The license for the same can be obtained by the above-mentioned requirements, process and benefits of Insurance Web Aggregator License. Therefore apply for the Insurance Web Aggregator license today.<\/p>\n\n\n\n<p><strong>Also, Read:<\/strong> <mark style=\"background: #fffd03 !important\"><a href=\"https:\/\/swaritadvisors.com\/blog\/concept-and-process-to-register-web-aggregator-license\/\">Web Aggregator License in India: Its Concept and Process To Register<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In India, a web aggregator is an insurance company that provides information on the insurance provided by different companies. Insurance web aggregators help buyers to compare various insurance products along with their prices and features. A web aggregator is registered under the Companies act approved by the Insurance Regulatory and Development Authority (IRDA). These web [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":2506,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[45,43],"tags":[407],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/2503"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=2503"}],"version-history":[{"count":11,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/2503\/revisions"}],"predecessor-version":[{"id":2519,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/2503\/revisions\/2519"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/2506"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=2503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=2503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=2503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}