{"id":8720,"date":"2020-01-29T09:00:45","date_gmt":"2020-01-29T03:30:45","guid":{"rendered":"https:\/\/swaritadvisors.com\/learning\/?p=8720"},"modified":"2020-01-28T18:39:53","modified_gmt":"2020-01-28T13:09:53","slug":"what-are-the-fundamental-functions-of-web-aggregators","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/learning\/what-are-the-fundamental-functions-of-web-aggregators\/","title":{"rendered":"What are the Fundamental Functions of Web Aggregators?"},"content":{"rendered":"\n<p>Nowadays, security is the biggest concern of every\nindividual. Therefore, people often depend upon insurance policies and\nservices. Several insurance companies assure to provide a supreme level of protection\nbut fail to do the same. Hence, it becomes a challenge for customers to find a\nreliable insurance service provider. <\/p>\n\n\n\n<p>The web aggregator addresses all the problems which incur during the quest of befitting insurance company. It renders an online platform that comprises of an array of renowned insurance companies. To run such a platform, an aggregator first needs to obtain an insurance web aggregator license. This write-up unveils all the functions of web aggregators and the prerequisites to attain a <a href=\"https:\/\/swaritadvisors.com\/insurance-web-aggregator-license\">certificate of web aggregator<\/a>.\u00a0\u00a0 <\/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-6a30acbbb576c\" 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-6a30acbbb576c\"  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\/learning\/what-are-the-fundamental-functions-of-web-aggregators\/#Who_is_an_Insurance_Web_Aggregator\" title=\"Who is an Insurance Web Aggregator? \">Who is an Insurance Web Aggregator? <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/learning\/what-are-the-fundamental-functions-of-web-aggregators\/#Key_Functions_of_Web_Aggregators\" title=\"Key Functions of Web Aggregators \">Key Functions of Web Aggregators <\/a><\/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\/learning\/what-are-the-fundamental-functions-of-web-aggregators\/#Who_is_eligible_to_be_an_Insurance_Web_Aggregator\" title=\"Who is eligible to be an Insurance Web Aggregator?\">Who is eligible to be an Insurance Web Aggregator?<\/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\/learning\/what-are-the-fundamental-functions-of-web-aggregators\/#Web_Aggregator_License_and_its_Issuance\" title=\"Web Aggregator License and its Issuance \">Web Aggregator License and its Issuance <\/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\/learning\/what-are-the-fundamental-functions-of-web-aggregators\/#Limitations_of_the_Web_Aggregators\" title=\"Limitations of the Web Aggregators\">Limitations of the Web Aggregators<\/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\/learning\/what-are-the-fundamental-functions-of-web-aggregators\/#A_complete_checklist_of_documents_required\" title=\"A complete checklist of documents required \">A complete checklist of documents required <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/learning\/what-are-the-fundamental-functions-of-web-aggregators\/#Step_by_Step_procedure_to_obtain_Web_Aggregator_License\" title=\"Step by Step procedure to obtain Web Aggregator License\">Step by Step procedure to obtain Web Aggregator License<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/learning\/what-are-the-fundamental-functions-of-web-aggregators\/#Conclusion\" title=\"Conclusion \">Conclusion <\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_is_an_Insurance_Web_Aggregator\"><\/span>Who is an Insurance Web Aggregator? <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A web aggregator is an intermediary who gathers, compiles\nand maintains the data of various insurance companies. Therefore, the\naggregator offers all the collected information on an online portal to the\ncustomers seeking insurance services. The website also allows the insurance\nprospects to compare\ndifferent insurers based on multiple factors such as price, insurance products\nand services, etc.&nbsp; <\/p>\n\n\n\n<p>The functions of web aggregators are under stringent\nregulations of (IRDA) Insurance Regulatory and Development Authority of India.\nThus, an insurance web aggregator has to comply with all the provisions to sustain his position in the\nmarket. <\/p>\n\n\n\n<div class=\"browse\">\n<p>Browse through our articles on services provided at <a href=\"https:\/\/medium.com\/swaritadvisors\">Swarit Advisors<\/a>, and just let us know if we can help you with your Secretarial Compliances or Annual Compliance for all types of Companies.<\/p>\n<div class=\"browse1\">\n<table class=\"table1\">\n\n<tbody>\n<tr>\n<td><a href=\"https:\/\/swaritadvisors.com\/annual-compliance-of-a-private-limited-company\"><span>Annual Compliance of Private Llimited<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/annual-filing-for-llp\"><span>Annual Filing for LLP<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/increase-in-authorized-capital\"><span>Increase in Authorized Capital<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/swaritadvisors.com\/due-diligence\"><span>Due Diligence<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/annual-compliance-of-llp\"><span>LLP Compliance<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/nbfc-compliance\"><span>NBFC Compliance<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/swaritadvisors.com\/section-8-annual-compliances\"><span>Section 8 Annual Compliances<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/nidhi-company-compliance\"><span>Nidhi Company Compliance<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/winding-private-limited-company\"><span>Winding Private Limited Company<\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Functions_of_Web_Aggregators\"><\/span>Key Functions of Web Aggregators <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>IRDA has clearly defined the roles and responsibilities of a\nweb aggregator which are as follows: <\/p>\n\n\n\n<ul><li>First, the web aggregator has to provide an\nextensive comparison amidst different insurance companies and their terms of\nconditions. <\/li><li>An insurance web aggregator will transfer the\nleads to the concerned insurer as per IRDA guidelines. <\/li><li>After attaining an insurance web aggregator\nlicense, an individual\/company must undertake the online sale of insurance\nservices and products. <\/li><li>Also, a web aggregator needs to ensure a\ncustomer-friendly experience by streamlining the sale and purchase process. <\/li><li>A web aggregator platform must engulf all the\ninformation regarding the scope of coverage, premium terms, and policies of the\ninsurance services to prospective customers. <\/li><li>&nbsp;&nbsp;Further,\none of the functions of web aggregators can also be to utilize the telemarketing\nmode to sell insurance\nproducts. <\/li><\/ul>\n\n\n\n<p>The web aggregators collaborate\nwith numerous insurance companies to enable the best insurance service\nproviders. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_is_eligible_to_be_an_Insurance_Web_Aggregator\"><\/span>Who is eligible to be an Insurance Web Aggregator?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Regulatory and Development Authority of India has laid\ndown an exclusive list of applicants who are entitled as web aggregators. Take\na look at those candidates who can seamlessly perform the functions of web\naggregators without any legal intrusion:<\/p>\n\n\n\n<ul><li>Registered Companies under the Companies Act,\n2013 provisions are eligible to be an insurance web aggregator; <\/li><li>&nbsp;An\napproved company or an individual recognized by the IRDA; <\/li><li>A registered LLP (Limited Liability Partnership)\nunder the LLP Act, 2008; <\/li><li>The applicant of\nweb aggregator license should not be a proposed or registered insurance\nintermediary, insurance agent, or corporate agent;<\/li><li>A company that has the authority in the\nMemorandum of Association to run the functions of web aggregators. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Web_Aggregator_License_and_its_Issuance\"><\/span>Web Aggregator License and its Issuance <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The regulatory body of IRDA has set some provisions which a\nweb aggregator applicant needs to adhere before applying for the license. Here\nare the prerequisites to be an insurance web aggregator: <\/p>\n\n\n\n<ul><li>A company or individual who possesses a minimum\npaid-up capital of INR 25 Lakhs can only apply for the web aggregator license. <\/li><li>&nbsp;If a\ncompany strives to operate as a web aggregator, then its capital must be issued\nin the form of equity shares. <\/li><li>A web aggregator needs to stop his business\nimmediately in case he breaches any IRDA compliance.<\/li><li>When LLP jointly functions as web aggregators,\nall the partners have to contribute cash. <\/li><li>After an insurance web aggregator certificate is\nissued, it is indispensable to ensure that the net worth capital does not fall\nbelow 100% the minimum paid-up capital. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Limitations_of_the_Web_Aggregators\"><\/span>Limitations of the Web Aggregators<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As a blessing accompanies with a disguised curse, likewise,\nthere are some restraints on the functions of web aggregators as well such as: <\/p>\n\n\n\n<ul><li>An insurance web aggregator must not advertise\nor promote an insurance policy on his website. <\/li><li>Further, such insurance intermediaries cannot\ndeploy any of the social media platforms to conduct product comparison. <\/li><li>It is prohibited for a web aggregator to\nchannelize financial, commercial, or marketing websites. <\/li><li>The insurance aggregators must work in a\nprescribed framework to transfer leads from his website to the insurance\nprovider. <\/li><li>A web aggregator is under obligation to manage\nonly one website at a particular time. Therefore, no aggregator can drive\nmultiple portals. <\/li><li>Also, the aggregator cannot associate with\nseveral unlicensed, approved\/unapproved entities to generate more leads.&nbsp; &nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_complete_checklist_of_documents_required\"><\/span>A complete checklist of documents required <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>These are the documents that a web aggregator applicant must\naffix with his license application: <\/p>\n\n\n\n<ul><li>MOA and AOA;<\/li><li>The Certificate of Incorporation;<\/li><li>Information of shareholders or directors;<\/li><li>Detailed data of the associated and interested\ninsurance providers;<\/li><li>Details of KYC and statutory auditors;<\/li><li>An audited annual report and financial\nstatements of the last three years;<\/li><li>Net Worth Certificate issued by a Chartered\nAccountant;<\/li><li>Business Plan of 3 years<\/li><li>Comprehensive information of the personnel\nresponsible for the maintenance of website;<\/li><li>Training and examination of Principal Officers;<\/li><li>A proof that the company\u2019s net worth has never\nfallen under INR 10 Lakhs;<\/li><li>Domain name registration proof;<\/li><li>GST and PAN of the company; <\/li><li>Infrastructural details;<\/li><li>Login credentials (User ID and Password) for the\nverification of your website during the closure;<\/li><li>Organizational chart comprising all the inflows\nand outflows;<\/li><li>Mention the aspects of pending or settled disputes,\nif any.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_by_Step_procedure_to_obtain_Web_Aggregator_License\"><\/span>Step by Step procedure to obtain Web Aggregator License<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Follow this simplistic approach to get a certificate of web\naggregator: <\/p>\n\n\n\n<ul><li><strong>Apply to\nthe authority<\/strong>&#8211; The applicant first needs to apply for a Form A of Schedule\nI of IRDA Regulation, 2017.&nbsp; <\/li><li><strong>Submit\napplication fee<\/strong>&#8211; Now the applicant has to pay a non-refundable fee of INR\n10,000\/-. Moreover, the applicant gets the leverage to pay an online fee or\ndraw a demand draft payable to the Insurance Development and Regulatory\nAuthority.<\/li><li><strong>File an\napplication for approval<\/strong>&#8211; It\u2019s essential to take permission for Outsource\n&amp; Telemarketing services. Therefore, draft an application along with the\nnecessary documents and submit them to IRDA.<\/li><li><strong>Verification\nof the application<\/strong>&#8211; The regulatory officer will scrutinize and validate the\ncorrectness of the application. He will also verify the authenticity of\ndocuments, and if there is a case of incompleteness, the authority shall order\nfor more documents.<\/li><li><strong>Application\nrejection by the authority<\/strong>&#8211; In case, the authority is not satisfied with\nthe provided information or finds it incomplete, then there is a possibility of\napplication rejection. It can be rejected within 30 days for unfurnished\ninformation. Thus, an applicant has to file a new form along with the\nprescribed fees.<\/li><li><strong>Appeal to\nSecurities Appellant Tribunal<\/strong>&#8211; The aggrieved applicant, can also showcase\nhis resentment by filing a request to the Securities Appellant Tribunal within\n45 days of application rejection.<\/li><li><strong>Issuance\nof Web Aggregator License<\/strong>&#8211; After completion of all the legal compliance, if\nthe authority considers an application to be complete in every aspect, then the\nauthority shall issue the Registration Certificate in Form E of Schedule I.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<div class=\"shadow4\">The web aggregators play multi-faceted functions to bridge\nthe gap between the insurance company and its prospective clients. It renders a\ncertified platform that recommends credible insurance providers. Besides, the\nprocess of web aggregator registration is complex. Hence, it is prudent to seek\nlegal assistance from a reputed advisory firm. <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Nowadays, security is the biggest concern of every individual. Therefore, people often depend upon insurance policies and services. Several insurance companies assure to provide a supreme level of protection but fail to do the same. Hence, it becomes a challenge for customers to find a reliable insurance service provider. The web aggregator addresses all the [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":8721,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[545],"tags":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/8720"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/comments?post=8720"}],"version-history":[{"count":5,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/8720\/revisions"}],"predecessor-version":[{"id":8726,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/8720\/revisions\/8726"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media\/8721"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media?parent=8720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/categories?post=8720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/tags?post=8720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}