{"id":9530,"date":"2020-03-18T08:30:07","date_gmt":"2020-03-18T03:00:07","guid":{"rendered":"https:\/\/swaritadvisors.com\/learning\/?p=9530"},"modified":"2020-03-20T18:59:06","modified_gmt":"2020-03-20T13:29:06","slug":"a-complete-guide-to-start-insurance-web-aggregator-business-model","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/learning\/a-complete-guide-to-start-insurance-web-aggregator-business-model\/","title":{"rendered":"A Complete Guide to Start Insurance Web Aggregator Business Model"},"content":{"rendered":"\n<p>Life is uncertain; nobody can foresee what adversity might happen next moment. People often rely upon insurance policies to reduce the impact of such mishaps. As several Insurance Companies claim to provide a wide range of services to protect the belongings &amp; business, it makes the selection process nerve-racking for customers. In order to streamline the search process, the industry has harnessed technology to establish a new Business Model called Insurance Web Aggregator. Presently, 26 Web Aggregators in India connects insurers to prospective customers through online portals.  If you also want to be a Web Aggregator, then you have landed on the right platform. This document will provide an exclusive insight into the Insurance Web Aggregator Business Model.  <\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-background\" href=\"https:\/\/swaritadvisors.com\/insurance-web-aggregator-license\" style=\"background-color:#01669c\">Get Insurance Web Aggregator License in 30 Days &#8211; Apply Now<\/a><\/div>\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-6a30805e6862a\" 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-6a30805e6862a\"  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\/a-complete-guide-to-start-insurance-web-aggregator-business-model\/#What_is_the_concept_of_Insurance_Web_Aggregator\" title=\"What is the concept of Insurance Web Aggregator? \n\">What is the concept of Insurance Web Aggregator? \n<\/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\/a-complete-guide-to-start-insurance-web-aggregator-business-model\/#IRDA_guidelines_for_Insurance_Web_Aggregators\" title=\"IRDA guidelines for Insurance Web Aggregators\">IRDA guidelines for Insurance Web Aggregators<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/learning\/a-complete-guide-to-start-insurance-web-aggregator-business-model\/#Insurance_Web_Aggregator_must_carry_out_these_activities\" title=\"Insurance Web Aggregator must carry out these activities:\">Insurance Web Aggregator must carry out these activities:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/learning\/a-complete-guide-to-start-insurance-web-aggregator-business-model\/#Insurance_Web_Aggregator_must_not_perform_these_activities\" title=\"Insurance Web Aggregator must not\nperform these activities:\">Insurance Web Aggregator must not\nperform these activities:<\/a><\/li><\/ul><\/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\/a-complete-guide-to-start-insurance-web-aggregator-business-model\/#Functions_of_Web_Aggregators\" title=\"Functions of Web Aggregators\">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-6\" href=\"https:\/\/swaritadvisors.com\/learning\/a-complete-guide-to-start-insurance-web-aggregator-business-model\/#Eligibility_criteria\" title=\"Eligibility criteria \n\">Eligibility criteria \n<\/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\/a-complete-guide-to-start-insurance-web-aggregator-business-model\/#Procedure_to_start_an_Insurance_Web_Aggregator_Business_Model\" title=\"Procedure to start an Insurance Web Aggregator\nBusiness Model\">Procedure to start an Insurance Web Aggregator\nBusiness Model<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/learning\/a-complete-guide-to-start-insurance-web-aggregator-business-model\/#Documents_required\" title=\"Documents required \n\">Documents required \n<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/learning\/a-complete-guide-to-start-insurance-web-aggregator-business-model\/#Conclusion\" title=\"Conclusion \n\">Conclusion \n<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_concept_of_Insurance_Web_Aggregator\"><\/span>What is the concept of Insurance Web Aggregator? \n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Insurance\nWeb Aggregator is an IRDA approved business entity which is\nregistered under Companies Act, 2013 that maintains a website to\nenable relevant information regarding different insurance services &amp;\nproducts of various insurers. \n<\/p>\n\n\n\n<p>A Web Aggregator is an intermediary\nthat bridges the gap between the Insurance Company and people who\nwant insurance policies. An Aggregator collects, compiles, maintains\nand provide the data of various insurers on a single online portal.\nFurther, it facilitates insurance prospects to compare the prices,\nproducts and terms of conditions offered by numerous Insurance\nCompanies which help them to make the best choice.  \n<\/p>\n\n\n\n<p>An Insurance Web Aggregator Business\nModel operates under the strict regulations of IRDA. It is utmost\nessential for a Web Aggregator to adhere to the provisions of\nInsurance Regulatory and Development Authority of India to sustain in\nthe market.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"IRDA_guidelines_for_Insurance_Web_Aggregators\"><\/span>IRDA guidelines for Insurance Web Aggregators<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>IRDA has set a list of do\u2019s and don\u2019ts for the smooth functioning of Insurance Web Aggregators.  <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Insurance_Web_Aggregator_must_carry_out_these_activities\"><\/span><strong>Insurance Web Aggregator must carry out these activities:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul><li>The website needs to display\n\tcomplete information such as scope, coverage, premium terms of\n\tpolicies and other significant details about the product.\n\t<\/li><li>An Insurance Web Aggregator\n\tneeds to transfer all the leads and inquiries of the customers to\n\tthe concerned insurer in a clear format.\n\t<\/li><li>A Registered Web Aggregator\n\tmust lay an online comparison of products and services rendered by\n\tmultiple insurers to ease the process of selection for customers.\n\t<\/li><li>The website should also\n\tindicate the conditions for each product, as prescribed by the\n\tinsurer.  \n\t\n\t<\/li><li> Web Aggregators have to\n\tundertake online sale &amp; purchase of insurance products and\n\tservices. Also, they must ensure a customer-friendly experience\n\tduring the sale and purchase.\n<\/li><\/ul>\n\n\n\n<div class=\"browse\">\n<p>Browse through our articles on services provided at <a href=\"https:\/\/swaritadvisors.com\">Swarit Advisors<\/a>, and just let us know if we can help you with your NBFC registration or NBFC for Sale or RBI Advisory Services.<\/p>\n<div class=\"browse1\">\n<table class=\"table1\">\n<tbody>\n<tr>\n<td><a href=\"https:\/\/swaritadvisors.com\/nbfc-registration\"><span>NBFC Registration<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/ffmc-license\"><span>FFMC License<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/payment-bank-license\"><span>Payment Bank License<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/swaritadvisors.com\/nbfc-takeover-agreement\"><span>NBFC Takeover<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/prepaid-wallet-license\"><span>Prepaid Wallet License<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/multi-state-co-operative-society-registration\"><span>Co-operative Society Registration<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/swaritadvisors.com\/nbfc-for-sale\"><span>NBFC For Sale<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/peer-to-peer-lending-license\"><span>P2P Lending License<\/span><\/a><\/td>\n<td><a href=\"https:\/\/swaritadvisors.com\/payment-gateway-license\"><span>Payment Gateway License<\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Insurance_Web_Aggregator_must_not_perform_these_activities\"><\/span><strong>Insurance Web Aggregator must not\nperform these activities:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul><li>A Certified Insurance Web\n\tAggregator Business Model cannot promote or advertise a particular\n\tinsurance product\/ service on its website.\n\t<\/li><li>Once an Aggregator obtains the\n\tLicense, he\/she can only operate a single insurance portal at a\n\ttime. IRDA prohibits a Web Aggregator from associating with any\n\tunlicensed, approved or unapproved entity for lead generation.\n\t<\/li><li>Web Aggregators cannot display\n\tany additional information on the website other than Insurance\n\tCompanies.\n\t<\/li><li> An Insurance Web Aggregator\n\tmust not operate other websites of financial, commercial or\n\tmarketing entities. Moreover, IRDA has also curbed the usage of\n\tsocial media platforms for product comparison.\n\t<\/li><li>Web Aggregators must follow a\n\tset format of sales and purchase, as inscribed under IRDA\n\tRegulations. Thus, Aggregators cannot deploy any other approach to\n\ttransmit the leads to the Insurance Companies.\n\t<\/li><li>An\n\tInsurance Web Aggregator must not offer any discount or rebate to\n\tthe prospect customers since it is considered as breaching of\n\t(Section 41) Insurance Act, 1938.\n<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Functions_of_Web_Aggregators\"><\/span>Functions of Web Aggregators<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"763\" height=\"521\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/03\/Functions-of-Web-Aggregators.jpg\" alt=\"Functions of Web Aggregators\" class=\"wp-image-9559\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/03\/Functions-of-Web-Aggregators.jpg 763w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/03\/Functions-of-Web-Aggregators-300x205.jpg 300w\" sizes=\"(max-width: 763px) 100vw, 763px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Eligibility_criteria\"><\/span>Eligibility criteria \n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Insurance Regulatory and Development\nAuthority has instilled some prerequisites for the applicants of\nInsurance Web Aggregator which are as follows:<\/p>\n\n\n\n<ul><li>Any individual or an entity applying for Web Aggregator License must have a minimum Paid-Up Capital of INR 25 lakhs. <\/li><li>The applicant cannot be an already existent Insurance agent, Corporate agent or Registered Insurance intermediary.  <\/li><li>Insurance Web Aggregator applicant must have a well-designed website to run the intermediation process. <\/li><li>The MOA of the applicant Company should cover the prospect to function as a Web Aggregator in its ambit. <\/li><li>These applicants are eligible to commence the business of Insurance Web Aggregator: <ul><li>A Company registered under the Companies Act, 2013.  <\/li><li>LLPs registered under Limited Liability Partnership Act, 2008.  <\/li><li>An individual recognized by IRDA.  <\/li><\/ul><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Procedure_to_start_an_Insurance_Web_Aggregator_Business_Model\"><\/span>Procedure to start an Insurance Web Aggregator\nBusiness Model<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Here is the simplest way to register\nunder (IRDA) Insurance Regulatory and Development Authority:<\/p>\n\n\n\n<ul><li>The first step is to apply in Form A of Schedule I of IRDA Web Aggregator Regulation, 2017 and pay a non-refundable fee of INR 10,000. <\/li><li>You get the choice to either pay online fee or make a demand draft in favor of IRDA. <\/li><li>Now file an Application to get the permit to undertake the functions of Outsource &amp; Telemarketing. Also, attach the essential documents with your Application. <\/li><li>Once you submit the Application, the Regulatory Officer will verify the provided information to check its correctness.  <\/li><li>The Regulatory Officer holds power to reject an incomplete Application. Therefore, you need to file a fresh Application and repay the fees in case of rejection. <\/li><li>If you feel aggrieved by the Officer\u2019s decision, you can file an appeal to Securities Appellant Tribunal within 45 days of Application rejection. <\/li><li>On the other hand, if the Regulatory Officer is satisfied with your Application, then he shall grant <a href=\"https:\/\/www.business-standard.com\/article\/economy-policy\/irdai-clears-the-air-on-remuneration-for-insurance-web-aggregators-118121500049_1.html\">Insurance Web Aggregator Certificate<\/a> which is valid for 3 years from issuance. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_required\"><\/span>Documents required \n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Prepare and submit the documents\nmentioned below along with your Insurance Web Aggregator Application:\n<\/p>\n\n\n\n<ul><li>Company\u2019s Certificate of\n\tIncorporation;\n\t<\/li><li>Copies of MOA and AOA;\n\t<\/li><li>Complete information of\n\tDirectors or Shareholders;\n\t<\/li><li>Detailed data of the interested\n\tand associated Insurance Companies;\n\t<\/li><li>Details of statutory Auditors\n\tand KYC;\n\t<\/li><li>Audited Financial Statements\n\tand Annual Report of the last 3 years;\n\t<\/li><li>Net Worth Certificate issued by\n\ta proficient Chartered Accountant;\n\t<\/li><li>Business Plan for subsequent 3\n\tyears;\n\t<\/li><li>Information of the person who\n\twill maintain the website;\n\t<\/li><li>PAN and GST of the Company;\n\t<\/li><li>Qualification details of the\n\tPrincipal Officer;\n\t<\/li><li>An\n\tAffidavit that guarantees no Director, Shareholder or Principal\n\tOfficer has never committed a fraudulent activity.\n\t<\/li><li>Evidence which certifies that \n\tthe Company\u2019s net worth has never fallen below INR 10 Lakhs;\n\t<\/li><li>Infrastructural details;\n\t<\/li><li>An organizational chart that\n\tentails all functional responsibilities;\n\t<\/li><li>A\n\tproof that the Company or its Directors, Shareholders are not\n\tcurrently linked with any Insurance Company, Insurance agent or an\n\tInsurance broker.\n\t<\/li><li>In\n\tcase of any pending or settled disputes, mention all the\n\tdetails regarding it.\n<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion \n<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<div class=\"shadow4\">Insurance Web Aggregator Business\nModel is a robust online system that compares Insurance quotes,\nservices and terms of Insurance Companies. Thus, it drives traffic as\nit enables customer\u2019s convenience. It satiates the needs of modern\ncostumers by enabling extensive data of Insurance providers under one\nshed, which saves both time and money. <br><br>To start up your business at the earliest and get Insurance Web Aggregator License, reach out to Swarit Advisors.    \n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Life is uncertain; nobody can foresee what adversity might happen next moment. People often rely upon insurance policies to reduce the impact of such mishaps. As several Insurance Companies claim to provide a wide range of services to protect the belongings &amp; business, it makes the selection process nerve-racking for customers. In order to streamline [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":9531,"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\/9530"}],"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=9530"}],"version-history":[{"count":9,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/9530\/revisions"}],"predecessor-version":[{"id":9560,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/9530\/revisions\/9560"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media\/9531"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media?parent=9530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/categories?post=9530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/tags?post=9530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}