RBI Guidelines for E-Commerce ISNPs

Insurance Self Network Platform

RBI Guidelines for E-Commerce ISNPs

The Insurance Self-network Platform in e-commerce is gaining popularity among buyers and sellers. In the insurance market, many companies are looking for an online platform to promote their goods. To state the solution, the Reserve Bank of India has announced the guidelines for insurance companies that want to use an e-commerce platform.

As per a study, 65% of total consumers want to buy an insurance policy online. They prefer insurance websites, and e-commerce platforms to purchase insurance policies. It is stated that online new digital customers can be reached which eventually increases the business. 

Insurance self-network platforms are using e-commerce to target the major market by shifting to online from offline methods. The Reserve Bank of India has issued the guidelines for ISNP for the proper ongoing of the business. 

 

Guidelines for ISNP to Setup an E-commerce Platform

The applicant who wants to set up an ISNP for undertaking Insurance e-commerce activities in India must comply with the following requirements all the time:

Online Offering

 

Internet Website and Mobile App

The following information must be displayed on the website:

 

Disclosures

 

Information Sharing with Prospect

The ISNP must put the attention of the applicant to the following information in clear and simple language:

 

Pricing

 

Commission or Remuneration to the ISNP

 

Compliance with KYC/ AML norms

 

Payment of Premium

 

Conclusion

In last, it can be concluded that the insurance applicants registered through e-commerce are the safest way for the Authorities to keep track of them. The IRDA License Portal can monitor and audit the activities of ISNP regularly.

However, the authority can keep track of the business through the license also. At Registrationwala, we assist businesses to get ISNP setup permission, and for that, we provide services like:

So, if you want to start your insurance e-commerce portal, then reach out to us for getting permission or in case of any queries.

 

 

 

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