Eligibility Criteria for the Insurance Web Aggregator License

Insurance Web Aggregation is a new type of online business. It's all-encompassing, provides accurate information to the customers, and let them choose the insurance policies as per their requirements. Being an Insurance web aggregator is one of the most lucrative professionals in this day and age.

However, getting the IRDA Insurance Web Aggregator License and the authorization to act as a web aggregator of insurance policies is not easy. There are some specific eligibility criteria that you have to stick to. If you don't, you won't get the chance to even apply for the IRDA license.

Also Read: The Complete List for Dos and Don’ts of IRDA Web Aggregator

Thus, we will tell you about the Insurance Web aggregator License through this video. In addition, we will tell you 9 Key criteria to become eligible to get the Insurance Web aggregator.

Eligibility Criteria 1: You should be a registered business entity

If you are not a registered business entity, either a company or an LLP, you can't apply for an Insurance Web aggregator License. IRDA has specifically reserved the authorization for only those serious about conducting web aggregation business, and being a company or LLP is part of it.

Eligibility Criteria 2: The MOA should mention your objective to act as an Insurance Web Aggregator

Memorandum of Association – the information sheet of your company – should specifically say that your business objective is to aggregate insurance policies online. Additionally, you need to have a separate page printout with the clause that mentioned that objective.

Eligibility Criteria 3: No business other than selling policies online

Insurance Web Aggregation is a business that requires the sole focus of the one who is running it. Therefore, if you choose to become a web aggregator, your immediate attention should only be on aggregating insurance policies.

Eligibility Criteria 4: You should not be in any way associated with an insurance or finance business before becoming an aggregator

If you're registered as any of the following, you can't become a web aggregator:

1. An insurance agent
2. A microfinance agent
3. A corporate Agent
4. A surveyor
5. A loss assessor
6. An insurance marketer
7. A microfinance agent

If you're any of the above and still want the IRDA license, you need to give up the registrations related to the above points.

Eligibility Criteria 5: You require a special agreement with the Insurer

As you're aggregating the insurance policies, ensure that you have a written agreement with them once you attract a lead and turn them into a customer.

Eligibility Criteria 6: You require a website

The whole idea of Insurance "Web" Aggregation hinges on you having a website that people can visit to see, know about, compare and buy insurance policies. That's why focus your efforts on a good website design.

Eligibility Criteria 7: Your Principal Officer should be qualified

Insurance web aggregation is not a business anyone can choose on a whim. First, one has to acquire the proper knowledge. Your principal officer, the one leading your company, has to have all the necessary training and qualification required by a web aggregator.

Eligibility Criteria 8: All key members of your company or LLP should be fit and proper

All the main members, including the higher-level staff of your insurance web aggregation company, must be of sound mind.

Eligibility Criteria 9: None in your company should be convicted of any crime related to the financial domain

As per IRDA, an Insurance web aggregator license can only be given by those with a clean record without having any cases filed against them.

Conclusion

It's not just necessary to have a company. You also need an officer with proper qualifications, a website that's easy to navigate, and staff members with sound minds, bodies, and clean criminal records. That's what it takes to establish an Insurance web aggregation business in India. And that's what your customers expect from you.

Author: Dushyant Sharma

Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.