IRDA license comes in many forms. It’s for the corporate agents, the insurance brokers, the insurance agents. However, in recent times, there is one particular type of IRDA license that people are interested in the most, the IRDA web aggregator license.
What is the Insurance Web aggregator license?
It’s the legal requirement to start a web aggregator of insurance policies in India. A web aggregator is an entity that collects information and puts them together on a website. An insurance web aggregator collects information pertaining to insurance policies and does the same. Visitors of this website can:
- Look at their insurance policy options
- Read the terms and conditions of these policies
- Compare between multiple policies
- Choose and buy the policy that suits their requirement
Unlike an insurance agent, whose job is necessarily to “sell” you one particular insurance policy, a web aggregator is impartial. As the human element is removed, every task of choosing and buying the insurance policy hangs on the shoulders of the customer.
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Giving customers the freedom to choose their policies is the primary reason that you should get web aggregator license in India. But what are the rest of the reasons? They are as follows:
IRDA License doesn’t bound you with a single company
As an insurance web aggregator, you’re not bound into contract with only one insurance company, you can associate yourselves with many. Your business is to basically provide these companies a platform by which they can sell (not market) their insurance policies. When you have multiple companies, that means you have access to many cookie jars. Regardless of which one you’re going to put your hand in, you’ll come up with profits.
Not many insurance web aggregators in India.
When it comes to Insurance web aggregator license, India has not seen many applicants. The reason is not lack of interest, it’s the lack of awareness. Sites like ours exist to make people aware of such types of businesses and those who are interested do try their hand pursuing those business ventures. However, those interested are not many. As a result, there is a lack of competition in the insurance web aggregation market. If you choose to get an IRDA license for web aggregation, the chances of your success is high because of this lack of competition.
IRDA license can help you market your business quite easily
Do you realize how few people there are with insurance web aggregator license? Not many. The process of getting it is quite difficult. And those who do, can show of their business licenses and market their business. It’s a marketing hook that shows that if you’ve put so much effort in getting the license, think about how much effort you’d put in providing the services.
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There are IRDA license consultants that can help you obtain the license
As we mentioned, the process of obtaining IRDA license is quite difficult. However, that doesn’t mean that it’s you who has to undertake the process. There are consultants known as the IRDA license consultants. These experts are well-versed with the process of IRDA certification and thus can provide you with all the assistance you need to get it. Their services involve:
- Filling your IRDA license application form
- Help you submit the IRDA web aggregator license fees
- Conducting a follow up with the department once the application is submitted
- Helping you ensuring that you have enough net worth to be considered eligible for the license.
Conclusion
IRDA license for insurance web aggregators give customers a new, and a more automated way to by insurance policies. It’s a business that customers tend to trust automatically. Thus, it’s marketable and that too in a market where not many hold this license. That’s why if you want to get IRDA license, you should start with the process right away.