4 important guidelines for holders of IRDA license
IRDA web aggregator license or IRDA license for web aggregators is an IRDA-issued authority that gives you the power to setup an insurance web aggregator website through which the visitors can search for, look at, compare, choose and buy insurance policies. However, starting a business like this is one thing and maintaining it is another. There are several missteps that the holders of this license have taken that has put their licenses in danger.
Do you want the same to happen to you?
If course not. That’s why, we are presenting to you the 4 guidelines you need to absolutely follow when you have the insurance web aggregator license.
IRDA License doesn’t make you marketer: Don’t promoter any insurance policy
One of the greatest mistakes that IRDA license holders make is thinking of themselves as a marketer. You are only putting information about the insurance policies on your website. You’re doing nothing more than presenting the terms and conditions about each insurance policy. The people will come to your portal, read those terms and choose the insurance policy that fits their need. However, if you try to promote the policy of one particular insurance company, you’re legitimately trying to influence their choice. As per the rules of Insurance web aggregator license, India, you’re not allowed to do so. Therefore, remember that the license only allows you to open an insurance portal to host insurance policies of several companies. It doesn’t give you the right to promote the insurance policy of a particular company.
IRDA license only allows you to sell insurance policy on the basis of your analysis report
Even though you have many insurance policies displayed on your website, doesn’t mean that you’re allowed to sell all of them. To keep the insurance selling unbiased, you should have a correct analysis report of all of them. If you don’t have an analysis report to present to your customers for a particular insurance policy, it’s your duty to disable the buy button. It’s unwise and dishonest to sell an insurance policy that the customer doesn’t have information about.
IRDA license makes it mandatory to display price of insurance product
Pricing is a big factor when it comes to insurance policies. However, sometimes, clever companies hide them in terms and conditions. As an insurance web aggregator, you’re not allowed to do that. With every insurance policy, you’re going to display its price at a prominent position so that the customer can look at it properly before selecting it.
IRDA license doesn’t allow you to rank the insurance policies or highlight any of them
It’s often considered a good “marketing” move of ecommerce website to highlight their “best-selling products”. It gives the customers a chance to take a glance at the most popular product. Unfortunately, “marketing” is not something that you’re allowed to do when it comes to insurance policies. Thus, at no point, you should highlight a particular insurance policy
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When you pay the IRDA web aggregator license fees, one thing that you don’t stop to consider is what you have to do to maintain your license with you. With the above 4 guidelines, we hope that your eyes have been opened. But if they are not, and you’re feeling more confused, reach out to Registrationwala.