Overview of Insurance Web Aggregator License
An Insurance Web Aggregator License is issued by the Insurance Regulatory and Development Authority of India (IRDAI) to entities that operate digital platforms for comparing and selling insurance products. It allows businesses to offer unbiased comparisons of insurance policies online and connect customers with insurance providers. Corporate Analytica simplifies the process of obtaining this license with expert guidance on compliance, documentation, and approvals.
Advantages of Having a Web Aggregator License
- Legally operate a digital insurance comparison platform
- Build credibility with customers and insurers
- Generate commissions on successful policy sales
- Access to IRDAI updates and regulatory changes
- Grow within India’s fast-evolving InsurTech ecosystem
Eligibility Criteria
- Must be a company registered under the Companies Act
- Should have ‘Insurance Web Aggregator’ as one of the main objects in MOA
- Minimum net worth of ₹25 lakhs
- No person involved should be convicted of fraud or dishonesty
- Should appoint a Principal Officer with relevant qualifications
Documents Required
- Certificate of Incorporation
- MOA & AOA reflecting the aggregator activity
- Business Plan & Website Flowchart
- Net Worth Certificate from CA
- Details of Directors & Principal Officer
- Fit & Proper Declaration and Background Check
Application Process
- Step 1: Company registration and MOA drafting
- Step 2: Prepare required documents and appoint Principal Officer
- Step 3: Submit online application on IRDAI portal
- Step 4: Pay IRDAI application fees
- Step 5: IRDAI review and grant of license upon satisfaction
Why Choose Corporate Analytica?
- Complete assistance with IRDAI Web Aggregator licensing
- Expert legal drafting and compliance checks
- Assured timelines with proactive documentation support
- Dedicated relationship managers and insurance advisors
- Post-license compliance and renewal support
Post-License Compliance
- Annual renewal with IRDAI
- Submission of audited financials and activity reports
- Compliance with data security & grievance redressal norms
- Adherence to advertising and display guidelines by IRDAI
- Ongoing training and certification for staff
Frequently Asked Questions (Insurance Web Aggregator)
Q1. What is an Insurance Web Aggregator?
It is a company authorized by IRDAI to operate a digital platform for displaying and comparing insurance products offered by various insurers.
Q2. How long is the license valid?
The Web Aggregator License is valid for 3 years and must be renewed upon expiry.
Q3. Can a Web Aggregator sell insurance policies directly?
No, aggregators provide leads and comparison tools; the actual sale is completed by the insurer. However, commission may be earned on referrals.
Q4. Is IRDAI registration mandatory?
Yes, it is mandatory to obtain IRDAI’s Web Aggregator License before engaging in insurance comparison or lead generation online.