The government introduced new guidelines in the Section 34 of the Insurance Act, and Section 14 of the IRDA Act after seeing rise of relevance of the Ecommerce domain.
The purpose of these acts, dubbed as Insurance E-commerce rules, highlight how one can start an Insurance Self Network Platform in India to sell insurance policies via an e commerce website.
So, if you in the market for a new type of insurance business, Insurance Self Network Platform is something that might interest you.
What is Insurance Self Network Platform?
An Insurance Self Network Platform is a portal through which, insurers and insurance brokers can sell insurance policies. It’s governed by the IRDA as per the Section 34 of Insurance Act and Section 14 of the IRDA Act.
Thus, in order to start such a portal, you need to apply for a certificate of registration from the Insurance Regulatory Development Authority of India.
What is the eligibility criteria of an Insurance Self Network Platform?
When it comes down to what’s required from an aspirant of an Insurance Self Network Platform, IRDA has establishes some simple demands:
- The applicant should not be an individual, but an incorporated company.
- Applicant company must have a website that will act as the foundation of ISNP Insurance Self Network Platform.
- Company must adhere to the guidelines of ISNP -1 – the Insurance Self network platform certification form.
- The applicant company must possess the technical expertise to automate the insurance selling process and secure the personal information of its clients.
What is the procedure to start an Insurance Self Network Platform?
Four steps are all you need to take to start a platform for insurance policies.
- First, you need to gather all the required documents.
- Then, you need to download the INSP-1 form
- Get assistance from an IRDA consultant to help you fill this application form and submit it to the IRDA along with the documents.
- The IRDA will assess your application and the source code of your INSP.
- If everything is in the order that IRDA wishes, you’ll get the certificate of registration for your INSP.
What are the documents for Insurance Self Network Platform?
The documents for obtaining the certificate of registration for an Insurance Self Network Platform is as follows:
- Company Incorporation Certificate
- MOA and AOA
- Director and shareholder details
- Business description
- Management Personnel Details
- Disaster recovery process information
- Encryption details
- Information Security Management system Details
- Source Code of the e commerce portal
- Cert-In certification of the E commerce portal.
Conclusion
An Insurance Self Network Platform is an ecommerce portal specifically for insurance policies. From brokers to insurance companies, anyone can set them up.
However, before doing so, you must understand its nuances and start understanding the terms on which you shall obtain the license.
If you have any questions about those terms, consult with Registrationwala.
Interested in selling insurance policies online? You can do so if you start an Insurance Self Networking Platform in India. Consult with Registrationwala to get the certification for the same from IRDA.
