An Insurance Self Network Platform is IRDA’s approach to introduce Insurance services to the e-commerce domain. However, if you want to establish and retain your ISNP, you need to adhere to 12 essential compliances.
This article is going to present those compliances to you in a simplified format.
Need of Compliances in an ISNP
Despite what we’re led to believe, India is still new to e-commerce. Therefore, even though government enthusiastically promoted Insurance E-Commerce, it’s still apprehensive about it.
Therefore, it has establish strict compliances without which an ISNP can’t operate for a long time.
12 Compliances for an ISNP in Insurance Domain
Adherence to Code of Conduct
All members of your Insurance Self network platform, be it the principal officer of the IT expert, must follow the code of conduct specified in the IRDA insurance e commerce regulations.
Securing the ISNP Platform
It’s the duty of the developers of Insurance self network platform to ensure that it has protection against unauthorized access, alteration, destruction, disclosure and dissemination of confidential information.
Securing the network
The network that facilitates the market participants to onboard the Insurance E Commerce Platform must have sufficient protection against unauthorized access.
Standardized Encryption and transmission
The format the platform uses to encrypt and transmit data of the market participants should be standardized so that it has protection against disruptions, hacking etc.
Disaster recovery management
Your Insurance E Commerce platform must have procedures, facilities and policies in place so that in the event of a disaster, when data lost is eminent, information can be recovered from a different location.
Procedures of solicitations
There should be a set standard procedures, timelines and processes for post-sales and pre-sales solicitations of insurance policies.
iSNP operter’s shouldn’t make intermittent decisions that can be disrupt the standard operating procedure of an ISNP,
Protection of the consumers
Platform developers should consolidate a mechanism to ensure that the interests and privacy of the persons buying insurance or other services within the insurance domain is protected.
Preventing Information security risk
The Insurance Self Network platform must have an MIS (Management Information System). That isolates core Insurance systems from applications systems engaged by the Insurance companies.
It ensures that there is no external transmission causing information security risk.
Firewall, encryption and Detection
The ISNP must have a robust firewall, data encryption modules, intrusion detection systems, disaster recovery and other Internet Security Information management systems to ensure that at no point data, integrity and confidentiality of the users is at any risk.
Insurance Business Administration
The ISNP must have professional people in the Insurance Business Administration to deal with the legal and technical side of the transactions.
Presenting information for inspection
The ISNP must ensure that all the information visible on the website including processes, procedures are available to be inspected by the IRDA professionals whenever the need arises.
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Starting an INSP to sell insurance policies is a game changing concept. However, the regulatory red-tapes are many. If you don’t follow every compliance, the chances of IRDA removing your permission to operate are high.
Therefore, heed to every point we have mentioned in this blog. If you have any issues, you can consult with our experts.