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Tuesday 21 January 2014

Insurance Web Aggregators - Role & Duties.

Insurance Web Aggregators like Policy Bazaar-India, Insurance Club-India, Get Me Insure-India & Columbus Insurance-Singapore (links given on the right side of this blog) are growing forces nowadays.

These Web Aggregators are essentially insurance portals that help compare products, and enable purchase by directing the persons to the Insurance Companies for them. However, these web aggregators have their own set of role and duties, as laid down by IRDA (Insurance Regulatory & Development Authority).

  • Insurance Web Aggregators enable the persons (looking for best insurance policy) to compare across various insurance products.

  • Insurers / Insurance companies provide all relevant information in a set format on their website.

  • Web Aggregators will also provide information on claims experience and service levels.

  • However, IRDA has put restrictions on displaying rankings, ratings, endorsements and / or best-sellers' insurance products.

  • In their websites, Web Aggregators do not display advertisements of other products.

  • Persons who want to avail insurance service can share their contact details through Web Aggregatos for the insurance companies to contact. Persons visiting the websites have the discretion whether to disclose or not to disclose their contact details and / or to choose the insurers.

  • Even Web Aggregator can call the persons / prospects to sell the insurance policy that fits the expectations of the persons going for insurance. Telemarketing team of web Aggregators should keep in mind their needs and ensure that no inconvenience is caused.

  • The biggest challenge for these web Aggregators is to track lead conversion i.e. how many leads have ended in a sale.

  • Also, they should have thorough knowledge about various insurance policies and sell them according to customers' needs.

  • Web Aggregators charge a flat fee for every product they have displayed in their site from Insurance Companies. They also get a certain percentage of first premium, remitted by the insured, if the lead provided by them is converted in to a sale.

  • In stead of calling agents, persons who want to get insured can get all relevant information about any type of insurance policy online.