India has seen a rapid rise in demand of insurance policies. The reason: realization that life is uncertain. When you’re hearing the sound of ambulances moving people (and bodies) every five minutes, you realize the frailty of life. It’s a realization that motivates people to do something to secure their family’s future; buying insurance policies is that something. However, the rise of fraudulent individuals within this business domain, people have started to look for tech-driven insurance solutions.
Providing those solutions that remove the middleman and adds technology is an insurance web aggregator. What is it? It’s a platform, an online portal where customers can browse through insurance policies as if they are products. They can read the policy documents, compare between many insurance products and choose the one that suits their requirement. It’s a solution that has given new life to the term “using tech to secure the future”
Needless to say, providing such a service won’t only be a Nobel endeavour, it will be a profitable one. Right now, the market is practically empty with only one player – PolicyBazaar – holding most of the cards. If you can be better than them, you can carve your own niche in this unique AI driven industry.
But that’s not the only reason. Here is why getting an IRDA license for insurance web aggregator business is a good idea for you.
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Lack of Competition in The Market
Let’s start by stating the obvious one. Currently, there is no competition in the market for insurance web aggregator business. Other than PolicyBazaar, there are some private banks and non Banking Financial Institutions that provide the service. However, they are very obscure and people don’t even know about them. You can exploit it and tap into the power to digital marketing to make your name go ahead before stepping into this business.
The Training Needed For IRDA License Has Other Applications
You’d go through the same process of getting the license as you’d have gone for to obtain maximum marks when you were a student: by studying. Becoming eligible for this IRDA web aggregator license requires that you train as a principal officer. IRDA, the issuer of the web aggregator license, provides a 50 hour course of insurance web aggregation. It covers everything from how to setup the insurance web aggregation website to how to maintain the security of customer information. Even if you don’t wish to become a principal officer, going through this training will teach you nuances about insurance policies that you could never get through college education.
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Don’t Know How to File The Application? You’ll Have Help
If there is one thing you can count on, it’s the help of the experts. The online application of IRDA license can be too difficult for you to understand, but it won’t be for the experts who have filled it a thousand times before. Registrationwala is a team of seasoned professionals who know each and every detail of the application bit by bit. You can give them the task to file your application form. Moreover, when it comes to drafting the documents and doing a department follow-up, you can count on their help to aid you.