INDIAN INSURANCE SITES in DEEP S**T>>>IRDA hits the Last NAIL in the COFFIN...

thisthat

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Globally Insurance website owners mint money as CPC revenues are high for affiliates and Google's TOP 20 Adwords ranks INSURANCE at NO:1.

With the latest IRDA Rules (Insurance Regulatory and Development Authority) - the utmost body for regulating Indian Insurance space, the players in this space are running for help and there is no Risk Insurance for players in this space.

Some rules by IRDA:

1) Web aggregators will have to apply to receive an approval from the IRDA, in order to be allowed to offer web aggregation of insurance. There’s an application fee of Rs 10,000, and a web aggregator needs to have a net worth of Rs 10 lakhs.

2) A flat fee not exceeding rupees one lakh per year towards each product displayed by the web aggregator in the comparison charts of its web site.
- Maximum rupees 10 per lead transmitted by the web aggregator.

3) Disallows comparison of insurance products

Web aggregators shall not display ratings, rankings, endorsements or bestsellers of insurance products on their website. The content of the websites of the web aggregators shall be unbiased and factual in nature; they shall desist from commenting on insurers or their products in their editorials or at any other location in their websites.”

4) In addition, “Web aggregators shall not carry any advertisements or sponsored content on their websites.

5) Defines Lead Generation Time Limit, Sharing Terms: ”Web aggregator shall not transmit the data of a client to Insurer(s) other than the one(s) preferred by the client”, and shall at maximum, share a lead with three insurers, or one insurance broker, in case the client doesn’t specify a particular insurance agent. There is another clause that suggests that a lead can only be shared no more than 5 days of “the visit to the web site”.

6) Defines Comparison Terms: ”The default/home page of the websites of the web aggregators shall clearly and prominently provide links to the product comparison charts and tables for each category of products covered by them. The visitor to the website should be given clear product options to choose from and once a particular option is chosen, a product comparison chart relevant to his choice shall be displayed. The product comparison chart shall have, interalia, columns to display a) the premium quoted by each insurer relevant to the age, health and other personal details of the client for the product category, policy/premium term, quantum of cover etc chosen b) the default underwriting requirements such as medical examination, diagnostics or other documents c) exclusions, limits or other conditions, if any c) key features of the product chosen.”

Further Reading:

1) IRDA Dons Dictator’s Hat–Regulates Online Insurance Aggregators

2) IRDA's guidelines on web aggregators - The Economic Times
 
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