In order to create a digital platform for the insurance industry, the Insurance Regulatory and Development Authority of India (Irdai) issued guidelines for insurance e-commerce on 9 March. “The idea of these guidelines is to standardize e-commerce rules across different entities selling insurance online. Anybody who now wants to sell insurance on a digital platform will need to setup an insurance self-network platform (ISNP) and follow the rules for it,” said Yashish Dahiya, co-founder, Policybazaar.com.
This means that any entity that wants to offer policies online will do so through an insurance self-network platform (ISNP)—this can be your regular website, a mobile app or both. “Any insurers or intermediaries, like web aggregators or insurance brokers—who have a website—will now have to get an ISNP license. In terms of the look and feel of the website, nothing changes. However, you will see some hygiene factors like more clarity on service turnaround time, legal details and grievance redressal mechanisms,” Dahiya added.
