It is the first web-aggregator to get its license after IRDA made it mandatory for aggregators to follow new guideline announced last November.
IRDA has given license to MyInsuranceClub, a Mumbai based web aggregator to officially compare premiums and features of insurance policies online.
The web aggregator was one of the initial websites which modified the rules according to IRDA’s new guidelines announced in November last year and applied for the license. It is the first web aggregator to get its license.
“We
are pleased to announce to all our visitors and partners that
MyInsuranceClub.com is now a licensed web portal. Our focus continues to be to
offer helpful and valuable information to our customers,” Deepak Yohannan, CEO of MyInsuranceClub.
Buying insurance policies online is the new trend in the market for last one and half years. Observing the increase in purchase of online policies, IRDA had outlined certain guidelines for promotion and distribution of insurance policies. These guidelines put a cap on remuneration that aggregator websites could receive from insurers and banned them from rating or reviewing policies to avoid mis-selling.