The application will enable customers to make a comprehensive comparison, say industry experts.
IRDA has recently added an online comparison application in its website for all general insurance products. This application will enable users to compare coverage, exclusions, discounts, deductibles, etc of all products available in a specific category.
“This application will help consumers to form an unbiased opinion about all insurance products available in the market,” said K.G. Krishnamoorthy Rao, CEO and MD, Future Generali.
This application has been developed with the objective of providing a mechanism for consumers/prospects to make informed decisions by comparing features of all available insurance products, says the press release.
“We all were waiting for this application to be launched by regulator because most of the web aggregators do not list products offered by all insurance companies. Here the consumers can get hold of complete list of products and their features,” said an official from a top general insurance company.
According to industry experts, insurers were facing problem with the web aggregators as they had to pay high fees to list their products in those websites. Moreover, the websites highlighted the product features of those insurance firms that paid them more advertising fees. Therefore, to solve these issues the regulator itself launched the application on its website.
A user can select the line of business (LOB) such as fire, motor, engineering etc. Based on the lines of business selected, the user is provided with a listing of insurance companies having approved products in the market. For product comparison, a user can select approved products of 4 insurers at a time.
Consumers can easily access the information by following the below mentioned link path.
www. Irda.gov.in > Other Links > Compare Non Life products