IRDA has issued a license of web aggregator to Deztination Insurance Solution (www.policybachat.com), a Hyderabad based web aggregator to officially compare premiums and features of insurance policies online. So far, IRDA has issued such licenses to 8 firms – iGear Financial Services, Accurex Marketing and Consulting (www.accuratequotes.in), Great Indian Marketing and Consulting Services (www.insuringindia.com), Voila Consultancy Services India (www.buysmartpolicy.com), eMudhra Consumer Services (www.emudhrainsurance.com), I Call Soft (www.sastapolicy.com), Policy Mantra Insurtrade (www.policymantra.com) and Deztination Insurance Solution (www.policybachat.com) to carry out web aggregation business in India.
A web aggregator, registered under the Companies Act and approved by IRDA, aggregates information about insurance products through comparison charts, product details and so on.
Earlier in July, IRDA came up with a draft regulation for web aggregators in which it had sought to cut down their remuneration to Rs 50,000 annually for each product displayed in the comparison chart from Rs 1 lakh. The draft also suggests that web aggregators should not charge any lead generation fee from the insurance companies. Besides, the draft guidelines had proposed to ban web aggregators from rating or reviewing policies to avoid mis-selling.
IRDA said that the web aggregator license of Deztination Insurance Solution is valid for 3 years.