IRDA has issued a fresh list of web aggregators who comply with the new web aggregator regulation. It has allowed eight players to carry out web aggregation business in India.
Web aggregators compile and provide information about insurance policies of various companies on a website.
IRDA had recently come out with a gazette notification outlining the structure, duties, criteria and functions of web-aggregators. The insurance regulator has mandated web aggregators to provide unbiased content and information of insurance products on different types of policies like whole life insurance, term plan, health insurance, endowment, annuity etc. Unlike earlier, these web aggregators cannot display any ratings, rankings, endorsements or bestseller insurance products on their websites. Also, these websites cannot display any advertisements on their portals.
eMudhra Consumer Services surrendered its license to IRDA in December. The regulator has granted license to a new player called Mangotree Solution to carry out web aggregation business.
The eight licensed web aggregators are iGear Financial Services (www.MyInsuranceClub.com), Accurex Marketing and Consulting (www.accuratequotes.in), Great Indian Marketing and Consulting Services (www.insuringindia.com), Voila Consultancy Services India (www.buysmartpolicy.com), I Call Soft (www.sastapolicy.com), Policy Mantra Insurtrade (www.policymantra.com),Deztination Insurance Solution (www.policybachat.com) and Mangotree Solutions (www.quickbima.com).