Soon, insurance policies to be bought and sold through e-commerce websites like FlipKart, Amazon and Snapdeal.
Taking a cue from SEBI, IRDAI too is planning to come out with a draft guidelines on distribution of insurance policies through e-commerce websites like FlipKart, Amazon and Snapdeal.
Nilesh Sathe, Member Life, IRDAI said that IRDAI will release a draft exposure guidelines on the possibility of selling insurance products through e-commerce platforms. He was speaking at the fourth CII Financial Distribution Summit held today in Mumbai.
Currently, most of the insurance companies sell online policies directly through their websites. Also, a few distributors like PolicyBazaar and PolicyBachat have acquired insurance broking license to distribute multiple policies through their platforms.
IRDAI norms don’t allow web aggregators to distribute insurance policies. They can only compile and provide information about insurance policies of various companies on their website.
Cafemutual is the online media partner for CII Financial Distribution Summit 2015.