An Overview of Insurance Self Network Platform
Insurance Self Network Platform or ISNP refers to an e-commerce portal concerning insurance services in India. Many business leverage e-commerce platforms to perform their sales operation and connect with a wider audience. IRDAI has acknowledged the potential of the e-commerce business model and launched the E-Commerce Insurance Self-Network Platform registration scheme. This registration cum scheme is mandatory for businesses that want to carry out the online selling of insurance policies.
Objectives served by the ISNP
Insurance Self-Network Platform (ISNP) aim at widening the footprint of insurance products and making them a necessity for most people. Keeping this goal in mind, IRDA has rolled out various directions to augment the scope of e-commerce in the insurance space. The platform provides for low-cost transactions of insurance products and improved market presence.
List of Services facilitated by the ISNP
A registered ISNP shall have the right to provide the given services in the insurance space:
What is the difference between Web Aggregator and ISNP?
An ISNP and an insurance web aggregator provide for the online selling of insurance products via an interface.
The fundamental difference between the two is that the former is capable of onboarding various web aggregators. Meanwhile, the latter has limited scalability.
The ISP can approach various aggregators to pool different insurance policies. It acts as an integrated platform that leverages the comparison modules of each aggregator and other insurers.
Who can serve the role of ISNP in India?
The applicant firm must have legal status. It must be registered either with MCA or ROFs. Apart from that, the applicant firm should comply with the following conditions:
- The availability of a qualified principal officer is a must.
- Also, staff should entail a qualified Financial Service Executive and an Insurance Sales Person.
- The net worth should not be less than Rs 5 lakhs for a single branch. For multiple branches, the limit is not less than Rs 10 lakhs.
- The name of the firm must have the term IMF.
Documents for Starting Insurance Marketing Firm in India
The given section will highlight the mandatory documents for starting Insurance Marketing Firm in India
What is the process of registering the IMF in India?
The section below briefs out the process of registering the Insurance marketing firm in India:
Step 1: Arrange the documents that matter
Documentation plays a vital role in any registration process and IMF registration is no different. Refer to the section above to learn about the mandatory documents. Keep the listed documents as authentic as possible because of the stringent IRDA norms.
Step 2: File the registration application
Your next step should be the filing of the registration application. For this, you must visit the IRDA portal and complete the form filing activities. Make sure to perform a review after completing the form filing requirement to avert any errors.
Step 3: Upload the documents
Once done with the form filing, your next step should be uploading the mandatory document. While doing so, make sure to follow the standard format for document uploading.
Step 4: Application vetting
Keep up with the application progress and resolve the issue if occurred at any stage during verification. The authority will intimate any error (if occurred during vetting) with the applicant via registered contact details.
Step 5: Grant of registration
This is the final stage of the registration process in which the authority grants their approval to start the IMF in India. The approval will come in the form of a registration certificate.
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Frequently Asked Questions
- Certificate of incorporation
- MOA/LLP agreement
- Director’s qualification details
- Financial Service Executive’s qualification details
- Qualification Details of the Insurance Sale person
- Net worth Certificate
The net worth requirement is shown below:
- Minimum Rs 5 lakhs (for a single branch)
- Minimum Rs 10 lakhs ( for multiple branches)
The generalized procedure for securing an IMF license in India is as follows:
- Arrange the documents
- Application Submission
- Application vetting
- Grant of Insurance Marketing Firm license.