Name: Insurance Web Aggregator License in India - corpbiz
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Insurance Web Aggregator License

Are you planning to obtain an insurance web aggregator license in India? At Corpbiz, our experts ensure hassle-free compliance with IRDAI’s guidelines for insurance web aggregator registration. We are leading the industry with a 75% market share.

What’s included?

IRDAI License Filing Support
Document, Filing, and Tech Drafting
IRDAI Approval Coordination

IT Compliance Assistance
Post-registration Reporting
Grievance Redressal Support

Achieve 100% IRDAI Compliance for Web Aggregator License Registration in India

Insurance Web Aggregator License- An Overview

An insurance web aggregator license is a mandatory registration governed by the Insurance Regulatory and Development Authority of India (Insurance Web Aggregators) Regulation, 2017. The grant of an insurance web aggregator license allows entities to act as intermediaries between insurance companies (insurers) and individuals purchasing insurance policies. It further allows aggregators to collect data on insurance policies offered by different insurance companies available in the market.

The issuance of the IRDAI insurance web aggregator license legally permits the display, comparison, and sourcing of life and general insurance products through its website or digital platform. Connect Corpbiz to get expert assistance in securing eligibility guidance, document preparation, IT compliance, system audits, and seamless coordination with the IRDAI approval process. Reduce your licensing time by 40% with us.

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What are the Benefits of an Online Insurance Web Aggregator License?

The benefits of obtaining an online insurance web aggregator license are as discussed below:

Legal Authorisation

IRDAI insurance web aggregator registration grants the legal authority to run an online platform for displaying, comparing, and sourcing leads for insurance products.

Enhanced Consumer Trust

Being an IRDAI-registered insurance web aggregator helps entities to significantly enhance credibility and trust among consumers, insurers, and partners.

Access to Insurance Companies

The issuance of a valid insurance web aggregator license allows access to sign agreements with various life and general insurers and list their products on your website.

Revenue Opportunities

The issuance of an insurance web aggregator license enables the generation of revenue from lead fees, outsourcing activities, and other IRDAI-permitted models.

Greater Market Reach

Obtaining an online insurance web aggregator license helps expand your market reach, attract more users, and scale digital insurance distribution.

Structured Grievance Redressal

The issuance of an insurance web aggregator license ensures maintaining a formal consumer grievance redressal system, thereby ensuring transparency and improving consumer satisfaction.

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What are the Eligibility Conditions to Secure an IRDAI Web Aggregator License?

The entities must comply with the following key eligibility criteria required for obtaining an IRDAI web aggregator license in India-

Must be registered under the Companies Act, 2013
Mention the details of the issuance web aggregation business in the MOA
Must not engage in any business other than web aggregation
Must own and operate a dedicated website to display and compare insurance products
Must not be appointed or registered as an insurance agent, surveyor or loss assessor
Must not have any referral agreement with an insurer
Principal officers must possess the qualification specified in Form C of the Regulations
Principal officer, promoters & key managerial personnel must comply with fit and proper conditions
Must not violate obligations and code of conduct prescribed in Form V & Form W

What are the Conditions for the Issuance of Insurance Web Aggregator License?

The conditions for issuance of the insurance web aggregator license are as discussed below:

Any change in material data must be reported to the authority
Ensure proper maintenance of records related to insurance policies
Comply with a consistent set of principles given by the web aggregators
Must have a minimum paid-up capital of Rs. 25 lakhs (from equity for companies, cash for LLPs)
The net worth of an insurance web aggregator must at no time be below 100% of the minimum capital requirements
Monitor net worth every six months and maintain supporting records
Submit a net worth certificate after the conclusion of the books of records
Ensure the technology platform undergoes periodic system audits
Enter into agreements with insurers only after license approval

What are the Documents Required for Insurance Web Aggregator Registration?

The list of documents required for insurance web aggregator registration is as follows:

Copy of certificate of registration
Copy of Memorandum & Articles of Association (MOA & AOA)
Copy of PAN Card of the company
Details of directors or designated partners for LLP
Net worth Certificate from a chartered accountant
Audited financial statements for the last three years
Latest financial statements, if the applicant is a new company
The next three years’ business plan of the applicant
Details of infrastructure, including available IT infrastructure
Organisational chart showing functional responsibilities
Training and Examination Certificate of the principal officer
Declarations from the principal officer, promoters & key management personnel
Notarised self-certification executed by directors of the company
Access (ID and password) of the insurance aggregation website

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How to Apply for Obtaining an IRDAI Web Aggregator License?

The applicants planning to obtain an IRDAI web aggregator license must follow the procedure as discussed below:

Step 1: Incorporate a Company or an LLP – The first step requires the entities to incorporate a company or an LLP with an object of carrying on an insurance web aggregator business in India.
Step 2: Submit Application Form A – The next step requires the entities to submit Application Form A under the IRDAI (Insurance Web Aggregator) Regulations, 2017.
Step 3: Pay Non-Refundable Application Fees – The next step requires the entities to pay the prescribed non-refundable application fees through an IRDAI-approved payment mode.
Step 4: Submit all Necessary Documents – In the next step, the entities are required to submit all supporting documents and comply with the fit and proper criteria as required under the regulation.
Step 5: IRDAI Review, Clarifications and System Audit – Once all documents are submitted, the IRDAI examines the application, seeks clarifications, and conducts an inspection or system audit.
Step 6: Execution of Agreement with Insurers – Once provisionally approved, the entities must sign agreements with insurers in the format specified by IRDAI.
Step 7: Receive IRDAI Web Aggregator License – After completing all requirements, the IRDAI issues the web aggregator license, allowing entities to legally operate as insurance web aggregators in India.

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What can you Legally do with a Web Aggregator License in Insurance?

The key activities or functions one can perform with a web aggregator license in insurance are as discussed below:

Display Product Comparisons

The primary role of insurance web aggregators is to gather, compile, and display information on the features, coverage, and terms & conditions of various insurance policies from different insurers on their websites.

Lead Generation and Transmission

The insurance web aggregators play a crucial role in collecting customer leads through their websites and in the strict transmission of these leads to insurers in accordance with the IRDAI guidelines.

Online Sale of Policies

One of the key roles of an insurance web aggregator with a web aggregator license in insurance is to assist customers in facilitating direct online sales and in soliciting insurance products for policy issuance.

Distance Marketing/ Telemarketing

The IRDAI-approved insurance web aggregators are permitted to solicit insurance through telemarketing and other distance marketing modes, such as SMS or emails.

Customer Support & Grievance Redressal

The IRDAI-approved insurance web aggregator plays a crucial role by providing customer support to address queries and maintaining a structured grievance redressal mechanism as required by the IRDAI.

Execution of Agreements with Insurers

The insurance web aggregators with a web aggregator license in insurance help entities enter into agreements with insurers to display products, receive leads, and outsource activities permitted by the IRDAI.

Difference b/w Insurance Broker & Insurance Web Aggregator

The key differences between an insurance broker and insurance web aggregator, both registered under the IRDAI, are as discussed below-

S. No.	Aspect	Insurance Broker	Insurance Web Aggregator
1	Primary Role	Acts as a professional intermediary who solicits, arranges, and services insurance policies on behalf of clients.	Operates as a digital comparison platform to display, compare, and generate leads for insurance products.
2	Mode of Operation	Direct client interaction, often offline or with dedicated online portals.	Automated, online, providing leads to insurers; strictly regulated to avoid endorsements or ads.
3	Solicitation of Policies	Can directly solicit and sell insurance policies and earn commissions.	Cannot directly sell insurance. However, generates and transmits leads to insurers.
4	Revenue Model	Earns commissions from insurers for policies sold and serviced.	Earns revenue through lead fees, outsourcing services, and other IRDAI-approved models.
5	Regulatory Requirements	Higher capital requirement in compliance with specified regulations.	Lower capital requirements along with IT and website compliance.
6	Scope of Services	Includes risk assessment, claims management, advisory, policy servicing, and placement of insurance.	Ensures product display, lead generation, telemarketing, and limited customer support.

What are the Compliance Requirements for Insurance Web Aggregator Registration?

The compliance requirements mandatory for securing an insurance web aggregator registration are as discussed below:

Board Approval Plan – The insurance web aggregator must have a board-approved plan outlining the sale of insurance, partnering with insurers, managing customer grievances, and submitting reports.
Insurance Cover – The insurance web aggregator must maintain professional indemnity insurance as specified in Form K of the Insurance Web Aggregators Regulation, 2017.
Financial Record – The insurance web aggregator must keep detailed financial records, including balance sheets, profit & loss statements, and income reports, and submit them within 90 days of year-end.
Disclosure Information – The insurance web aggregator must submit bi-annual reports detailing business placed with insurers and disclosure of significant changes, such as alterations in structure or legal issues.
Security and Audit – The insurance web aggregator must ensure compliance with data security standards and conduct annual information security audits to report to the insurers or regulators.
Annual Compliance Report – Insurance web aggregators must obtain an auditor’s certificate along with their annual report to ensure compliance with IRDAI regulations.

What are the Services Offered by Corpbiz for the Online Insurance Web Aggregator License?

Pre-Licensing Consultation – Connect with Corpbiz to get a pre-licensing consultation on eligibility requirements, capital norms, fit-and-proper criteria, and IRDAI compliance obligations.
Document Preparation – Connect with our experts to assist with preparing and organising all documents and system details for online insurance web aggregator license registration.
Infrastructure and Technology Assistance – We at Corpbiz provide assistance for setting up the required website structure, comparison engine, data security framework, and IT systems as mandated by the IRDAI regulations.
Advisory Support – We have a team of experts who ensure seamless coordination with IRDAI for queries, clarifications, inspections, and system audits until the license is approved.
Post-Licensing Assistance – Get post-licensing assistance for executing agreements with insurers, maintaining regulatory records, and meeting ongoing compliance requirements for insurance web aggregator registration.
License Renewal Services – Connect with us to access our license renewal services as and when prescribed under the IRDAI regulations for the insurance web aggregator license.

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Why Trust Corpbiz for Insurance Web Aggregator License?

10,000+ Compliance & Licensing Experts

Get access to a strong network of CAs, CSs, legal, and compliance experts having experience in IRDAI licensing, insurance regulations, and digital platform approvals.

Quick & Hassle-Free IRDAI Registration

We ensure quick and hassle-free IRDAI registration by preparing accurate applications, documentation, and regulatory submissions.

End-to-End Assistance

Corpbiz offers end-to-end assistance to manage the entire process from insurance web aggregator licensing to insurer agreement preparation.

PAN-India Presence

With a nationwide presence, we assist clients across all states in coordination with IRDAI, insurers, auditors, and technology providers.

Proven Track Record

Corpbiz, with a proven track record, ensures IRDAI approval for insurance web aggregators at a 99.9% success rate in insurance web aggregator registration.

10+ Years of Industry Experience

Corpbiz, having 10+ years of experience in licensing, regulatory filings, and risk compliance, is considered a trusted partner for insurance sector registrations.

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FAQs on Insurance Web Aggregator Registration

An insurance web aggregator serves as an intermediary, or as an insurance company registered to facilitate comparisons of different insurance products.

Yes, the IRDAI (Insurance Web Aggregators) Regulations, 2017, notified by the Authority with effect from April 2017, govern and monitor the registration of insurance web aggregators in India.

The entities exempted from obtaining an insurance web aggregator license are insurance agents, corporate agents, microfinance agents, insurance surveyors and loss assessors, insurance marketing firms, TPA, and microfinance insurance agents.

The functions of an IRDAI-registered insurance web aggregator are as discussed below:

Display of product comparisons on the aggregator website
Transmission of leads by the insurance web aggregator to the insurers
Online sale of insurance by the insurance web aggregators in India
Sale of insurance by telemarketing and other distance marketing activities of an insurance web aggregator
Prohibit showing ratings, rankings, endorsements, or best-sellers of insurance products
Prohibit showcasing or advertising any item other than an insurance product

Yes, Foreign Direct Investment (FDI) with a current cap of 49% is permitted to carry out insurance web aggregation business in India. However, India is moving to allow 100% FDI in insurance companies and intermediaries, as announced and drafted under the 2025 rules presented by the Finance Minister of India.

An insurance aggregator is an online platform that enables self-service comparison of multiple insurance policies, whereas an insurance broker is a licensed professional offering personalized advice, acting as a customer’s advocate across multiple companies, and combining digital tools with human expertise.

Insurance aggregators make money primarily through commissions earned on policies sold through their online platforms.

The challenges faced by the insurance web aggregators in India are as follows:

Adhering to complex rules from regulators like IRDAI
Meeting strict capital requirements and net worth criteria
Intense competition from other aggregators and traditional insurers
High costs to attract and retain users in a crowded digital space
Protecting sensitive customer data from rising cyber threats
Inconsistencies in government databases (KYC)
Slow and complex integration with diverse insurer systems
Delays in underwriting and claims management

PolicyBazaar is one of India’s largest online insurance web aggregators, allowing users to compare health, motor, and life insurance from different companies.

Yes, having a functional website is a crucial requirement when applying for an insurance web aggregator license in India. However, the website also provides a complete site review report, known as the CISA Report, prepared by approved experts for this purpose.

Yes, you can surrender your certificate of insurance web aggregator registration to the IRDAI, depending on the benefits of the case and the supporting documents and records submitted for the surrender of the enrollment document, as per Form Y.

The remuneration earned by the insurance web aggregator includes:

Commissions, based on the premium collected
Lead fees, not exceeding 25% of the first-year commission for qualified leads provided to insurers or brokers
Service charges, for outsourced functions like telemarketing or data management
A fixed display fee for displaying it on comparison charts, subject to overall limits
Any other charges as represented by the Authority

Yes, an insurance web aggregator can undertake telemarketing activities, but only after obtaining prior approval and complying with the strict requirements specified by the IRDAI.

No, an insurance web aggregator cannot directly undertake direct marketing activities. However, they undertake certain forms of marketing, specifically digital marketing and distance marketing.

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Insurance Web Aggregator License

Insurance Web Aggregator License- An Overview