Money & Banking

Now, guidelines for online insurance data providers

Our Bureau Hyderabad | Updated on March 16, 2011

Online information about insurance products will be more reliable as the Insurance Regulatory and Development Authority (IRDA) will soon be regulating the information-providers. The online insurance information-providers — termed as web-aggregators — will have to obtain permission from the IRDA as per the draft guidelines issued on Wednesday. “The use of Internet is growing rapidly in India. Buyers of insurance products increasingly access/visit Web sites to know the features and to compare prices of the products offered by different insurers,” Mr A Giridhar, Executive Director, said in a notification on Wednesday.

This had led to the emergence of dedicated Web sites known as ‘web aggregators' offering information on insurance products. “The concept of Web aggregator is of online enquiry or shopping where a client could get information and premium quotes on all types of policies across insurance companies at one point,” he added.

The objective behind framing guidelines was to bring uniformity in display of prices and key features of insurance products by the Web sites to protect interests of clients, he said.

Published on March 16, 2011

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