Personal Finance

Term of the week: Insurance aggregator

Bavadharini KS | Updated on August 18, 2019 Published on August 18, 2019

 

An insurance web aggregator compiles and provides information about insurance policies of various companies online. The role of an aggregator is to display the data collected (mostly from insurance companies) in a presentable format for potential buyers. It cannot endorse any particular product or insurer but can only facilitate comparison of various insurance policies. Its website should provide details such as insurer and policy name, scope of coverage, term of the policy, premium payable and other information that a customer would want to know before buying a policy. Some insurance aggregators include Policybazaar.com, Coverfox and Securenow.

As per the insurance regulator, IRDAI, aggregators can contact the potential buyers directly and share the contact details of the buyers with the insurer. The aggregators charge fees from the insurers for policies displayed on their websites.

Keep in mind that, similar to buying insurance products from an agent, policyholders should take precaution and make an informed decision while purchasing policies online.

Published on August 18, 2019
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