What is online insurance web aggregator and how do they work?

During the pre-internet era, you might have seen your parents going through lots of hassles to buy an insurance policy. Earlier, frequent visit of the agent at your house, trusting the agent for the reliability of the policy, standing in huge queues at the insurance office for paying the premium or policy renewal, and piles of paperwork was the way. This was unnecessary wastage of time and money. In addition to this, the fear of being duped due to inadequate information used to increase the stress level of the policy seeker ultimately.

These processes took a lot of time and were stressful, especially for the metropolitan city where time is more precious than money. The penetration of insurance was much lower as people would always delay or avoid such extensive and time-consuming process. However, the arrival of online insurance web aggregators brought a revolution in the way things used to work initially.

Information Technology (IT) has proved a saviour by bringing up such innovative ideas wherein people need not bother about the time-consuming processes of buying or renewing an insurance policy. Everything can now be done at just a click of the mouse or on your mobile app by sitting on the couch.

People are swiftly shifting to the technology, they are looking for comparative analysis even of the insurance policies. Hence, the concept of insurance web aggregators.

These online insurance web aggregators are companies that are registered under Company Right and are approved by IRDAI (Insurance Regulatory and Development Authority of India). The main role of the web aggregators is that they help the end customer to compare various policies online through an online insurance portal. They compile and provide information about the insurance policy of different insurance company on a website. These aggregators have agreements with the insurance company with whom the contract has been signed to provide the relevant information about their company. However, they are not permitted to display ratings; neither are they allowed to display other products other than insurance products.

The portals of these aggregators are permitted to call you or transfer the lead to sell a policy. The insurance web aggregator themselves share your contact details to maintain seamless communication (the sharing of this information related to the visitors with the insurer will be mentioned on the portal.

The value purpose of the web aggregators is to provide the end customer with an unbiased selection of products and enabling the customers to make a wise decision. It also ensures in maintaining overall transparency so that the policy seeker is well aware of the plan. Moreover, you get the benefits of speedy processes, easy payment method, authentic mode of purchase and convenience of buying the plans from anywhere. If you buy the insurance from the online insurance web aggregators, you can compare and review insurance policies from the plethora of plans offered by different insurers.

Visit the website of a recognized online insurance web aggregator and get all the information related to the insurance plans at one place on a single screen. You can now compare all the competing features of the policy you want to opt for along with its cost and coverage. Through the online insurance web aggregator, you can check everything right from the feature of the product you are planning to buy till the customer experience. Hence, there is nothing that the insurance company can hide from you.

One of the major roles of the online insurance web aggregators is that they have made the process seamless, thereby saving a lot of time of the end-user. Also, it has raised the bar of the Insurance Industry in the online market.

The ever-increasing trend of adapting the online platform by the insurance company and from online insurance web-aggregators is not only benefitting the companies but also customers. Online purchase from insurance web-aggregators has helped in easing the process for the customers, thereby making it a win-win situation for both the parties.