MyInsuranceClub.com has become the first IRDA (Insurance Regulatory & Development Authority of India) approved insurance comparison website in India. With this license from IRDA, MyInsuranceClub would be officially allowed to compare premiums and features of insurance policies online.
Deepak Yohannan, CEO of MyInsuranceClub, said, “We are ecstatic as this is a big moment for us. Being the first to receive this approval is a landmark event and we will now focus on providing a much improved and superior offering to the customer. Insurance comparison is one big game changer that could have happened to the insurance space. It democratises availability of information and gives free and instant access to everyone at the click of a few buttons. User can easily compare premiums and then proceed to buy the policy online on the insurer’s website. It is safe and transparent. Also, I feel if web aggregators are supported by insurers then it will result in drop in premiums, as costs of transacting online are much less compared to the other modes of sale.”
Online insurance aggregation is a big hit with consumers in many developed markets and there is no reason why consumers in India should not get the benefits of simple and accurate comparison of policies. It saves time, increases competition and hence delivers better products to the end consumer. Manoj Aswani, vice-president, MyInsuranceClub, added, “We are very excited with this development. The IRDA approval actually puts a stamp of authenticity on the activities which we do and should go a long way in building trust among the consumers. Being a regulated entity brings in a host of challenges on the kind of activities we do and how we do them, but at the end of the day, they are all beneficial for the end-consumer. Hence, we think this is a step in the right direction.”
The presence of insurance web aggregators is a boon to the Indian customers as they now have access to premiums of insurance policies from multiple companies in one place. This platform helps customers to independently choose a product which meets their preference of price, brand and policy benefits. Web aggregators can play an important role in promoting zero-commission products, which no intermediary is interested to sell. The huge success of low-cost online term insurance plans is a good example where web aggregators displayed these zero-commission products for the benefit of their visitors. Increasing number of online plans are being launched by insurers which will be priced much lower compared to offline plans.