MyInsuranceClub.com first aggregator to get Irda approval

Mumbai-based insurance portal MyInsuranceClub.com has become the first insurance comparison website in India to bag Insurance Regulatory & Development Authority of India's (Irda) approval. This license allows MyInsuranceClub to officially compare premiums and features of insurance policies online.

Deepak Yohannan, CEO of MyInsuranceClub says, “Comparison of insurance plans democratises availability of information and gives free and instant access to everyone at the click of a few buttons. Users can easily compare premiums and then proceed to buy the policy online on the insurance company’s website. It is safe and transparent. If web aggregators are supported by insurance companies then it will result in drop in premiums, as costs of transacting online are much less compared to the other modes of sale.”

The huge success of low-cost online term insurance plans is a good example where web aggregators displayed the zero-commission products for the benefit of their visitors. Increasing number of online plans are being launched by insurance companies which will be priced much lower compared to offline plans, adds Yohannan.

Online insurance aggregation is a big hit with consumers in many developed markets.

In November last year Irda had issued guidelines that capped the remuneration that aggregator websites can receive from insurers and banned them from rating or reviewing policies.