How do Web aggregators make money?

How do Web aggregators make money?

Now web aggregators such as policybazaar.com will get commission from insurance companies if a visitor buys a policy through their website. Similarly, trail commission or commission on renewal of policies stands at 10\% of annual premium under term insurance policies.

How do insurance aggregators work?

The web aggregator concept is developed when end consumers get quotes on the prices of different financial products. The aggregator either maintains a website or owns a website to provide information on the insurance products. For regulating these companies, an Insurance Web Aggregator Licence is required.

Is policy Bazaar a web aggregator?

Insurance Regulatory And Development Authority of India regulates the insurance web aggregation business of Policybazaar. The company is registered as an insurance web aggregator under the Insurance Web Aggregator Regulations, 2017.

What is policy Bazaar and how does it work?

PolicyBazaar helps customers in researching and comparing various insurance policies, helping them in making an informed decision. It offers everything from life insurance, health insurance, motor insurance and other insurance such as travel insurance and group insurance etc.

What are website aggregators?

What is a content aggregator website? A content aggregator website is a site that collects data from other sources across the internet and puts the information in one place where users can access it.

What are life insurance web aggregators?

Web Aggregators compile and provide information about insurance policies of various companies on a website.

What are insurance web aggregators?

Insurance web aggregators collect, compile, and provide information about different companies’ insurance policies on a website. The insurance web aggregator is a business entity maintaining a website that provides information on insurance policies offered by different insurance companies available in the market.

What are online insurance aggregators?

The word aggregator simply means an organisation that collects information from other businesses and then places it on one website. This may be used by a number of industries as an effective way of increasing leads and referrals.

Is Policybazaar profitable?

The company’s revenue from operations increased more than 35\% to Rs 237 crore in the June quarter of fiscal 2022 compared with a year earlier. Its loss for the quarter widened 85\% year-on-year to more than Rs 110 crore. “We will not be stupid. We have built Policybazaar and Paisabazaar with $150 million.

How do life insurance policies work India?

Under the life insurance policy, if the insured person dies an unfortunate death then a death benefit equal to the total sum assured amount is paid to the beneficiary of the policy. To file the claim, the nominee will have to submit the death certificate along with the other required documents to the insurance company.

Is Policybazaar a broker?

Policybazaar as a broker will now also be able to provide its existing and new customers on-ground claims support, he said, adding, the company through its offline presence aims to cater to this market by offering customers affordable, reliable, and sustainable insurance products.

How to start an insurance web aggregator website in India?

In order to operate an Insurance Web Aggregator Website one must file an application for registration in Form A with the Insurance Regulatory and Development Authority of India. This application must be accompanied with a non-refundable fee of Rs. 25,000/- plus the applicable taxes.

What is a web aggregator?

Web aggregators compile and provide information on insurance policies of various companies on a website. IRDAI has mandated web aggregators to provide unbiased information of insurance products on different types of policies—like whole life insurance, term plan, health insurance, endowment, annuity—on their portals.

What is IRDAI’s web aggregator policy all about?

IRDAI has mandated web aggregators to provide unbiased information of insurance products on different types of policies—like whole life insurance, term plan, health insurance, endowment, annuity—on their portals. The circular stated, “No charges shall be paid for transmission of leads by the insurance web aggregator to the insurer.

Can a web aggregator charge lead generation fee from now on?

However, a web aggregator cannot charge lead generation fee from now on. Insurance companies can make additional payouts to web aggregators for various services such as telemarketing and advertisement.