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.
MyInsuranceClub.com is the first aggregator site to have complied with the new guidelines and is officially allowed to compare premiums and features of insurance policies online.
Speaking on the development, MyInsuranceClub CEO Deepak Yohannan said, "This is a big moment for us. We will now focus on providing superior offering to the customer."
Online aggregation helps consumers compare the prices and features of insurance plans and then take an informed decision. "It democratises availability of information and gives free and instant access to everyone at the click of a few buttons," says Yohannan.
It not only saves time but also helps the buyer zero in on the best product.
Manoj Aswani, vice-president of MyInsuranceClub adds "The IRDA approval actually puts a stamp of authenticity on our activities and should go a long way in building trust among the consumers. Being a regulated entity brings in a host of challenges 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 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 insurance companies which will be priced much lower compared to offline plans.
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