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MyInsuranceClub becomes the first IRDA-approved insurance comparison website in India

MyInsuranceClub.com has
become the first insurance aggregator website to obtain a Web Aggregator
License from the Insurance Regulatory and Development Authority (IRDA). In November

MyInsuranceClub.com has
become the first insurance aggregator website to obtain a Web Aggregator
License from the Insurance Regulatory and Development Authority (IRDA). In November
2011, IRDA had issued stringent guidelines for websites aggregating information
on insurance products of various companies and enabling comparison before
buying.

Websites like PolicyBazaar, EasyPolicy,
ApnaPaisa etc fall in this category. As per IRDA’s draft guidelines, starting
February 2012, companies will now need to have a minimum net worth of Rs 10
lakh, and they will have to register themselves with IRDA to become eligible
for providing information related to the insurance sector on their websites. 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. IRDA’s guidelines had faced strict criticism from the industry back
then.

Deepak Yohannan, CEO, MyInsuranceClub 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. It not only saves time but also helps
the buyer zero in on the best product. The IRDA approval actually puts a stamp
of authenticity on our activities and should go a long way in building trust
among the consumers.

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