Every incorporated Insurance entity, under the vigilance of the IRDAI, can sell their insurance policies on Insurance Self-Network Platform.
What is ISNP certification?
Insurance Self-Network Platform or ISNP is an e-commerce portal dedicated to selling insurance products as well as services in India. E-commerce websites sell everything a person needs to satisfy almost all his wants. All kinds of products, as well as services, are available on e-commerce websites these days. It has better reach with the customers. It doesn't require an in-person visit to the stores and incurs a very low cost of transactions. So to make a sale for insurance services online, the IRDAI, i.e., Insurance Regulatory Development Authority of India, has provided the registration of the Insurance e-Commerce Platform and its regulation on the internet.
Why is ISNP required?… For Selling Insurances
Suppose you're willing to adhere to the conditions set forth by the IRDA. In that case, you can run your e-commerce ISNP portal dedicated specifically to selling insurance policies, and the portal will be called the Insurance Self Network Platform. The Authority issued guidelines on Insurance E-commerce in March 2017, facilitating sales as well as distribution of insurance products on ISNPs. Insurance companies, brokers, and corporate agents can sell insurance policies through this platform.
Services offered by the Insurance Self-Network Platform
The registered ISNPs can provide you with a wide array of Insurance-related services. Some of them are enlisted in the following points:
- Issuing policy documents or certificates of insurance to the people.
- Organizing medical check-ups and submitting medical reports to the insurer in case of medical or life insurance.
- Issuing endorsement
- Updating as well as intimating changes to Policy Terms and Conditions
- Collecting renewed premiums and issuing remittances to insurers
- Updating customer's information such as name or address
- Registering assignment
- Enlisting nominations or change of nominations
- Handling insurance surrender, maturity, withdrawals, free-look cancellations, and return benefits
- Payouts
- Providing loans against insurance policies
- Fund Switching/ Premium Redirection
- Declaration of Updates
- Extending the Insurance Cover
- Reviving or Cancelling the policy
- Policy Transfer
- Duplicate Policy
- Death and Maturity Claims
- Any other Service operations as specified for the products
Insurance Self-Network Platform vs. Web Aggregator
Business entities acting as insurance intermediaries, agencies, or insurance companies can start their own Insurance Self-Network Platform. But only those who are NOT the abovementioned entities, i.e., the agency, broker, or company, are eligible to become Insurance Web Aggregator. An Insurance Web Aggregator is essentially an Insurance Intermediary.
people also reading insurance surveyor , trusted telecom vendor , legal metrology certificate, LLP Registration
