Insurance Market will never die – the insecurity that people have about their future has made sure of that. In response, the government of India has introduced several new measures. One in particular has opened the doors for Insurance E commerce. And it is called the ISNP or Insurance Self Network Platform.
An Insurance Self Network Platform is a online e commerce platform that present insurance policies and insurance products. Here, people can come and browse several insurance policies, compare between them and buy the one that suits their requirement.
But these are the same traits of a web aggregator. So, how is an ISNP different from it.
The simple answer is this:
ISNP is for everyone and IWA is only for those who have never stepped one foot in the insurance domain.
With that said, is investing an E-commerce portal to sell insurance policies a good investment?
Yes they are. And here are all the reasons why.
Pandemic has enhanced the value of online markets
In old days, there used to be brokers that visited our houses, and sold of insurance policies. That contact aspect is now gone. As social distancing has taken precedence, people are looking for a better, an online approach to buy insurance policies. With ISNP, IRDA has gifted just that to the insurance sector. If you are an entrepreneur, you can start an ISNP with the realization that people will come to your platform and buy the policies from you.
Other Related Services: Insurance Broker License
It is easy to acquire the ISNP license
What is ISNP? It is an online platform for insurance policies that the stakeholders of the insurance sector can establish easily. In simple words, it is meant for insurance web aggregators, surveyor and loss assessors, insurance companies and other entities. And because these entities already have their foot through the door of the insurance sector, it is easy for them to get the ISNP license.
The IRDA is by your side
The Insurance Regulatory Authority of India have introduced several regulations to aid the insurance sector. And most of them are surprisingly are pro-insurance intermediaries. These new regulations are therefore, helpful in establishing a freer insurance intermediary that helps people while still making a lot of profit.
The market is continuously growing
The rising taxations by the government has prompted many to strategically opt for insurance policies. And when we say everyone, we are in fact taking all of the populace into account. The tax saving opportunities that the insurance sector provides is more than enough incentive for the people to purchase these policies. And as an online platform, your ISNP can be their first choice.
But one must also keep in mind certain things
These benefits are redefining what an insurance market can mean to the people and the industry. However, just being an insurance intermediary isn’t enough to get the license. We live in an era of digitization. And therefore, you must take additional steps to protect the personal information of the consumers.
Conclusion
An Insurance Self Network Platform is gaining the attention of many entrepreneurs in India, and for a good reason. In this article, we have listed some of them. If you want to know what starting an Insurance Self Network Platform can do for you, consult with Registrationwala.
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