Difference Between ISNP and Insurance Web Aggregator
The world of insurance is increasingly becoming advanced and accessible to a wider audience. The Insurance Self Network Platform (ISNP) is a shining example of the ever-thriving insurance sector. ISNP is playing an instrumental role in reshaping the industry by leveraging online resources. The astonishing growth of ISNP stems from the ever-rising number of internet users in India. It has helped insurance companies to boost their market presence, leading to increased sales and profit.
ISNP provides a much-needed connection between companies and insurance-seekers, elevating insurance awareness to the next level. From solicitation of insurance policies and policy renewal to claim settlement, ISNP can perform various endevours with utmost accuracy and zero lags, boosting productivity and customer satisfaction. To operate as an ISNP, one must secure IRDAI approval. This article breaks down the process, paperwork, and key legalities to secure this certification. By the end of this write-up, you will have an explicit roadmap that will lead to hassle-free registration.
Significance of Insurance Self Network Platform (ISNP)
The Insurance Self Network Platform (ISNP) can be understood as an online store for insurance products. It is akin to a product-based web store with all the facilities intact. It enables insurance companies to sell their offerings online to diverse customers.
ISNP takes the insurance business to the next level by mitigating bottlenecks like lethargic processing, prolonged verification processes, tedious settlement procedures, etc. After securing the IRDAI approval, ISNP, through the robust infrastructure, can facilitate a number of tasks, including:
- Online purchase of insurance policies.
- Policy renewal and premium payment.
- Viewing policy status, premium due dates, and loan eligibility.
- Claim settlement requests and tracking.
- Online loan application against policies.
- Updating personal details like address and nominee information.
Check out our stories: Top 6 Business Licenses and Permits in India
Services Offered by ISNP
A registered Insurance Self Network Platform streamlines insurance companies’ operations by facilitating services like:
| Service | Description |
| Policy Issuance | Seamless issuance of insurance policy documents. |
| Nominations Management | Registering and updating policy nominations. |
| Claims Administration | Handling policy maturity, surrender, withdrawals, and free-look cancellations. |
| Medical Assessments | Coordinating medical check-ups and sharing reports for life or health insurance. |
| Policy Updates | Managing endorsements, fund switches, and coverage extensions. |
| Renewals and Premiums | Securing premium renewals and transferring funds to insurers. |
| Customer Data Updates | Ensuring customer information remains current. |
| Loan Services | Facilitating loans against insurance products. |
By serving these endevours, the Insurance Self Network Platform empowers businesses to elevate customer satisfaction to the next level and expand their footprint.
How are ISNPs different from Web Aggregators?
While ISNP and web aggregators seem to offer identical services, they aren’t similar on the following grounds:
- Scalability: ISNP is highly scalable and can accommodate various web aggregators to pool diverse insurance policies.
- Integrated Platform: Unlike web aggregators, which seem limited on the comparison front, ISNP boasts a user-friendly interface and several tools, including filtering to ease decision-making.
Eligibility Criteria for ISNP
To operate as an Insurance Self Network Platform, IRDAI has penned down the following conditions:
- Legal Status: The applicant firm must be registered under the Ministry of Corporate Affairs (MCA) or Registrar of Firms (ROFs).
- Principal Officer: The firm must have a skillful professional like a Principal officer who will take care of ISNP-related operations.
- Net Worth: The minimum net worth for a single and multiple branch should not be less than Rs 5 lakhs and Rs. 10 lakhs, respectively.
- Trained Staff: Appointment of Financial Service Executives (FSEs) and Insurance Sales Persons (ISPs) is mandatory.
Required Documents for ISNP Registration
Documentation plays a vital role in registering the Insurance Self Network Platform. The availability of the following documents is mandatory when registering for ISNP.
- Net Worth Certificate.
- Consent Letters from Insurance Companies.
- Infrastructure Details (office space, equipment, manpower).
- Details of Principal Officer, ISPs, and FSEs (including qualifications).
- Certificate of Incorporation.
- Photographs of facilities.
- Memorandum and Articles of Association.
- Bank Account Statement.
- Three-year Business Plan.
Step-by-Step ISNP Registration Process
The section below breaks down the process of securing registration for the Insurance Self Network Platform:
Step 1: Document Preparation
Commence by arranging mandatory documents. Refer to the erstwhile section for more details. Keep the accuracy and compliance of dossiers intact to avoid process complications.
Step 2: Application Filing
Visit the IRDAI portal to fill out the prescribed application form. Double-check everything you enter as any error can lead to the cancellation of the application.
Step 3: Upload Documents
This step requires you to attach the required documents in the IRDAI-advised format. Be mindful of the file format before uploading the paperwork. Follow the portal guidance for this purpose.
Step 4: Application Vetting
Upon application submission, the documents shall be routed to the concerned IRDAI department for inspection. The department shall probe dossiers for possible errors and non-compliance. If the authority identifies any error, the applicant shall be notified for timely resolution.
Step 5: Registration Approval
Upon successful verification, IRDAI will grant your registration, allowing you to operate as a registered ISNP.
Why ISNP is the Future of Insurance in India
The Insurance Self Network Platform has transformed the way insurance products are marketed and sold. It is all set to make a paradigm shift in the insurance sector, elevating accessibility, reach, efficacy, and awareness. Here’s why ISNP is the future of Insurance in India:
- Digital Transformation: As digitization in India continues to expand, ISNP leverages web resources to elevate the reach and productivity of insurance companies.
- Improved Accessibility: ISNP ensures the ubiquitous presence of insurance products, alleviating every obstacle market-wise. It brings potential customers close to insurance companies, helping the latter to reduce marketing expenses.
- Operational Efficiency: ISNP can streamline a variety of tasks, including product marketing, claim settlement, document verification, etc, enabling companies to operate more efficiently than ever.
- Market Growth: ISNP takes no time in boosting the product reach with minimal expenses, contributing to the company’s goal to efficiently elevate market growth.
With the internet user base continuing to thrive, the future of the Insurance Self Network Platform seems remarkably promising and bright.
Conclusion
The Insurance Self-Network Platform is not just a digitized version of a company selling insurance products; it serves as an incredible launchpad wherein limitless growth awaits. From product promotion to claim settlement, ISNP can serve a multitude of tasks with utmost accuracy and agility, allowing companies to focus on their core competencies and reduce costs like never before.
Registering ISNP seems like a straightforward endeavor which otherwise is not true. The number of compliances ISNP attracts can be overwhelming for an applicant firm. And not to forget the ever-changing nature of IRDAI’s guidelines; it can prevent even a seasoned organization from proceeding seamlessly. That’s where Adviso’s steadfast and professional support comes into play. From comprehending regulations and arranging documents to responding to authority’s queries, Adviso can take care of everything with utmost precision and professionalism. Connect with Adviso today if you want to navigate IRDAI’s compliance landscape with ease.
