Insurance Self Network Platform

Overview of Insurance Self Network Platform

In the era of today’s digitalization, e-commerce is receiving fancy of customers as well as vendors. Even in the insurance industry, registered players are searching for online platforms to sell their products. In its light, the Insurance Regulatory and Development Authority of India (IRDA) issued guidelines related to insurance e-commerce on 9 March 2017. The main objective of these guidelines is to determine the standardization rules for conducting insurance e-commerce activities. According to these rules, anyone ready to sell insurance online requires setting a digital platform known as an insurance self-network platform (ISNP) and follows all the rules specified for it.

Eligibility criteria for Insurance Self Network Platform in India

any business unit wants to become an insurance self-network platform, it must meet the following conditions on the basis of IRDA before filing for ISNP registration application. These rules also inform about the role of the authority in confirming someone’s application and to provide them IRDA ISNP license.

1. should be the applicant – a corporate company or – a registered limited liability partnership.
2. Applicant business unit must appoint a prominent officer to oversee his insurance self -environment platform business.
3. Applicant should suit all the guidelines mentioned as ISNP -1.
4. The applicant has to prove that the e -commerce portal can automate the process and maintain data privacy.
5. The applicant should not initiate any activity related to insurance e -commerce without formally registering ISNP after obtaining permission from the authority.
6. Applicant will have to pay ten thousand rupees and ISNP license processing fee of applicable taxes. This fee is non-worthy.
7. Current ISNPs who have already set up their insurance portals to sell and servicing insurance products should continue to operate these portals. They should follow guidelines within three months and obtain necessary permission from the authority.
8. Applicant will have to complete his ISNP registration application within 15 days, after which the incomplete application will be canceled.
9. Authority should decide on an application filed within 60 days of submitting all documents.
10. The applicant should be able to prove that the e commerce portal is able to automate the process and maintain the data privacy at all times.
11. The applicant should be having a Web/Mobile platform to sell and service insurance policies across life insurance companies and non-life insurance companies.

Services Offered on ISNP

Issuance and crediting the Policy Document/Certificates of insurance/Proposal Form/ Medical reports, etc.

1. Organizing medical check-ups and submitting medical reports
2. Endorsement Issuance;
3. Change in Policy Terms & Conditions /Details Change
4. Collection of renewal premiums & remittance to insurers
5. Change in Name/Address
6. Assignment Registration
7. Nomination/Change of Nomination
8. Surrender, Withdrawals, Freelook Cancellations, Maturity, Return Benefit
9. Payouts
10. Loan Against Policy
11. Fund Switching/Premium Redirection
12. Update Declarations
13. Extension of Cover

Revival/Policy Cancellation

1. Transfer of Policy
2. Duplicate Policy
3. Death/Maturity Claims

Other Service operations as it may be specific for the products.

Documents required to obtain an Insurance Self Network Platform

1. Certificate of Incorporation;
2. MOA and AOA;
3. Details of the directors and shareholder;
4. Document containing the description of business;
5. Details of the management personnel;
6. Details of the manner in which unauthorized access can be prevented;
7. Details of procedure implemented for disaster recovery;
8. Details of the encryption implemented to protect customer information;
9. Details of the Management Information System supporting Internet insurance business operations;
10. Source code of the e commerce portal;
11. CERT-in certification of the E commerce portal.

FAQs About Insurance Self Network Platform?