How to become an Insurance web Aggregator?

We have to find a way to live through these uncertain times. Many families, understanding this uncertainty, buy insurance policies to secure their family’s future. But fraudulent policies are rampant, and buying the wrong policy can cost some family it’s entire future. As an insurance web aggregator, you can provide a platform to the people that allows them to

  1. Search the available insurance policies,
  2. Get informed about the policies best suited for them,
  3. Choosing the correct insurance policies; and
  4. Buying the insurance policies.

How to become an Insurance Web Aggregator? The process of getting the license to promote, inform and sell insurance policies online is not easy. But with the right information , you can get started by taking the right steps. That’s what this blog is going to do for you, provide you the right steps to get Insurance web aggregator license.

What is an Insurance Web Aggregator?

Web aggregator means who collects from all over the web and aggregates (places) what he has collected at a single platform. In that sense, an insurance web aggregator is someone who collects the insurance policies available in the market and puts it on one platform. In doing so, he:

  1. Presents Insurance policies as products.
  2. Gives information to the visitor about these policies.
  3. Provides a comparison platform to help the user choose the policies suited to his finances.
  4. Gives the users a way to buy the policies.

In simple terms, an Insurance web aggregator is an intermediary that presents the several insurance policies on its platform – providing users with options to  know about and buy among those policies.

What is Insurance Web Aggregator License?

Insurance Web Aggregator license is the license to become a web aggregator of insurance policies. Governed under the Insurance and Development Act  (IRDA) of 1999, it’s the license that has empowered the likes of PolicyBazaar to provide insurance policies to people.

What is the business model of Insurance web Aggregator?

Before we discuss the way to acquire the license of IWE (Insurance Web aggregator) or IRDA web aggregator (same thing, different names), let’s look into its business model. Those who aggregate insurance policies:

  1. are commissioned by a single insurance company or companies to present its policies to the public; or
  2. Are commissioned by multiple insurance companies to do the same.

In the first case, the aggregator is the part of the company itself – not making profits separately. In the second case however, the web aggregator can earn on commission basis on the sale of insurance policies.

How to get the Insurance Web aggregator license?

To become one , you have to first become eligible for it.

Process of becoming eligible to get IRDA Web aggregator license

  1. Register your IWE business either as a company or an LLP.
  2. Mention the objective of your business in the Memorandum of Association or LLP agreement depending upon your business entity.
  3. Ensure that the director of that company is qualified in the matters of insurance policies.
  4. Ensure that your company or LLP is considered “Fit and Proper” as per the legal criteria.
  5. Do a background check on your directors and members to see if anyone of them has been caught doing any illegal financial activity. If they are, you automatically becomes ineligible to apply for the Insurance web aggregator license.

Process of obtaining the license to become an Insurance Web aggregator

  1. File the application of Insurance Web aggregator in Form A.
  2. Attached the required documents to that application.
  3. Submit the IRDA web aggregator license fee.
  4. Wait as the primary authority that enforces Insurance and Development Act of India processes your application.
  5. Get the FORME, which is the certificate which is considered the insurance web aggregator license.

Documents required for Insurance Web aggregator License

Get the following documents to attach to the IRDA web aggregator application:

  1. Certificate of incorporation of either your company or your LLP.
  2. MOA and AOA in case your business entity is a company / LLP Agreement if your business entity is an LLP.
  3. PAN card of the company or LLP
  4. Profiles of directors of company/ partners of LLP.
  5. Details of the website hosted to play the role of IWE platform.
  6. Shareholding pattern
  7. Net worth certificate of the company
  8. Audited financial statements of the previous three years of the company/LLP or latest financial statements of a company/LLP just registered.
  9. Details of the IT infrastructure of your company/llp
  10. Organizationational chart of your company/llp
  11. Access ID and password of the backend of the IWE website.


Insurance Web aggregator is one who collects the best insurance policies, displays them online and provide the options to the visitors to buy them. However, without the license from IRDA, and knowledge about the insurance policies, you can’t become one. If you have any required regarding the process, feel free to reach out to us.