IRDA – Insurance Self-Network Platform Audit

Insurance Self-Network Platform refers to an electronic platform set up with a view to conducting insurance e-commerce activity. Such platforms can only operate after getting permission from IRDA.

Insurance e-commerce

Digitalization

Electronic platform

IRDA – Insurance Self-Network Platform Audit

ISNP can be set up in any of the following forms:
  • Website (desktop or mobile version) or
  • Mobile application or
  • Both

Insurance Self-Network Platform refers to an electronic platform set up with a view to conducting insurance e-commerce activity. Such platforms can only operate after getting permission from IRDA. In today’s age of digitalization, e-commerce is the gaining the fancy of customers as well as sellers. Even in the insurance industry, the registered player is exploring the online platforms to sell their products. In light of that, Insurance Regulatory and Development Authority of India (IRDA) had issued guidelines relating to insurance e-commerce on 9th March 2017.

The main objective of these guidelines is to set standardize rules for conducting insurance e-commerce activities. As per these regulations, anyone willing to sell insurance online is required to set-up a digital platform known as Insurance Self-Network Platform (ISNP) and follows all the regulations specified for it.

 

Many very under the misconception that these insurance e-commerce guidelines will pave the way for e-commerce companies like Amazon and Flipkart. But, that is not the case, as per the definition provided in these insurance e-commerce guidelines clearly state that only a person registered or recognized by the Insurance Regulatory And Development Authority of India can apply for ISNP registration.

For setting up an Insurance Self-Network Platform to carry on insurance e-commerce activities prior permission from the authorities is required.