Overview of Insurance Web Aggregator Legal Support Insurance Web Aggregator is a business entity that maintains a website to provide information about the different insurance policies offered by insurance companies. The web aggregators act as an intermediary between the insurance company and the customer. They collect and compile such information and upload it on their website to help the customer choose the best policyas per their requirements. The outbreak of COVID -19 has led to a growth in the insurance sector as more and more people have realised the importance of insurance. This has encouraged the insurance businesses to operate virtually, resulting in the increase in Insurance Web Aggregators in India. There are various aspects in the Insurance Web Aggregator business for which the insurance Web aggregator requires legal support services such as litigation/ arbitration, advisory and compliance to name a few. Enterslice has a dedicated and experienced team to provide legal support services to the Insurance Web Aggregators. Web Aggregator Legal Support Services Provided by Enterslice Managing the Legal vertical can be tricky for some businesses as it requires a well-established process to tackle all the legal hassles that may affect your operations. Our team experienced Advocates/Researchers/Analyst will help you in managing all the Legal division of your business. Enterslice provides the following Legal Support Services. Fulfilling the Various Compliance Requirements The Web Aggregator needs to fulfil various compliance requirements such as – Advisory policy approval by the Web Aggregator Board Maintenance of books of accounts and the records Maintenance of professional indemnity insurance cover Disclosure of required information to the IRDAI Capital Requirements Net Worth Requirements Notification to IRDAI about any malpractices Audit of Website / Online Portal by CERT Data Encryption Transaction with insurers only through RBI licensed payment gateways Adherence to the Information protection standards Other compliances as prescribed by the authority Our professionals can provide end-to-end assistance in the above-mentioned compliance required by the authoritiesto avoid any penalties. Licensing Services We can provide end to end assistance in obtaining Insurance Web Aggregator License from the IRDA, our Legal team will complete the following services: Advise of the procedure for obtaining the Licence Drafting of Application Preparation of Documents for obtaining the Licence Drafting 5-year business plan Assistance in fulfilling the eligibility criteria Filing of Application with IRDAI Submission of Documents to IRDAI Advisory on the workflow and SOP Regular follow up with the IRDAI regarding the status of the application for Insurance Web Aggregator License The above mentioned services can help in obtaining the Insurance Web Aggregator License without any hassle and start the Insurance Web Aggregator business at the earliest. Corporate Social Responsibility Corporate Social Responsibility refers to a self-regulatory mechanism that helps a company to be socially accountable to the general public, its shareholders and stakeholders. It includes a set of practices and policies undertaken by a company to contribute to the society. We provide legal support in the following Baseline Study & CSR Impact Assessment Formulating a CSR Strategy Drafting CSR Policy CSR Monitoring and Evaluation along Our services will ensure that the organisation is complying with CSR which can help the organisation to enhance its goodwill and credibility whilst serving the society. Counter Party Due Diligence Counter Party Due Diligence refers to the process of gathering as much information as possible about a counter party also known as third party. The counterparty due diligence includes- KYC / AML Compliance Contract Drafting/Vetting/Management Monitoring the suppliers, contractors and service provider's performance Supplier Management which includes determining the expectations of quality, ascertaining the delivery goals , maintaining supplier relationships Contract Compliance and Negotiations Vendor Management which includes selection of vendors speedy on boarding , managing the payments of vendors Transaction risk analysis , accounting , billing Consent based checks such as interviews and site visits Analysing the legal, market and financial position of the counterparties Our aim is to protect our clients from all kinds of frauds which can occur due to lack of information about the counterparties and to promote transparency in the business operations through our services. Litigation / Arbitration Our team of lawyers have experience in handling the insurance litigation matters, our array of services includes; Drafting of legal notices, petitions, complaints and appeals Filing replies of notices, petitions, complaints and appeals Reviewing of complaints, petitions appeals Analysing the claim and insurance policy coverage Representing the insurance web aggregator before the authorized regulatory body or tribunal Drafting and managing contracts and agreements in every verticals Our curated services will help in end to end settlement of all the litigation pending against the business, filing any litigation or ADR proceedings against the any defaulter and representation of the company in any pending suit or proceeding. Legal Risk Management Advisory Our team will conduct thorough legal research about the recent trends in the insurance industry to provide the best solutions for the growth of your business. The legal research would include – Research on the various laws, rules and regulations related to insurance and insurance web aggregators in India The recent amendments and changes in the law, policy or compliance requirements Formulating and vetting the Advisory Policy, HR Policies and other policies as per the requirement of the Insurance Web Aggregator Advisory on the business plan and workflow of the business Our services will help in providing timely updates about the changes in the insurance industry together with the advisory services to help our client to make an informed decision about their business operations.