Effective Ways to Start an Insurance Aggregator Website

Seep Gupta

23 May, 2024

Starting an insurance aggregator website isn’t a cakewalk. Rather, it’s an arduous task, it involves a number of complicated steps and requires a significant investment of time, efforts and resources. But if executed properly, it can achieve a significant number of investors and carried a potential of becoming a profitable venture. This article talks about the detailed procedure as how to start an insurance aggregator website and what are the benefits of starting an insurance aggregator website.

What is an Insurance Aggregator Website?

Insurance aggregator website is a one-way destination which displays and provides information regarding various types of insurance policies and also allows users to compare different types of insurance policies from different insurance companies at one place. These website are very user-friendly, and their interface is very easy to use, which enables the users to easily search, compare and purchase policies such as car, life, automobile, home and health insurance.

By using a web aggregator license, users can easily compare prices, coverage and premium amount of multiple insurance policies from various insurance companies. This can save both time and efforts and also helps the users to choose the best suited insurance coverage for them according to their customised and personalised needs. Some of the famous web aggregstors website includes Compare the Market, Money Super Market, and Go Compare. These web aggregator websites earn profits and revenues by charging a commission on sales or by displaying  sponsored listings to the users who are using them.

For using an insurance aggregator website, the user needs to provide certain personal information and details such as his name, age, location and insurance needs. The website, after processing the information, will then generate a list of available insurance policies from the different insurance companies along with their prices, benefits, coverage premium amount and limitations to compare.

However, before buying any insurance policy from any insurance company, it is really crucial to carefully review policy details and terms and conditions of any insurance policy before making any kind of purchase. Also, not all insurance policies are listed out on insurance aggregator website, so it’s important to reach out to all insurance companies individually, too, before making any insurance policy purchase.

How to Build an Effective Insurance Aggregator Website?

Starting an effective insurance aggregator website in India takes lots of efforts and time. It can’t be build upon in a single day. It’s a complicated tedious task which requires a lot of strategic planning, research and efforts. Given below is the detailed procedure to follow for starting an effective insurance aggregator website in India.

• Before starting any aggregator website, it is really crucial first to conduct thorough market research. It is done to understand the various types of insurance policies available with the premium rates and the competition. This thorough and in-depth research is necessary to understand and to identify the grey areas in the market and also to identify the potential customers and target audience for who the website will be focussed on.
• After conducting market research, it is important to define your target audience and understand their insurance requirements. It is really crucial the identify the specific and individual customer needs and to determine that how an aggregator website is going to meet their requirements and offer customised insurance solutions to their customers.
• For starting an aggregator website in India, it is important to obtain a license from IRDAI (Insurance Regulatory Development of India). It can be obtained by applying on the IRDAI website online. To ensure a seamless facilitation of the website, it is crucial to comply with all the provisions mentioned in the IRDAI.
• After this step, it is important to choose the right insurance provider in the market and enter into agreement with them to offer their policies on the website. For this, it is necessary to choose the insurance provider that provides a wide array of insurance policies and also have a good reputation and image in the market, and it should also be financial stable.
• In order to attract more customers and to generate a successful insurance aggregator website, it is highly recommendatory to design a website in such a way that it offers a user-friendly interface and allows customers to compare policies easily. The website should have a clean customer friendly outline and should also be optimised for mobile devices so that it can be accessed readily by the users from any place. The website should also be secured and should protect the customers’ personalised sensitive information from malware and from external phishing attacks.
• Usage of data analytics and digital marketing are necessary, such as Search Engine Optimisation, Social Media Marketing and Content Marketing to reach out to potential customers and to target audience users and to tailor digital marketing campaigns according to the customised and personalised needs of the potential customers. Digital analytics and marketing are necessary to track website’s traffic, user engagement and conversion rates.
• To start a successful and an effective aggregator website, it is important to provide an excellent customer support system through chatbots, emails, websites, and phone to resolve the customers’ queries and concerns at the earliest and also provides a knowledge base or a FAQ section where users or customers can find the answers of the common questions. To build an effective and an excellent customer executive system, it is highly essential for the customer executive staff to be highly trained and handle the customers’ queries in a timely, respectful and in a professional manner.
• Last but not least, the most important step to start an aggregator website successfully is to keep the website cyber secured from the external phishing and data breaches attacks. For this, adaption and implementation of measures such as installing anti-malware softwares, firewalls are necessary.
• Apart from all these, it is also important to keep the website upgraded with the latest insurance trends in the industry and to follow the latest developments in insurance industry and regulations from IRDAI. These includes new policies, changes in regulations, and emerging technologies.

Benefits of an Insurance Aggregator Website

There are several benefits of an aggregator website. These are mentioned below:-

• It helps in allowing customers to choose the suitable insurance policy from multiple insurance policies and also allows them to compare a wide array of insurance policies.
• It provides customers with a transparent and unbiased view of insurance policies. Customers themselves can compare the features, benefits and limitations and premiums of different insurance policies and make an informed decision. This can help in cost savings.
• Insurance web aggregators provide expert and professional advice regarding various insurance policies and also help customers in choosing the best insurance policy according to their customised and personalised needs.
• It also provides excellent and best customer support to its customers in case of any query or concern. Customers can contact the customer support executives via email, phone or chat.

Conclusion

To conclude, it can be said that starting an insurance aggregator website can be a lucrative business opportunity, but as it is said, Rome wasn’t build in a single day. It is not easy to build a successful website. Lots of efforts, strategic research are required to build a successful and effective aggregator website that caters to the needs of customers across the country.

Also Read:
Insurance Web Aggregator License Registration
Compliances for Insurance Web Aggregator in India
What are the Major Differences between General Insurance Brokers and Web Aggregators?