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Years ago the Insurance regulatory body introduced the concept of Insurance Self-Networking Platform to bring in e-commerce in the insurance business. The idea of ISNP aimed to achieve two pronged objectives first, to expand the insurance business rapidly and to lower the transacting cost relating to insurance policies. ISNP set the stage for insurance brokers, firms and corporate agents to sell and service policies through e-commerce with the permission of IRDAI.
Insurance Self Network Platform also called ISNP, is an electronic platform which has been formed to conduct insurance e-commerce activities with the permission of IRDAI. It assists insurance brokers or firms to sell insurance policies in a cost efficient manner. It also helps them to reach a wider number of people.
The insurance regulatory authority had issued guidelines in this regard and the objective behind setting out these guidelines revolved around standardizing e-commerce rules across various entities who sell insurance online. So anyone desirous of selling insurance digitally needs to set up the insurance self-network platform (ISNP). They must also abide by the rules set out in this regard. Only those entities can sell policies on this online platform who are recognised by IRDAI like insurance intermediaries. Insurance intermediaries can include distributors such as corporate agents, web aggregators and insurance marketing firms. As agents are tied to one insurer, they can use the digital platform of the insurer to sell the policies online.
Various services are offered on this digital platform, such as:
The following essential requirements should be met in order to set up ISNP:
The ISNP applicant shall follow the Dos and Don’ts at all times as specified below:
There are certain activities that the applicant is not permitted to undertake. Such activities have been specified below:
Insurance companies, intermediaries, etc. setting up an Insurance Self Network Platform (ISNP) for selling and servicing insurance products must adhere to the obligations mentioned above in order to function smoothly.
Read our Article:IRDAI Guidelines to Surety Insurance Contracts: An Overview
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
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