How it works ?
 
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An Insurance Self-Network Platform (ISNP) is a digital platform that enables insurance companies to distribute their products directly to customers via an online portal or app. It facilitates the sale and servicing of insurance policies, including issuance, renewals, claims management, and customer support.
Purpose of an ISNP:
To enhance accessibility to insurance products.
To provide a seamless, end-to-end digital experience for customers.
To reduce dependency on intermediaries and associated costs.
To ensure transparency in product offerings and pricing.
Key Features of an ISNP:
Policy Purchase:
Enables customers to compare and buy insurance products online.
Policy Servicing:
Provides tools for renewals, endorsements, and updates.
Claims Management:
Facilitates claim filing and status tracking digitally.
Customer Support:
Includes FAQs, chatbots, and customer care features for user assistance.
Regulatory Compliance:
Adheres to guidelines set by the insurance regulatory authority.
Regulatory Framework:
The operation of an ISNP is regulated to ensure it meets security, compliance, and service standards. For instance:
In India, the Insurance Regulatory and Development Authority of India (IRDAI) regulates ISNPs under the Guidelines on Insurance Self-Network Platform, 2017.
Eligibility Criteria for Setting up an ISNP:
Entity Type:
Typically, only licensed insurance companies can establish an ISNP.
Technology Infrastructure:
Robust IT systems capable of handling large volumes of transactions securely.
Compliance with data protection regulations and cybersecurity standards.
Financial Capability:
Adequate financial resources to set up and maintain the platform.
Customer Service:
Availability of dedicated support teams to address customer issues promptly.
Regulatory Compliance:
Adherence to advertising, solicitation, and operational norms.
Application Process for Approval:
Submit Proposal:
Insurance companies must submit a detailed proposal to the regulatory authority, outlining:
Platform architecture.
Security measures.
Data storage and processing policies.
Details of integration with existing systems.
Documentation:
Include documents such as:
Certificate of Incorporation.
IT audit reports.
Business continuity and disaster recovery plans.
Customer grievance redressal mechanism.
Fee Payment:
Pay the prescribed application or registration fee.
Approval:
The regulator reviews the application, conducts audits, and may require demonstrations of the platform before granting approval.
Obligations of an ISNP Operator:
Data Security:
Ensure protection of sensitive customer data with encryption and other measures.
Transparency:
Provide clear, accurate, and unbiased information about insurance products.
Grievance Redressal:
Maintain a robust system for addressing customer complaints and queries.
Periodic Reporting:
Submit regular updates and reports to the regulatory authority.
Advertising Compliance:
Follow guidelines for online marketing and product promotion to avoid misrepresentation.
Benefits of an ISNP:
Convenience:
Enables customers to access insurance services anytime, anywhere.
Cost Efficiency:
Reduces distribution costs for insurers.
Wider Reach:
Expands market penetration by reaching tech-savvy and remote customers.
Customer Empowerment:
Empowers users to compare and choose products that suit their needs.
If you’re looking to set up an ISNP or need guidance on regulatory compliance, platform design, or customer engagement strategies, feel free to ask!