Key Takeaways
- Quote-and-buy journeys need real-time insurer API integrations.
- POSP and agent apps expand distribution.
- Insurance distribution is regulated by IRDAI; licensing matters.
Brokers, corporate agents and insurers are investing in digital journeys for motor, health and life insurance.
Key features
- Product comparison and quotes
- Proposal forms and KYC
- Payment and policy issuance
- Agent/POSP onboarding and app
- Renewal reminders
- Claims intimation and tracking
- Commission management
- CRM for leads
Integrations
| Integration | Purpose |
|---|---|
| Insurer APIs | Quotes and issuance |
| Payment gateway | Premium collection |
| KYC | Customer verification |
| Vahan / vehicle data where permitted | Motor quotes |
Note: Insurance distribution requires appropriate IRDAI registration; consult experts.
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Frequently Asked Questions
What is insurtech?
Technology that improves how insurance is sold, underwritten, serviced and claimed.
Can anyone sell insurance online?
Insurance distribution is regulated; entities need appropriate IRDAI registration.
What is a POSP?
A Point of Sales Person who can sell certain simple insurance products after training and certification.
Can claims be tracked digitally?
Yes, platforms can provide claim intimation and status tracking.
