NAICOM to issue guidelines on insurance web aggregators

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NAICOM to issue guidelines on insurance web aggregators

Determined to deepen underwriting practice, the National Insurance Commission (NAICOM) is assiduously working on guidelines for insurance web aggregators which will soon be made public

Deputy Director/Head, Information Technology, NAICOM, Abiodun Aribike, said this at the 21st Adetunji Ogunkanmi Memorial Foundation Lecture held virtually, whilst imploring insurance operators to embrace digitisation.

A web aggregator is an insurance intermediary or an insurance company that provides information on insurance provided by different companies.

A web aggregator also provides a comparison of insurance products and also the prices of different insurance products. The aggregator provides information on different products to various insurers.

The web aggregator concept is developed when end consumers get quotes on the prices of different financial products. The aggregator either maintains a website or owns a website to provide information on the insurance products. For regulating these companies, an Insurance Web Aggregator Licence is required.

A web aggregator plays the following roles: Compares insurance products.

Agreements are made between web aggregators and insurers. All relevant information related to insurance products has to be provided and information related to insurance products is displayed on the website.

Having an Insurance Web Aggregator Licence would not permit a web aggregator to provide ranking and comparison of different insurance providers and their products.