We had asked founders of three web insurance aggregators for their remarks on (what we believe are) draconian web aggregator guidelines from India's Insurance regulator IRDA. We asked them how these guidelines impact their business, what changes will need to be made, in terms of structuring (remember, policybazaar had to restructure the last time), which provisions they want changed, and whether there are any positives in these guidelines. For more context, read our critique of the web aggregator guidelines: Why You Shouldn’t Launch An Insurance Web Aggregator In India. The reaction from the insurance aggregators, which are, understandably, more measured (and politically-correct) than ours: Yashish Dahiya, Founder, Policybazaar.com: I believe these regulations have been detailed and thought through. There are various interest groups in Insurance and some more influential than others, and everyone believes digital is a long term answer for the problems that plague the industry. Digital is a means used for "Pull" or educated insurance which is a miniscule part of the industry. Here the problem starts. If you do a "Pull" purchase, you are less likely to buy a "Poor" product, while in the push channel you can still push "Poor" products. Everyone in the industry now understands this problem, but everyone has their interests. There are strong lobbies led by some insurance companies that do not wish aggregation, remember comparison stops sales of bad products, and allows sales on merit. So its not an easy one. IRDA has done a great job interacting with all stakeholders…
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