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Times Internet ventures into insurance aggregation with ETinsure

Times Internet has launched ETinsure.com, an online insurance platform, starting with car and two wheeler insurance from seven companies. As of now, the website lists health insurance and term insurance as coming soon.

The platform claims to provide the suggested value of a vehicle after taking into account factors like age, buyer preferences, number of quotes, prices etc., post which customers can customize their quotes and get a preferred policy in the coverage range. The platform will also offer various ‘add-ons’ with policies, increasing the prices of the policy for better features, like zero deposit, invoice cover, engine protector, lost-key, tyre cover, passenger cover and roadside assistance.

Note that the ETinsure website does not seem to display plans itself, rather simply has a box for users to enter their vehicle registration number and email ID and wait for a reply. Interestingly, the platform mentions that “our experts have decoded (policy wordings) & made it super simple for you to know each aspect of your policy”, indicating human intervention to actually scan through and find policies for each person.

No point in starting insurance web aggregator in India: As we had said in June last year, two and a half years after it came up with incredibly myopic and disastrous Web Aggregator guidelines, India’s insurance regulator IRDA once again issued a set of regressive draft guidelines defining terms of contracts between Web Insurance Aggregators, which should only be viewed as marketing and comparison firms.  The IRDA also defined the content that should be made available on such websites, disallowing advertising, and even determining the terms as to which leads should be transferred between a web insurance aggregator and an insurance company.

Image source: Flickr user Pictures of Money under CC BY 2.0

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