Insurance and insurtech
Insurers, brokers and insurance distribution platforms.
In short
Every channel that sells or services a policy, from an aggregator to an embedded offer, needs an agreement that fits IRDAI's rules.
Insurers and insurance intermediaries are regulated by IRDAI, which sets rules on information security, outsourcing and the use of technology in selling and servicing policies. These rules also apply to the technology partners an insurer works with.
Insurance is increasingly sold through apps, aggregators and offers embedded in other platforms. Each of these arrangements needs an agreement that fits IRDAI's rules on who may sell insurance and how they may be paid.
Insurers also hold health and financial information about policyholders. Under the DPDP Act, this data needs clear notice, limited retention and secure handling.
What usually comes up
- IRDAI requirements on information security and outsourcing
- Policyholder and health data
- Agreements with distribution partners and technology vendors
Under the DPDP Act
Policyholder health data shared with third-party administrators, hospitals and vendors needs processing terms with each recipient and a stated purpose for each transfer.
What our work involves
- Reviewing outsourcing and technology arrangements against IRDAI requirements
- Agreements with distribution partners, brokers and platforms
- Handling of policyholder and health data under the DPDP Act
- Customer-facing terms and privacy notices