How to Use an Insurance Aggregator for Seamless Research?

Let us understand the meaning of an Insurance aggregator, its benefits, features and comparison process to help you make the most of these insurance comparison platforms and find the right health insurance plan. 

What is an Insurance Aggregator? 

An insurance aggregator is an insurance intermediary which provides an online interface or website to potential buyers for comparison and information about different insurance products from multiple insurers. The insurance aggregator collects details of policies from various insurers and provides information on a single platform. When a user visits their website and enters a query, the aggregator provides a list of policies that matches his query. This allows users to compare the prices, features and benefits of these policies on a single platform. 

Benefits of Insurance Aggregators 

There are many benefits of using insurance aggregators for insurance comparison. 

1. Quick Comparisons: 

Insurance aggregator websites allow users to quickly compare policies online from leading insurers based on different criteria such as coverage, premium, waiting periods, etc., using a user-friendly interface.  

2. Access to Multiple Insurance Products: 

Insurance aggregator websites provide their users access to a range of insurance plans from multiple insurers on a single platform. This enables the user to evaluate their features and benefits side by side, making an informed decision. They also provide customer reviews to help you evaluate the features. 

3. Saves Time and Efforts: 

Having a single platform with all the information about various insurance plans saves a lot of time and effort. You do not need to visit the website of every insurer to view their policies. You can view as well as compare at one place making it a fast and simple process. 

4. Offer Better Prices: 

Insurance aggregators negotiate the best prices for their customers and often get access to promotional offers, deals and discounts that you may not get while purchasing directly from the insurer’s website. Hence, you can get comprehensive coverage at affordable prices. 

5. Provide Expert Advice: 

The insurance aggregators or insurance comparison websites have a team of insurance experts who help you choose the best plan. These experts are available to address all your queries and guide you in making the right decision. They not only help in comparison but also provide support for buying a policy, filing a claim and even customising your coverage. 

Features of Insurance Aggregators 

IRDAI regulations for insurance aggregators ensure that these online platforms provide authentic and unbiased information to the users about all the insurance products available in the market. These aggregators are not allowed to recommend or sell insurance unless they are registered as an insurance broker. Here is a list of features of insurance aggregators according to the IRDAI (insurance web aggregator) regulations 2017. 

1. Transparency and Objectivity 

An insurance aggregator is supposed to provide information and comparison for multiple insurance products from multiple insurers and cannot just recommend targeted products. They also need to ensure that the data they provide is 100% accurate. 

2. Systematic Way of Presentation 

These platforms are required to present information in a uniform and easy-to-understand manner to help the users evaluate different factors like premiums, coverage, exclusions and benefits. 

3. No Direct Selling 

The insurance aggregators cannot directly sell insurance products. Their key role is to provide information and compare various products only. 

4. Generate Leads 

Insurance aggregators help insurers generate leads as they connect with the customers. They collect customer data and submit this information to the insurer with the customer’s consent. 

5. Cost Effective 

Insurance aggregators cannot collect any fees from the users. These platforms receive fees from the insurance companies, and the customers do not pay any fees for the service.  

6. Data Protection and Data Security 

These online platforms are required to be compliant with data security guidelines. Hence, they ensure that customer details are safe and not misused in any way. 

Why is Paybima a better option than just an aggregator? 

While aggregators help in research, they don’t provide expert guidance. That’s where an insurance broker like Paybima makes a difference. 

1. Talk to Real Advisors –  

Unlike aggregator platforms that only show comparisons, Paybima connects you with professional advisors who understand your specific needs. 

2. Personalised Recommendations –  

Insurance plans can be complex. Paybima’s advisors explain policy terms in simple language and help you select the right plan based on your budget and requirements. 
 
The cheapest plan isn’t always the best—compare features like: 

1. Claim settlement ratio 
2. Waiting period (for health insurance) 
3. Network hospitals or garages (for health/motor insurance) 
4. Add-on riders & benefits 

So, the experts at Paybima will help you decode the jargon and choose the plan which best suits your needs. 

3. Assistance in Claims –  

If you ever need to file a claim, Paybima helps in the documentation and ensures a smooth claims process—something aggregators don’t offer. 

4. No Extra Cost –  

There is no additional cost involved in opting for your insurance plan through Paybima. You get the same premium rates as insurers offer directly.