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  • IA-B.1 IA-B.1 Introduction

    • IA-B.1.1

      Insurance aggregators as defined in Module AU-1.1.8A provide information aggregation services to clients by comparing the different insurance products for its customers. Insurance aggregators are licensed as insurance brokers and may provide all or some of the services that insurance brokers are authorised to provide only through an online platform.

      October 2019

    • IA-B.1.2

      The word aggregator simply means an organisation that collects information from other businesses and then places it on one website. This may be used by a number of industries as an effective way of increasing client proposals and referrals. In the insurance industry, a customer is able to find insurance quotes under a single electronic platform instead of trawling through multiple insurer websites for quotes individually.

      October 2019

    • IA-B.1.3

      Insurance aggregators who handle client money should have policies and procedures in place to safeguard client money, and comply with the requirements under Module CL.

      October 2019

    • IA-B.1.4

      Additionally, there are confidentiality and data privacy implications if the Insurance aggregator uses the cloud for the analytics. If client data is processed by the tool using the cloud, there must be safeguards to avoid noncompliance with applicable laws.

      October 2019