Jumpp Gets IRDAI Corporate Agency and ISNP Licences
Why in the news
The IRDAI cleared fintech Jumpp, a Finvasia Group venture, to sell insurance online. With two licences in hand it can act as a full digital insurance intermediary.
Key facts
- Platform: Jumpp, conversational fintech; operator: Finvasia Group.
- Corporate Agency licence: sell products of several insurers.
- ISNP licence: run an end-to-end digital insurance distribution platform.
- Planned cover: health, life, motor, business, home, through insurer partnerships.
Jumpp’s embedded-finance stack
| Layer | Basis | Service |
|---|---|---|
| Banking and BBPS | Tie-up with YES Bank | Banking services and bill payments |
| Payments | Authorised by NPCI | UPI transfers |
| Investments | Finvasia’s brokerage business | Equities, mutual funds, derivatives |
| Insurance | IRDAI Corporate Agency and ISNP | Multi-insurer, multi-product sales |
| Data | Account Aggregator framework | One dashboard across accounts |
| AI | Proprietary | Tailored finance and insurance suggestions |
Significance
- Shows the super-app trend in Indian fintech, packing banking, payments, investing and insurance in one app.
- With consent, the Account Aggregator lets the platform read a user’s finances and suggest suitable cover, which can curb mis-selling.
Background
- Corporate agent: an IRDAI-authorised intermediary tied to insurers; typically up to 9 insurers per line of business.
- ISNP: digital marketplace authorised to issue, service and manage policies online; IRDAI guidelines date from 2017.
- Account Aggregator (AA): regulated, consent-based data-sharing framework under the RBI’s NBFC-Account Aggregator Master Direction (2016), working across RBI, SEBI, IRDAI and PFRDA with revocable consent.
- Insurance for All by 2047 includes the Bima Trinity: Bima Sugam (open marketplace), Bima Vistaar (bundled rural cover) and Bima Vahak (women-led village distribution).
Exam angle
- Regulator: IRDAI; licences: Corporate Agency and ISNP.
- AA framework regulator: RBI.
- Related terms: embedded finance, BBPS, UPI, Bima Sugam.