Industry gets four insurance marketing firms

The insurance industry now has one distribution channel in the form of insurance marketing firms (IMFs). While four of such entities being granted licence to operate by the insurance regulator, none of them have opted to sell all financial products as permitted, choosing to only procure, solicit insurance products instead Stock Market Trading Tips

IMF is an entity registered by the IRDAI to solicit or procure insurance products, to undertake insurance service activities and also to distribute other financial products as specified in the regulations by employing individuals licensed to market, distribute and service such other financial products.

The entities include Teamhealth Insurance Marketing based out of Pune,  Six Sigma Financial Solutions Insurance Marketing based out of Chennai, BellWether Insurance Marketing Firm based out of Haryana and FuturisticLife Insurance Marketing Firm based out of Mathura. 

While all of them are involved in soliciting and procuring insurance products and three of them are also involved in back-office activities of insurers, none of them are involved in distribution of other financial products Himanshu Tiwari Astrologer Blog

Insurers said that while the new channel may help them get more business, some constrains are yet to be resolved. “They have said that the sales person appointed should be from the same district. This may pose some restrictions since some such areas may already have enough channels for sales,” said the products head at a private insurance company.

IRDAI said that the Insurance Marketing Firm shall employ ISPs who are domiciled in the district for which the request for registration is made in the application and approved by Authority. Here, Insurance Sales Person or ISP is an individual employed by Insurance Marketing Firm to solicit or procure insurance products. But, IMF is free to solicit or procure the insurance business from all over the country.
 

As per regulation, the IMFs can enter into tie-ups with two insurers each in life, non-life and standalone health insurance. 
 

To enable more ISPs to join the sector, the regulator has said that every ISP employed by the Insurance Marketing Firm has to be paid a fixed monthly salary, which is not lower than Rs 5,000 per month Indian stock market astrology prediction

In case of general insurance, IMF is allowed to solicit or procure only retail lines of insurance products as given in the file & use guidelines namely motor, health, personal accident, householders, shopkeepers. Insurers say that segments like travel insurance should also be permitted at a later stage.

The entities include Teamhealth Insurance Marketing based out of Pune,  Six Sigma Financial Solutions Insurance Marketing based out of Chennai, BellWether Insurance Marketing Firm based out of Haryana and FuturisticLife Insurance Marketing Firm based out of Mathura. 

While all of them are involved in soliciting and procuring insurance products and three of them are also involved in back-office activities of insurers, none of them are involved in distribution of other financial products Commodity Market Astrology Tips

As per regulation, the IMFs have entered into tie-ups with two insurers each in life, non-life and standalone health insurance. Some of which include HDFC Life, SBI Life, Max Life, Aegon Religare, ICICI Prudential Life, Max Bupa, L&T Insurance, Religare Health, Apollo Munich, ICICI Lombard, HDFC ERGO, Reliance General among others.