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Insurance Marketing Firm

Insurance Marketing Firm

What is an Insurance Marketing Firm?

A company that offers insurance services is known as an insurance marketing firm, as the name suggests. An entity that has permission to engage in insurance service operations is referred to as an IMF or Insurance marketing firm in the legal terminology set forth by the IRDA.

We, as an Insurance Marketing Firm provide the following categories of services:

Procuring and Soliciting insurance policies

An Insurance Marketing Firm is permitted to seek out and purchase insurance services in accordance with IRDA regulations. The number of insurers—insurance companies—it can work with is essentially limitless. As a marketing company, we can serve as a middleman, brokering insurance contracts and mediating transactions between the insured and the insurer.

Providing Insurance Services

With their special ability, insurance marketing firms can form strategic partnerships with other insurance intermediaries including surveyors and loss assessors, insurance repositories, TPAs, and more. By doing this, the insurance IMF is able to offer a wide range of other services that some people might think are outside of its purview. We also offer the following other services:

  • Delivering back-office support in accordance with IRDA IMF requirements
  • Serving as a recognised representative for insurance repositories
  • By hiring surveyors and loss assessors for our organisation, we offer surveying and loss assessment services.
  • Delivering additional insurance-related services in accordance with IRDA guidelines.
  • Marketing Financial Products:

    Here's when the marketing aspect of our services enters the picture. IMF has the authority to promote the following financial products as a marketing company in accordance with the requirements of the IMF licence:

    1. Mutual Funds of businesses under SEBI regulation;
    2. Pension products governed by PFRDA regulations;
    3. Other financial products are governed by Indian investment advisors with SEBI licences.
    4. Banking and financial products offered by the NBFC in accordance with RBI requirements
    5. Products other than insurance are offered by the Indian government’s Department of Posts;
    6. Additionally, other financial instruments that fall under Indian Insurance Regulatory Development Authority laws.