In today’s fast-paced world, people and businesses want quick, reliable, and professional help in choosing the right insurance products. That’s where Insurance Marketing Firms (IMFs) come in. These firms act as a bridge between customers and insurance companies, making it easier for people to buy insurance that matches their needs and budget.
An Insurance Marketing Firm is registered under IRDAI (Insurance Regulatory and Development Authority of India) and requires proper licensing before it can operate. They can sell insurance policies for both life and general insurance, and also offer related financial services.
In this blog, we will explain the main services provided by Insurance Marketing Firms and how they help both customers and insurers.
1. Insurance Product Sales & Distribution
The primary service of any IMF is to sell insurance products to customers. These include:
Life Insurance Policies – Term plans, endowment plans, whole life insurance, ULIPs, etc.
General Insurance Policies – Health, motor, travel, home, and commercial insurance.
Microinsurance Products – Affordable insurance for rural and low-income segments.
Since IMFs have tie-ups with multiple insurers, they can compare products and suggest the best one for the client’s needs.
2. Insurance Broking Services
Some Insurance Marketing Firms also act like brokers by offering clients a choice of products from different insurers. They provide advice based on coverage benefits, claim settlement ratio, and premium rates.
Before starting these services, the firm may need an Insurance Broking License Registration. This registration ensures that the company follows IRDAI rules and protects customer interests.
3. Online Insurance Selling (ISNP Services)
With the growing use of the internet, many IMFs also sell insurance online. For this, they require an ISNP License Registration Online (Insurance Self-Network Platform license).
Through an ISNP, customers can:
Compare different insurance plans online.
Buy policies directly from the IMF’s website or app.
Renew existing policies without visiting an office.
This service has made insurance buying faster, more transparent, and highly convenient.
4. Assistance with Insurance Claims
Filing an insurance claim can be stressful for customers, especially during emergencies. IMFs guide clients through the claim process and ensure all paperwork is in place.
They help with:
Claim form filling.
Document submission.
Coordination with the insurance company for quick settlement.
This not only saves time but also increases the chances of successful claim approval.
5. Financial & Investment Advisory
Some IMFs also offer financial advisory services. They suggest investment-linked insurance products like ULIPs (Unit Linked Insurance Plans) or pension plans based on a customer’s long-term financial goals.
They may also help in related services such as:
Tax planning through insurance policies.
Retirement planning.
Risk assessment for businesses.
6. Licensing & Compliance Support for Insurance Companies
Apart from selling insurance, some experienced IMFs also help other businesses and individuals get the required licenses to operate in the insurance sector. This includes:
Insurance Company License Registration – For starting a new insurance company in India.
Insurance Marketing Firm License Registration – For registering a new IMF under IRDAI.
ISNP License Registration Online – For selling insurance through an online platform.
Firms like Corpbiz assist in preparing applications, collecting documents, and ensuring compliance with IRDAI regulations.
7. Marketing & Promotional Support for Insurers
IMFs also help insurance companies with marketing campaigns. This includes offline activities like roadshows, awareness drives, and seminars, as well as online marketing through social media, email campaigns, and content marketing.
By doing this, they help insurers reach more customers and build trust in their products.
8. Corporate & Group Insurance Solutions
IMFs cater to businesses that want to provide insurance benefits to their employees. These include:
Group health insurance.
Group life insurance.
Workmen compensation insurance.
They customize packages for companies depending on the size of the workforce and the employer’s budget.
Why Choose a Licensed Insurance Marketing Firm?
Choosing a licensed IMF ensures:
Trust and Reliability – They are regulated by IRDAI.
Better Choices – Multiple insurer tie-ups give customers more options.
Expert Advice – Recommendations based on real market analysis.
Smooth Claim Process – Professional assistance during emergencies.
How Corpbiz Can Help You Get an IMF License
If you want to start an Insurance Marketing Firm, you must apply for an Insurance Marketing Firm License Registration with IRDAI. The process includes eligibility checks, document submission, and compliance with regulations.
At Corpbiz, we provide end-to-end support for:
Insurance Broking License Registration
Insurance Company License Registration
Insurance Marketing Firm License Registration
ISNP License Registration Online
Our experts ensure that you meet all legal requirements, avoid application mistakes, and get your license in the shortest possible time.
Conclusion
Insurance Marketing Firms play a crucial role in India’s insurance sector by connecting customers with the right products and helping insurers reach a wider audience. They offer a wide range of services – from selling insurance and providing claim assistance to offering online platforms and corporate solutions.
With the right licensing support from experts like Corpbiz, setting up an IMF becomes a smooth and hassle-free process.
FAQs on Insurance Marketing Firms
Q1. What is an Insurance Marketing Firm (IMF)?
An IMF is an IRDAI-licensed entity that sells and promotes insurance products from multiple insurers and offers related financial services.
Q2. Can an IMF sell both life and general insurance?
Yes. IMFs can sell life insurance, general insurance, and even microinsurance products.
Q3. What is an ISNP License?
An ISNP (Insurance Self-Network Platform) License allows IMFs to sell insurance products through their own website or mobile app.
Q4. Do I need a license to start an Insurance Marketing Firm in India?
Yes. You must apply for an Insurance Marketing Firm License Registration with IRDAI before starting operations.
Q5. How can Corpbiz help with IMF registration?
Corpbiz provides expert assistance in completing applications, preparing documents, and ensuring compliance with IRDAI rules for quick license approval.
Author: Atul Shukla
Atul Shukla is a senior business consultant at Corpbiz with years of experience in legal, financial, and licensing services. He has helped numerous businesses and professionals get their insurance and financial licenses with ease.
