An insurance broker is a type of insurance intermediary who can solicit insurance business on behalf of the insurance company and advise their clients on their insurance requirements. Insurance brokers require a broking license from the competing authority to operate in India. In India the competing authority to provide license to insurance intermediaries is the Insurance regulatory and development authority of India. There are three types of broking licenses which are given by the IRDA, they are; – Direct insurance broker who can source life insurance, non-life insurance and health insurance business in India, Reinsurance broker who can source reinsurance business in India and Composite broker who can source both the insurance and reinsurance business. The capital requirements are different for each class of insurance broker.
There are more than 580 registered insurance brokers in India and the list of insurance brokers can be found on the website of IRDA. The broker license is valid for a period of 3 years after which it must be renewed with the approval from the authority. Insurance brokers also provide risk management solutions to their customers based on their risk profile. The risk management solutions are customized to each customer and are provided based on the risk profile of the customer. For example, a customer in low lying areas needs to take an insurance policy that covers the inundation and flood including other natural calamities.
Here are the 7 best business insurance brokers of 2022: –
- Ethika insurance broking: Ethika insurance broking is the best insurance broking for group health insurance and retail health insurance in the Indian market. They have carved a niche in the health insurance segment providing value additions such as employee engagement programs, red carpet claim assistance programs etc. For More information visit here.
- Unison Insurance Brokers Pvt Ltd: Unison insurance brokers was established in the year 1998 and is expanded to more than 11 cities in India with a team strength of more than 325 employees. Their head office is in Vadodara whereas the corporate office is in Mumbai.
- Global Insurance brokers private limited: Global insurance brokers has received composite license from IRDA and is established in the year 1973. They are the leading providers of risk management, insurance, and reinsurance broking services in the Indian subcontinent.
- JB Boda insurance brokers: JB Boda was incorporated in the year 1956 as Crowe Boda & Co Pvt Ltd and has been at the forefront of the protection and indemnity insurance services.
- Willis towers watson insurance brokers: Willis towers Watson is a British-American MNC insurance advisor company. The company was founded in 2016, following a merger of the Willis group and Towers Watson group.
- Alliance Insurance brokers pvt ltd: Alliance insurance brokers was founded in 2003, by Mr. S. V. Thakkar, an industry veteran with more than 3 decades of industry experience and is one of the top insurance brokers in India.
- Prudent Insurance brokers pvt ltd: Prudent insurance brokers are the composite insurance brokers in India headquartered at Mumbai having strategic partners in more than 120 countries.