MSME Businesses – Insurance, IMF

IMF – Insurance Marketing Firm is a form of Agency and Corporate Agency combined within which the IRDAI has given a handsome opportunity for entrepreneurs to be able to offer multiple Life, Non Life and Health Insurance Company products to their customers. With restrictions so that this is not misused to become quasi Brokers, the IMF primarily requires employee to solicit Insurance to customers. Two companies can be chosen from each of these verticals and customers may get the option to choose from all their company products

Insurers are also keen to promote this process as it provides them a ‘stable’ and engaged workforce not on their payroll and at the same time dedicated just like that of Agency. IMFs also get to choose 6 insurers and thereby a reasonable platform for their customers to get a choice within the limited scope of the larger Insurance arena

Insurance being a matter of the solicitation, it is a guided sale. IMF provides a very exciting opportunity to become a master of insurance and at the same time offers continuity because the enterprise is the owner of the business and therefore the royalty , Loyalty and the continuity / legacy

Of the 410 IMFs registered with IRDAI, Between 2 Life Insurers, 780 such choices have been made (out of a possible 820). Max Life with 337 registrations, LIC with 111, PNB with 73, HDFC with 70 and ICICI Pru with 64 top the Life Insurers opted for.  Of the 470 choices made for Non Life Insurers (from possible 820), ICICI Lombard with 89, New India with 79, Tata AIG with 76, HDFC Ergo with 52 and Bajaj and National Insurance with 32 and 31 are the leading Insurers selected as their Non Life Partners by IMFs. Of the 337 Health Insurers chosen (from possible 820), Star Health with 91 IMFs, Care Health with 86, Manipal Cigna with 53, HDFC Ergo with 42 are the leading Health Insurers partner selected by the IMFs.

Of the Cities Delhi with 47, (NCR with 72), Mumbai with 33 (with Thane 46), Pune with 23, Bengaluru with 17, Hyderabad and Kolkata with 16 each, Chandigarh with 12 (including Panchkula and Mohali), are the cities with double digits IMFs followed by other 108 locations served by these IMFs. Overall 118 locations are being served by 410 IMFs. Interestingly 159 of IMFs have also given up / surrendered their codes for various reasons.

IMFs are a great opportunuty for thoise who wish to be in the BFSI segment and importantly wish to be a part of the growing Insurance industry. To know more about how you can become and manage an IMF, contact@nat-cons.com