Insurance Marketing Firm License

Stress-free Registration of Insurance Marketing Firm with Us

Registration of insurance marketing firms is required for entities or individuals that want to distribute or sell insurance products in India. The concept was introduced by the Insurance Regulatory and Development Authority of India (IRDAI) through the IRDAI (Registration of Insurance Marketing Firm) Regulations, 2015.

Insurance marketing firm registration ensures entrepreneurs and insurance agents can commence their insurance business in India. By getting an IMF license, you can undertake insurance service activities. At Enterslice, we will assist you with easy IMF registration and guide you to become a top insurance marketing firm in India.

Benefits of Insurance Marketing Firm License

Applicants securing their insurance marketing firm license are offered a plethora of benefits facilitating their engagement as independent ISPs (Insurance Sales Persons) for procuring, soliciting, and marketing insurance-based products. The key benefits of getting an insurance marketing firm license are given below-

Better Wealth Opportunity

Applicants holding an IMF license in India enjoy better opportunities for the creation and distribution of income or wealth through selling insurance products and financial products.

Deal With Diverse Products

The IRDAI-registered insurance marketing firms are eligible to deal with a wide spectrum of financial products or policies, ensuring the provision of diversified offerings for client satisfaction or retention.

Partnership Benefits

The partnership collaborations signed by IMF ensures to provide an invaluable-insights into regulations, compliance, product nuances, and system operations followed by the established insurance leaders. These partnerships enhance an IMF's expertise, ensuring proficiency in insurance marketing firm commissions and operations.

Flexible Business Model

The registration of insurance marketing firm accommodates a flexible business model with adjustable structure either operating as a company, or an LLP, or a cooperative, or any other forms as specified by the regulation.

Access to Online Market

The insurance market firm license is crucial to get easy access to online marketspace for offering insurance-related services. These ensure earning lucrative profit from the insurance market.

One-Customer-One-Advisor Model

It provides a one-customer-one-advisor model, which provides maximum enjoyment of wallet shares by adopting the model dealing with the sole advisory. It is one of the significant benefits of insurance marketing firm license.

Procedure for an Insurance Marketing Firm License

The applicant shall choose an online IMF registration portal to get their insurance marketing firm license. Further, the procedure to apply for an insurance marketing license requires the fulfillment of the following steps for the insurance marketing firm registration process as provided below:

Timeline to Get IMF License in India

The timeline required to get an IMF license in India generally depends upon the processing and approval of the documents submitted. Generally, it takes around 7 to 10 weeks to get a full-fledged IMF license in India.

Requirement of Document to Register as IMF

The requirements of documents to register as IMF under the IRDAI are provided below:

Secure Your Insurance Marketing Firm License with Enterslice

Seamlessly secure your insurance marketing firm license with Enterslice which is among one of India’s leading companies. Our dedicated services ensure the smooth and efficient management of your business activities. We offer professional assistance to ensure compliance with the consistently evolving regulatory requirements for securing an insurance marketing firm license in India.

We implement a fair compensation structure to reduce disparity among intermediaries applying for IRDAI IMF registration. Besides this, we assist businesses with insurance broker registration, corporate agency registration, insurance web aggregation registration, etc.

10,000+ Experienced Professionals

Legal Consultancy Services

98% Client Retention Rate

End-to-End Advisory Support

How Much is the IMF Registration Fees?

The payment of IMF registration fees is a mandatory requirement to successfully obtain an insurance marketing firm license in India. The fees for IMF registration vary depending on the process you opt for. Our expert consultants are here to suggest the best plan comprising the specified fee structure in India. Our popular IMF registration fees start from Rs 3,50,000.

Here is the list of fee structures required for Insurance Marketing Firm Registration in India that every applicant must comply with:

Activities of an IRDAI Insurance Marketing Firm

• Insurance Servicing Activities :- Insurance marketing firms are permitted to carry out insurance servicing activities on behalf of insurance firms which include undertaking back-end activities of insurers.
• Marketing of Financial Services :- Insurance marketing firms can indirectly market and promote financial services like mutual funds and pensions by joining hands with registered mutual fund distributors or pension fund managers.
• Solicit and Procurement of Insurance Products :- Insurance Marketing Firms are permitted to market, solicit, and procure insurance-related products, including health, general, and life insurance.
• Collection of Online Sales :- The insurance marketing firm license holders are authorized to carry out activities concerning the collection of premiums for online sales, similar to web aggregators.
• Facilitate Insurance Policy Sales :- Insurance marketing firms are mandatorily required to facilitate the sale of insurance policies to curb the gap between customers having access to financial protection tools.
• Establish a Distribution Network :- The IMF ensures the establishment of robust distribution networks and channels, including agencies, brokers, and other digital platforms.
• Redressal of Customer’s Grievances :- The insurance marketing firm must redress all grievances of customers within 15 days of receipt of the complaint.

Validity and Renewal of Insurance Marketing Firm License

The license for an insurance marketing firm is valid for 3 years. Hence, they cannot conduct activities with an expired certificate. According to Chapter III of IRDAI (Registration of Insurance Marketing Firm) Regulations, 2015, an applicant is required to apply for the renewal of an insurance marketing firm license in India.

The application for renewal of an insurance marketing license must be made to the relevant authority 30 days before its expiry. During the interim period, the applicant cannot conduct the business of an insurance marketing firm. Further, upon the successful verification of the renewal application, the authority grants a certificate of renewal in the format prescribed under Form D. Therefore, this will continue the journey in the insurance marketing firm commission and service landscape.

Eligibility Criteria to Become an IRDAI IMF

The eligibility criteria required to become an IRDAI IMF in India are as provided below:

Revenue Streams for Insurance Marketing Firms in India

Given below are some of the either popular or less explored revenue streams for insurance marketing firms in India-

• Commission-based Revenue
• Renewal Premiums for Policies Sold
• Cross-selling and Upselling
• Referral Fees
• Online Insurance Marketplace
• Insurance Technology Solutions
• Insurance-related Content Marketing
• Claims Assistance

Join Hands with Enterslice for Insurance Marketing Firm License

To acquire an insurance marketing firm license in India, you must comply with the regulations set by the Insurance Regulatory and Development Authority of India (IRDAI). Enterslice, with its proven track record in obtaining IMF licenses for clients, ensures that all your licensing requirements are met seamlessly. We guide you through the process, making sure that your application is complete, compliant, and positioned for success.

Frequently Asked Questions

Have a look at the answers to the most asked questions: