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List of Top 10 Insurance Brokers in India 2024

Insurance broking is carried out to become an insurance broker in India. Almost 82% of the insurance business is sold by insurance brokers in India. Success in the insurance broking business is secured through acquiring certain skills for understanding the client’s business, providing consultancy about insurance products, highlighting market knowledge, and assisting customers in value-added services.

Who is an Insurance Broker?

Insurance brokers are intermediaries or middlemen between insurance companies and customers. They generally bridge the gap by selling, soliciting, and negotiating insurance policies on behalf of insurance companies and their customers.

The insurance brokers registered under the Insurance Regulatory & Development Authority possess an Insurance Broker License to act as direct, reinsurance, or composite brokers.

Why Use Insurance Brokers in India?

Insurance brokers are middlemen with immense knowledge and guidance regarding the complexities of the insurance world. The following is the need for using insurance brokers in India:

  • The insurance brokers hold extensive knowledge of the insurance market;
  • The insurance brokers provide time-saving opportunities by finding and comparing insurance-related policies.
  • The insurance brokers provide services for re-insurance;
  • The insurance brokers explore the insurance market.

10 Best Insurance Brokers in India

In India, there are several registered insurance brokers which might assist you in seeking a comparison. Consider the 10 best insurance brokers in India as provided below:

1. India Insure Risk Management and Insurance Broking Services Pvt Ltd

India Insure Risk Management and Insurance Broking Services Private Limited is a company that provides services related to insurance broking and risk management. It is a leading company and the first to get a license from IRDAI.

In 2003, India Insure acquired an insurance broker license to act as a composite broker for the first time. India Insure handles a comprehensive array of insurance covers for domestic and international businesses.

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2. Mahindra Insurance Brokers Limited

Mahindra Insurance Brokers Limited (MIBL) is owned by its parent company, Mahindra & Mahindra Financial Services Ltd. MIBL provides additional customized value to its customers by providing adequate knowledge and innovative solutions for choosing the right insurance.

Generally, the Mahindra Insurance Brokers envision providing simple, transparent, and affordable life, health, and asset protection insurance policies.

3. ACME Insurance Broking Services Pvt. Ltd.

ACME Insurance Broker Services Pvt. Ltd. is a non-government company legally registered since 2000 under the IRDAI regulatory authority. In 2006, the ACME was upgraded to a composite insurance brokerage house by the IRDAI.

4. Bharat Re-Insurance Brokers Pvt. Ltd.

Bharat Re-Insurance Brokers Pvt. Ltd. is a direct broking division offering excellent risk management and insurance-related services. Bharat Re ensures providing services for the identification, qualification, transfer, and management of commercial enterprises and insurance decisions.

5. Helios Insurance Broking Services Pvt. Ltd.

Helios Insurance Broking Services Pvt. Ltd. is an insurance brokerage company offering one of the nation’s best risk management services. All IRDAI-licensed life and general insurance companies are insurance partners of the Helios Insurance Broking Services.

It also provides easy access to insurance information, gaps in insurance coverage, and risk inspection services to settle claims and satisfy customers.

6. First Policy Insurance Brokers Pvt. Ltd.

First Policy Insurance Brokers Private Pvt. Ltd. is a registered brokerage company that delivers value & quality services for the customization of risk management and insurance-related programs to their customers.

7. Unicorn Insurance Brokers Pvt. Ltd.

Unicorn Insurance Brokers Pvt. Ltd. is a non-government company registered to provide services auxiliary to insurance, pension funding, and other financial intermediation. It provides individuals and corporations with insurance-related solutions. Generally, the solutions ensure managing health, life, motor, homeowner, travel, property, casualty, employee benefits, and other commercial insurances.

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8. Tower Insurance & Reinsurance Brokers (India) Pvt. Ltd.

Tower Insurance & Reinsurance Brokers (India) Pvt. Ltd. is an independent reinsurance brokerage company founded in 1979-1999. Establishing an independent reinsurance brokerage firm made valuable contributions to the aviation insurance sector. 

9. Excellent Insurance Broking Services Limited

Excellent Insurance Broking Services Limited is a subsidiary of Expert Healthcare Management Services Limited, which was licensed as a direct broker in 2003. In 2013, after 10 years of providing service as a direct insurance broker, the company upgraded by issuing a composite insurance broker license.

10. Tata Motors Insurance Broking & Advisory Services Limited

Tata Motors Insurance Broking & Advisory Services Limited is a wholly owned subsidiary company established to provide cyber to auto insurance-related solutions. Generally, the company adheres to the guidelines regulating professionalism to handle all the reinsurance transactions. 

How to Choose the Best Insurance Brokers?

All insurance brokers are required to possess some specific requirements. The following mandatory requirements must be considered before choosing the best insurance broker services in India:

  • Access your organization’s specific insurance needs;
  • Evaluate the capability to conduct market research in consonance with the insurance needs;
  • Ensure the capability of presenting vital information and key decisions;
  • Ensure facilitation of smooth paperwork and required negotiation;
  • Have access to updates concerning the insurance policies and claim settlements;
  • Monitor and adjust the proposed plan;
  • Evaluate the benefits of using brokerage services;
  • Compare quotes with multiple insurance broker service providers.

Conclusion

The list of the top 10 insurance brokers in India secures the right decision to either make or break an organization. The applicants must crucially follow the integral process for choosing the right insurance broker in India. Before opting for the best insurance broker services in India, certain factors must be considered. So, choose the right option for seeking advice for insurance requirements and solutions.

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FAQ’s

  1. Who is an Insurance Broker?

    An insurance broker is a middleman who bridges the gap by selling, soliciting, and negotiating insurance policies on behalf of insurance companies and their customers.

  2. How many types of insurance brokers are there?

    Direct (life), (general), (life and general) brokers; re-insurance brokers, and composite brokers are the types of insurance brokers that prevail in India.

  3. How to choose an insurance broker?

    Accessing your organization’s specific insurance needs, ensuring the capability of presenting vital information, and facilitating smooth paperwork are some of the important considerations that must be reviewed before choosing an insurance broker.

  4. How do insurance brokers handle claims and customer support?

    Insurance brokers typically offer diverse support for handling and processing claims, dispute resolution, and policy adjustments.

  5. Who are the best insurance brokers in India?

    Mahindra Insurance Brokers Ltd, India Insure Risk Management and Insurance Broking Services Pvt. Ltd and Bharat Re-insurance Broking Services Pvt. Ltd. are some of the best insurance brokers in India.

  6. Which is the oldest insurance broker in India?

    India Insure Risk Management and Insurance Broking Services Private Limited is the leading and the first company to get a license from IRDAI and get registered as an insurance broker in India.

  7. What are the duties of an insurance broker?

    Working on clients’ behalf, recognizing business goals, and managing the identified risks are some of the prime duties of registered insurance brokers in India.

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