Insurance Marketing Firm (IMF) is the new distribution channel approved by IRDAI based on the recommendation of Govardhan Committee report submitted in 2007 to allow eligible Applicants to become Insurance Marketing Firm as per the prescribed Regulations and have multiple tie-ups with insurers. The Insurance Regulatory and Development Authority of India (IRDAI) released Regulations pertaining to the registration of Insurance Marketing Firms on 21st January, 2015.
Why become an IMF?
IMF is a great opportunity for financial professionals/entrepreneurs who aspire to provide wholesome financial protection through professionally run firms. Insurance Marketing Firms ("IMF") can be a Company or LLP or Cooperative Society; or any other entity as may be recognised by the Authority. Insurance marketing firms can engage in the following activities.
Solicitation of insurance products:
IMFs can solicit and procure insurance products of 2 life, 2 general and 2 health insurance companies. However with respect to general insurance, IMFs can market only retail (individual) lines of products.
Undertaking of Insurance servicing activities, only if IMFs have agreement for solicitation with Insurer:
Marketing of other financial products through FSE by respective financial regulator:
IMF to have a Principal Officer with experience in insurance or financial services to exclusively supervise the activities of IMF. It will also have Insurance Sales Persons (“ISP”) to solicit insurance products and Financial Service Executives (“FSE”) to market other financial products.
Bharti AXA Life Insurance wants to take IMF model as a clear differentiator and is operationally ready in terms of products and processes to support this new initiative. IMF goes well with Bharti AXA Life’s belief in supporting successful and aspiring entrepreneurs. A dedicated team is setup to identify, develop and institutionalise entrepreneurs exploring IMF as a business with attractive benefits and support systems.
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