Four insurance marketing firms get licence

The insurance sector currently has one distribution channel in the form of insurance marketing firms. While four such entities have been granted licence to operate, none of them has opted to sell all financial products as permitted by the Insurance Regulatory Authority of India (Irdai).

According to Irdai, insurance marketing firms can solicit or procure insurance products, undertake insurance service activities, and distribute other financial products. The four insurance marketing firms are Teamhealth Insurance Marketing, Pune; Six Sigma Financial Solutions Insurance Marketing, Chennai; BellWether Insurance Marketing Firm, Haryana; and FuturisticLife Insurance Marketing Firm, based in Mathura.

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