WHAT IS INSURANCE MARKETING FIRM?
In a new move to improve the market penetration of the insurance business, the Insurance Regulatory and Development Authority of India (IRDAI) suggested that a group of agencies be set up where merchandisers can sell mutual funds, pension plans, stocks, and other financial services under one umbrella.
This cluster of companies, and some of the industry's upper crust, became known as Insurance Marketing Firms (IMFs).
IMFs meet the needs of a large base of customers and offer better flexibility than their more traditional counterparts in the insurance business. Insurance Marketing Firm clients, whether individuals looking to indemnify their possessions or health in cases of accidents or injury, can pick from a greater number of choices than traditional insurance companies. It will set IMFs apart in the coming years.
