Understanding Insurance Intermediaries in India
In India, insurance intermediaries act as licensed bridges between insurers and customers, helping them choose, compare, and purchase the right insurance products. Whether you're an individual entrepreneur, a fintech platform, or a growing distribution firm, registering with IRDAI is mandatory to operate legally and ethically.
At GenZCFO, we offer end-to-end support for all major insurance intermediary models—Insurance Brokers, Web Aggregators, Insurance Marketing Firms, and Corporate Agents. Our expert-led process ensures fast registration, regulatory compliance, and operational readiness.
Insurance Broker License Registration
An Insurance Broker is a licensed intermediary who represents the interests of customers, offering insurance products from multiple insurers with unbiased advice and personalized solutions. Regulated by the Insurance Regulatory and Development Authority of India (IRDAI), brokers play a key role in bridging the gap between policyholders and insurance companies.
There are three categories of brokers
- Direct Brokers – Deal with life and general insurance products for retail customers
- Reinsurance Brokers – Facilitate reinsurance arrangements between insurers
- Composite Brokers – Offer both direct and reinsurance services
With rising demand for insurance products and growing awareness among customers, becoming a licensed insurance broker offers tremendous potential for revenue, growth, and market credibility.
Who Needs an Insurance Broker License?
- Insurance advisory startups & professionals
- Fintech and InsurTech platforms
- Wealth management or financial consulting firms
- Businesses looking to offer a wide range of insurance options
- Entrepreneurs entering the insurance distribution space
If you want to sell policies from multiple insurers, earn brokerage, and represent the customer, not just one insurance company, this license is for you.
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Benefits of Getting an Insurance Broker License
Access to Multiple Insurers- Offer a broad portfolio of life, health, general, and specialty insurance products from various insurers.
Higher Revenue Opportunities- Earn regulated commissions from insurers while maintaining transparency and trust with clients.
Client-Centric Advisory Model- Act in the best interest of clients with needs-based policy recommendations, free from tied selling.
Operate Nationwide- A broker license allows you to serve clients across India without the need for multiple tie-ups.
Regulatory Recognition & Credibility- IRDAI registration enhances your brand image, professionalism, and trust in a regulated industry.
Eligibility Criteria
What is an Insurance Web Aggregator?
An Insurance Web Aggregator is an online platform that compares insurance products from multiple insurers, enabling customers to make informed choices. These platforms are regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and require a Web Aggregator License to operate legally.
If you plan to launch an insurance comparison website or app, obtaining an IRDAI Insurance Web Aggregator License is mandatory.
Why Do You Need an Insurance Web Aggregator License?
With increasing digital adoption in insurance, web aggregators play a crucial role in:
- Offering unbiased insurance policy comparisons
- Enhancing customer awareness and choice
- Digitally transforming the insurance distribution system
- Boosting online insurance penetration in India
To maintain transparency and regulatory integrity, IRDAI has established strict licensing norms for insurance web aggregators under the Insurance Web Aggregator Regulations, 2017.
Enquire now for the Insurance web aggregator license
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Benefits of Insurance Web Aggregator License
Insurance web aggregators play a crucial role in simplifying the insurance selection process while benefiting both customers and insurers. These platforms enhance accessibility, improve decision-making, and optimize cost-efficiency.
Simplifies Comparison Process- Instead of visiting multiple insurance providers individually, users can conveniently compare various policies on a single platform, saving significant time and effort.
Competitive Pricing & Better Deals- By partnering with multiple insurers, web aggregators encourage competition, resulting in better pricing, exclusive discounts, and attractive benefits for customers.
Expert Assistance & Guidance- Many insurance web aggregators have in-house professionals who provide insights and recommendations, helping users select the most suitable policy based on their needs.
Real-Time Notifications & Policy Updates- Users receive timely alerts regarding policy renewals, premium due dates, regulatory changes, and market trends, ensuring they stay informed and make timely decisions.
Hassle-Free Policy Management- These platforms often provide features such as secure digital storage for policy documents, reminders for upcoming payments, and seamless claim support, making policy management more convenient.
Eligibility Criteria for Web Aggregator License
- Must be a Company (under Companies Act, 2013) or LLP (under LLP Act, 2008)
- No NRIs or foreign partners as per FEMA guidelines
- Business must be solely for web aggregation; no other insurance intermediation roles allowed
- Must not be registered as an insurance agent, TPA, broker, or marketing firm
- Should not have referral agreements with insurers
- Only one registration certificate per entity
- Must own a dedicated web aggregator website
- Principal Officer must be qualified, trained, and IRDAI certified
- Key management personnel must pass the Fit & Proper test (Form D - Schedule I)
- Authorised verifiers must be trained and IRDAI certified
- No past violations of obligations under Form-V or Form-W
- Previous registration must not be revoked by IRDAI
- IRDAI must deem the applicant fit in the interest of policyholders
Insurance Marketing Firm License
An Insurance Marketing Firm (IMF) bridges insurance companies and consumers, offering a range of services like product promotion, financial health audits, and personalized advice. IMFs operate under IRDAI guidelines and can market products from multiple insurers, providing a broader selection to customers.
With professional marketing strategies, they cater to a growing demand for insurance, helping businesses expand their reach. Obtaining an IMF license offers opportunities for higher commissions, business expansion, and a diverse portfolio. For more details, visit the IRDAI guidelines and registration process.
Activities of an IRDA Insurance Marketing Firm
An IRDAI-registered Insurance Marketing Firm can:
- Solicit & Procure Products: Offer products from two life, two general, and two health insurers (e.g., motor, health, personal accident).
- Insurance Servicing: Handle back-office tasks, become approved by insurance repositories, and perform surveys/loss assessments with licensed professionals.
- Market Other Financial Products: Include mutual funds, pension plans, banking products, and non-insurance products approved by the IRDA.
Enquire now for Insurance Marketing Firm License
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Benefits of IMF Registration
Diverse Products: Offer products from multiple insurers, providing clients with tailored options.
Expanded Portfolio: Access to financial products beyond insurance, broadening business scope.
Partnership Advantages: Collaborate with major insurers for operational insights and expertise.
Business Flexibility: Choose from various business structures (company, LLP, etc.).
Earning Potential: Increase income through diversified product offerings and cross-selling.
Cross-Selling: Maximize revenue by offering a range of financial products to existing clients.
Eligibility Criteria for IMF Registration
- Must be a registered LLP, OPC, or Private Limited Company.
- Qualified principal officer, Financial Service Executive, and Insurance Sales Person.
- Net worth of INR 5 lakh for a single branch, INR 10 lakh for multiple branches.
- Must include "IMF" or "Insurance Marketing Firm" in the name.
- Provide an incorporation certificate, team credentials, financial proof, and a three-year business plan.
Registration of Insurance Corporate Agent
A Corporate Agency License is an authorization granted by the Insurance Regulatory and Development Authority of India (IRDAI) to entities such as companies, LLPs, banks, NBFCs, or co-operative societies. This license permits them to act as intermediaries, soliciting and servicing insurance products on behalf of insurers.
Available category for License:
- Corporate Agent- Life
- Corporate Agent- General
- Corporate Agent- Health
- Corporate Agent- Composite
Why is a Corporate Agency License Required?
- Ensures the corporate agent legally represents and solicits products for insurance companies.
- Maintains industry integrity and promotes ethical business practices.
- Helps prevent fraud and protects consumer interests.
- Enables regulatory oversight and accountability.
- Ensures agents act in the best interest of life, general, and health insurance sectors.
- Supports proper regulation and compliance within the insurance ecosystem.
Enquire now for Corporate Agency License
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Benefits of Obtaining a Corporate Agency License
Diversified Product Portfolio: Ability to offer insurance products from up to nine insurers across life, general, and health insurance sectors.
Additional Revenue Streams: Opportunity to earn commissions from multiple insurers, enhancing income potential.
Enhanced Credibility: Being licensed by IRDAI boosts trust among clients and partners.
Legal Protection: Operate within a regulated framework, ensuring compliance and reducing legal risks.
Business Expansion: Leverage the license to expand into new markets and offer a broader range of financial products.
Eligibility Criteria for Corporate Agency Registration
Why Choose Us?
Some FAQs That GenZCFO Often Get Asked
Insurance Broker: Acts independently and represents the customer; can work with multiple insurance companies across all segments.
Insurance Marketing Firm (IMF): A registered entity allowed to market insurance and select financial products; can work with limited insurers (2 each in life, health, and general).
Web Aggregator: Operates an online platform to display and compare insurance policies from different insurers.
Corporate Agent: A business entity authorized to sell insurance on behalf of up to 3 insurers (1 each in life, health, and general).
All these licenses are regulated and issued by the Insurance Regulatory and Development Authority of India (IRDAI).
- Insurance Broker: Net worth of ₹75 lakh–₹5 crore (depending on type), qualified Principal Officer, and professional indemnity insurance.
- IMF: Net worth of ₹5–10 lakh, registered LLP or Pvt Ltd company, trained personnel, and IRDAI exam clearance.
- Web Aggregator: Net worth of ₹25 lakh, technology infrastructure, Principal Officer qualification, and IRDAI approval.
- Corporate Agent: Registered company or LLP, Principal Officer trained and certified, and agreement with insurers.
Each license is generally valid for 3 years and is renewable as per IRDAI guidelines.
No, one entity can hold only one type of insurance intermediary license at a time.
Typically, it takes 45–90 days, depending on document readiness, training completion, and IRDAI’s processing time.
Yes. The Principal Officer and relevant staff must complete IRDAI-mandated training hours and pass the required exams (varies by license type).
We offer end-to-end assistance, including entity setup, document preparation, training coordination, IRDAI filing, and post-license compliance guidance, making your registration easy, fast, and stress-free.