How Does an Insurance Brokering License Work?
Looking for a promising business opportunity in the insurance sector? An insurance broking license can do wonders for you. Once you secure this license, you can do a number of things that drive substantial income. These include ethical promotion of insurance products, assisting clients with choosing the right policy, doing upsells, finalizing deals, and helping clients understand the legal jargon. Let’s learn more about this license What is an Insurance Broking License? An insurance broking license turns a corporate entity into a recognized fiduciary. Unlike individual corporate agents who represent specific insurance brands, a licensed broker works directly on behalf of the client. Your legal mandate is to analyze the entire open market and structure the best possible risk mitigation strategy for your buyer. The IRDAI categorizes broking licenses into three distinct buckets, depending on your business model: Direct Broker: Focuses on retail or corporate clients for both Life an...