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Top 10 insurance brokers in India (As of 2022)

Have you come across the term insurance brokers while planning to buy an insurance policy? This content-piece will attempt to explain to you what is an insurance broker, its role, and the top 10 insurance brokers in India. All topics covered within are:

  • What is an insurance broker?
  • What is the role of an insurance broker?
  • Top 10 insurance brokers in India

Let us begin!

What is an insurance broker?

An insurance broker is simply an entity, other than an insurance company that sells insurance. The prospective buyer can either buy insurance directly through an insurance company or can buy insurance through an insurance broker. The insurance company remunerates the broker for sales that the broker company generates on behalf of the insurance company.

What is the role of an insurance broker?

An insurance broker fulfils the following important roles:-

Guidance to the customer:  A broker knows the intricate technicalities of the insurance business, the vast array of policies, and the regulations of the insurance industry. The brokers high knowledgeability ensures that the customer gets the perfect insurance policy for himself.

Increasing penetration of insurance: An insurance broker taps into markets where insurance companies cannot directly reach. This leads to more people getting under the umbrella of insurance, making for a safer and more stable population.

Middleman: The broker is a middleman between the customer and the insurance company. In the event the policyholder has any grievances or queries, he/she can have two points of contact rather than one. If the insurance company fails the assist the customer, the customer than attempt to get a resolution through the insurance broker.

Provides variety of insurance policies: An insurance broker generally deals with a plethora of insurance policies and plans across many insurance companies. This variety is ideal for customers looking to comparison shop and find the best and most relevant insurance policy for themselves.

Top 10 insurance brokers in India

Let us now look at the top insurance broking companies in India.

1.) Aditya Birla Insurance Brokers

Aditya Birla Insurance Brokers got their broking license in 2003 and have since been going strong in the insurance broking industry. The company has collected a total of 4.2 thousand crores in insurance premium in FY-20 alone. The company is part of the reputed Mahindra Group of India.

2.) Marsh India Insurance Brokers

Marsh India Insurance Brokers got their broking license in 2002 and have been steadily increasing their presence in the insurance broking industry ever since. The company was awarded the prestigious “Broker of the Year” award at the Asia Insurance Industry Awards in 2018, 2019, and 2020. Marsh India provides a plethora of insurance broking services from healthcare, reinsurance, real estate, cyber, hospitality, and more.

3.) Landmark Insurance Brokers

This Pune based insurance broking company was incorporated in 2020, and has already accumulated over 3.5 Lakh customers Pan-India. Services offered range from motor insurance, travel insurance, cyber insurance, health insurance, and POSP services.

4.) ACME Insurance Brokers

ACME Insurance Brokers provides standard insurance and even reinsurance services across India. The company was incorporated in 2000 and has clients in various industries like manufacturing, FMCG, IT, Clothing, and more.

5.) K.M. Dastur Reinsurance Brokers

K.M Dastur Reinsurance Brokers was incorporated in the year 1973, making it one of the older reinsurance companies in India. Not only is K.M Dastur one of the older reinsurance companies in India, it is also one of the most successful. The company boasts of over 500+ employees that serve the company by brining business through various industries like healthcare, real estate, aviation, energy, motor, and more.

6.) Unicorn Insurance Brokers

Founded in 1964, Unicorn Insurance Brokers provides life, health and general insurance services ever since. The company also provides reinsurance, risk management, group insurance, and life insurance pension schemes to its clientele.

7.) Tata Motors Insurance Broking

Tata Motors Insurance Broking and Advisory Services Limited (TMIBASL) is a closely held insurance broking company under the prestigious Tata Group of India (founded in 1868). TMIBASL provides retail insurance, corporate insurance, and reinsurance services.

8.) Maruti Suzuki Insurance Broking

Incorporated in the year 2002, Maruti Suzuki Insurance Broking boasts of massive 4 Cr+ customer base throughout the company’s history. The company is part of the well-known Maruti Suzuki Group, famous for their motor vehicles throughout Asia.

9.) First Policy Insurance Brokers

First Policy Insurance Brokers are one of the first insurance brokers to get an IRDA broking license. This Pune based broker specializes in marine insurance, property insurance, construction insurance, among others.

10.) Helios Insurance Brokers

As of 2022, Helios Insurance Brokers boast of over 5000+ customers and 3500+ claims settled. The company specializes in group health insurance, group term insurance, group gratuity insurance, liability insurance, fire insurance, and engineering insurance. A total list of all insurance services provided by the company can be found here.

As of 2022, the IRDA has licensed a total of 573 entities that can act as insurance brokers in India.
A complete list of all insurance brokers in India can be found here.

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Frequently asked questions

  • Is buying through an insurance broker mandatory?

    Absolutely not. You can buy through the insurance company directly if you wish.

  • How many insurance brokers are there in India?

    As per the IRDA, a total of 573 insurance brokers are licensed in India.

  • How do insurance brokers make money?

    Insurance brokers get sales commissions from insurance companies.

  • Are insurance brokers regulated?

    Yes. Registered insurance broking companies are regulated by the IRDA.

  • What are some of the differences between an insurance agent and an insurance broker?

    An insurance agent will generally sell insurance policies from a single company. An insurance broker will generally have ties with various insurance companies, and will have the ability to provide more variety to the customer.