IRDAI allots insurance broking license to Lord's Mark Insurance

9 Sep 2022 , 12:44 PM

Lord’s Mark Insurance Broking Private Limited, Lord’s Mark Industries’ insurance branch, has been granted a direct insurance broking license by the Insurance Regulatory and Development Authority of India (IRDAI) to market life and general insurance products.

Lord’s Mark Industries pins its entry into the insurance market with this direct broking license.

Lords Mark Insurance Broking is already in discussions with a few top insurance companies to formalise alliances for the launch of life and general insurance products on its Policy King platform.

Policy King, which can be downloaded and installed on smartphones, will provide its customers with the ability to compare all available insurance offers, as well as assistance and expert guidance in selecting the appropriate life insurance, term life insurance, health insurance, motor insurance, and so on.

Policy King will operate under a novel operating model based on a traditional insurance distribution structure as well as digital client acquisition and engagement system.

In a market dominated by online insurance marketplaces, Lords Mark Insurance Broking aims to gain a competitive advantage by launching a one-of-a-kind service for its health insurance customers that will handle the hassles of hospital transportation, paperwork, doctor consultations, claim settlement, and so on.

The gratis service is only accessible to Policy King clients and may be availed via a hotline number.

As part of its expansion goal, Lords Mark Insurance Broking plans to establish a pan-India insurance franchise network and hire more than 5,000 insurance advisors by December 2022.

Lords Mark Insurance Broking will use Policy King to enter underserved market segments in tier-2 and tier-3 segments across the country, in addition to serving consumers in major cities. By FY23, the company plans to acquire 10,000 insurance clients.

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