Types of Insurance Broker License | Direct Insurance Broker | Re-insurance Broker | Composite Insurance Broker | Functions Of Insurance Brokers
An insurance broker implements their knowledge about the insurance industry so that it can act as an intermediary between those seeking insurance policies, i.e. the consumers and those selling it, i.e. the Insurance companies/insurers.
To become an insurance broker, one must obtain an Insurance Broker license from the IRDAI. The IRDAI has formulated laws for any entity looking to become an insurance broker in India. The entity will be bounded by those rules once it obtains the broker license for insurance solicitation and procurement.
Also, an applicant must be aware of the kind of insurance broker license it wants for its business. This will be determined by the nature of the business the applicant is supposed to conduct.
In the Indian market, there are majorly three kinds of Insurance Brokers:
1. Direct Insurance Broker
2. Reinsurance Broker
3. Composite Broker
To know about each of these types of Insurance Broker, their meaning, features, and functions, watch the video.
00:00 Introduction
00:36 Types Of Insurance Broker
01:17 Direct Insurance Broker
02:15 Functions Of Direct Insurance Broker
03:12 Re-insurance Broker
03:23 Difference Between Re-Insurance & Re-Insurer
04:28 Functions Of Re-insurance Broker
05:06 Composite Insurance Broker
05:30 Functions Of Composite Insurance Broker
06:03 How We Can Help You?
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#typesofinsurancebroker #insurancebrokerlicense
22 июл 2024
