19 Popular Insurance Brokers in India: Let’s Explore Them

Insurance brokers List
Brokers

Having an insurance policy for you and your family is not just beneficial but mandatory for the safety of your future. It is a financial tool to protect yourself, your loved ones, and your assets from financial losses.

An insurance broker is a professional financial advisor on insurance and risk management. They help to curate insurance coverage with an insurer on behalf of a client.

While the Insurance agent works with one or more insurance companies and sells their policies for a commission, brokers represent the consumers and sell policies from various companies with a primary obligation to the client.

There are different categories of Insurance Brokers in India i.e., Direct Brokers for Life and General, Reinsurance Brokers, and Composite Brokers. Here, we have listed the popular Insurance Brokers in the country.

1- India Insure Risk Management and Insurance Broking Services Pvt Ltd

This company started as an insurance consultant in 1999 and was among the first few companies to get licensed by IRDAI in 2003 after liberalization. India Insure has a composite license and is licensed to handle both domestic and international business.

They are mainly focused on commercial and or corporate insurance. And they have a team of more than 100 professionals.

With their composite broker license, they offer employee benefits, liability, specialty, project insurance, and other corporate licenses along with reinsurance with multiple insurance companies.

2- Mahindra Insurance Brokers Ltd

MIBL was founded in the year 2004 and is an 80% subsidiary of Mahindra and Mahindra, and AXA SA holds a 20% stake.

They offer personal insurance to protect life, motor, and health for individuals and also for Corporates with assets, employees, factories, legal liabilities, Marine, supply chain, digital footprint, and Crisis Management.

Mahindra Insurance Brokers Limited was granted a direct broker’s license by IRDA in 2004 and after a few years of time, MIBL was granted a composite license in 2011. MIBL is also awarded ISO 9001:2015 certification for quality management systems.

3- Bharat Re Insurance Brokers Pvt. Ltd

Bharat Re-Insurance is a composite broking house that has been functioning for over two decades. They focus exclusively on Enterprise Risk Management and loss assessment in multi-disciplinary sectors including Pharma, Property, Projects, Financial Services, Engineering, and IT/ ITeS.

They also gave access to international markets through reinsurance teams and broker partners. Promoters of Bharat Re have been in commercial insurance risk advisory since the 80s. They have a big portfolio of multiple corporates.

4- Helios Insurance Broking Services Pvt. Ltd

Helios Insurance holds a direct broking license for General and Life, offered by IRDAI in 2003. They have a dedicated team of insurance professionals in India and the USA, with expertise in handling large group insurance.

Helios Insurance Broking Service offers risk management, and portfolio analysis to individuals and corporates in multiple sectors like Infrastructure, IT, BPOs/ KPOs, Clubs, Educational Institutions, Secure Printing, Oil Exploration, Media, and Pharma.

5- Marsh India Insurance Brokers & Reinsurance Co. Ltd

MIBRC is a composite broker licensed with IRDAI and a subsidiary of Marsh McLennan. With over 150+ years of service, they are one of the leading insurance brokers and risk advisors around the world.

They support over 23 industries from automotive to transport and food in more than 130 countries with industry-focused consulting, brokerage, and claims advocacy while leveraging data and insights through technology to quantify and manage risk.

6- First Policy Insurance Broking Pvt. Ltd

First Policy Insurance Broking was among the first batch of Insurance brokers with a composite license acquired in the year 2003.

Their products include Property Insurance like Office, Warehouse, Engineering, and Householder Insurance, customized Marine insurance plans including Inland cargo policies, import, and export policies, duty insurance, and liability and credit insurance.

In addition, they also offer employee benefits like Group Health Insurance, Group Personal Accident, and Group Term Insurance.

First Policy was among the first batch of 11 broking companies in India. They have a mission To provide the most comprehensive and cost-effective risk management solutions.

7- Global Insurance Brokers Pvt. Ltd

Global Insurance Broking was established in 1973 and has a composite broker license from IRDAI. They are a registered broker at Lloyd’s with over 2000 clients in India and internationally.

They provide risk consulting, insurance placement, risk management, and claims management to corporates and communities along with employee benefits to a multitude of industries.

Additionally, they also have access to facultative and treaty reinsurance. They also possess tech-based solutions like Global Affinity solutions, Global benefit solutions, Global Motor Solutions, and Global policy systems.

Global Insurance has its presence in 15 locations across India and has more than 400 skilled employees in the company. They have a wide range of risk management solutions.

8- Hero Insurance Broking India Pvt. Ltd

HIBIPL is a part of the HERO group and has acquired a composite broking license. Their web-based interface allows any distributor to sell multiple general insurance products to customers.

Their unique selling point is the choice it gives distributors in terms of products, service providers, and customer retention strategies. Some of their services include 2-wheeler, 4-wheeler, dealership, property, Corporate, Aviation, Health, Education, and Life Insurance.

Hero Insurance Brokers issue over 10 million policies every year and is one of the leading insurance brokers in India. They have a very strong presence all over India and leader in two-wheeler insurance.

9- K.M. Dastur Reinsurance Brokers Pvt. Ltd

K.M. Dastur was founded in 1973 and has a composite license authorized by IRDA. They are a leading insurance and reinsurance broker offering services in Asian, African, and Middle Eastern markets for General & Life Insurance.

They also offer Insurance services like ​​Risk analysis, Insurance & Reinsurance program design, and Claims Servicing across Property, Marine, Energy, Oil & Gas, Aviation, Life & Health, Motor, and many more.

KMD has around 500 employees and serves various ranges of products/solutions in multiple regional and international locations.

10- Unicorn Insurance Brokers Pvt. Ltd

Unicorn Insurance Broking was founded in October 2002 and was the first licensee from North India to acquire a direct brokerage license for Life insurance and General insurance.

Their work includes a review of existing portfolios, negotiating and finalizing the coverage, risk profiling, and claims handling.

They offer services to a myriad of services including Banks, Entertainment, Education, Healthcare, Hospitality, Pharma, Shipping, Software, and Telecommunication.

11- SPA Insurance Broking Services Ltd

SPA Insurance Broking is SPA Group’s risk management arm that provides a comprehensive range of insurance services to individuals, corporates, and government entities.

They gained their direct broker license in 2004 and are adept in providing general insurance, life insurance, and group insurance along with providing risk analysis, portfolio management services, Insurance broking, placement, claims consultancy, and lender’s insurance.

SPA Insurance Broking deals in various products like Motor Insurance, Health Insurance, Travel Insurance, Marine Insurance, Fire Insurance, Engineering Insurance, Property Insurance, Etc.

12- Tower Insurance & Reinsurance Brokers(India) Pvt. Ltd

Tower was founded in 1979 by (late) Mr. B. B. Sawhney. He was the chairman and managing director of United India Insurance company limited. Tower Insurance & Reinsurance Brokers was licensed as a composite broker for both direct broking and reinsurance in 2003.

Along with offering insurance and reinsurance broking to individuals and corporates, Tower Insurance provides Risk Management through identification, elimination and retention, and claims management. Some of their products include Marine, Liability, Property, Engineering, and Aviation.

13- Pioneer Insurance & Reinsurance Brokers Pvt. Ltd.

Pioneer Insurance and Reinsurance Brokers Pvt Ltd are a part of the PINC group of companies that has a composite brokerage license from IRDAI in 2003. Currently, they have a presence in 8 cities in India.

Their services span over 40+ countries and 300+ employees while providing direct and general insurance broking services for business entities and also retail insurance services for individuals.

PINC insurance is one of the leading insurance brokers dealing on national and international platforms.

14- Prudent Insurance Brokers Pvt. Ltd.

Prudent Insurance is one of the leading brokers which has strategic partners in 120 countries to service insurance needs. Its headquarter is situated in Mumbai, India.

While spanning over 2 decades in the insurance business, Prudent has been offering solutions like Commercial, Employee Benefits, HNI Suite, Specialities, Claims Management, Reinsurance, and Affinity Solutions with the direct brokerage license.

Prudent Insurance provides services to several industries including Software and Technology, Pharma, Education, Textile, Aviation, E-commerce, Energy and Power, etc.

15- Howden Insurance Brokers India Pvt. Ltd.

Howden Insurance Brokers India is part of Howden Broking Group Limited. Howden covers over 40+ countries and has more than 6500 employees with a network of additional partners.

Howden Insurance offers risk management, risk Consulting, Insurance Broking, Insurance Portfolio Management, and claims management Services with expertise in liability, construction, Property, and Employee Benefits. Additionally, they have access to a competitive reinsurance market.

16- Emedlife Insurance Broking Services Ltd.

Emedlife broking is one of the earlier broking houses that were formed in 2003 with a direct license from IRDAI to deal with both Life insurance and non-Life insurance sectors. They are backed by the promoters of Apollo Group of Hospitals.

Emedlife caters to over 5000 corporate clients in various sectors from IT, Automobile, Healthcare, Media, Pharma, and more. Their personal insurance plans include Health, Car, Two-Wheeler, Home, Term life, Mobile, Travel, and even Top-up services.

Some of their services for Businesses include Group Insurance plans for employees, Marine, Liability, Property, Engineering, and Specialty Insurance.

17- J.B. Boda Insurance & Reinsurance Brokers Pvt. Ltd

J.B. Boda Insurance is part of the J.B. Boda group which commenced business in 1943 with a reinsurance license that is now converted to a composite brokerage license.

J B Boda Insurance has established itself in over 90+ countries having associations with 525+ insurance and reinsurance companies.

With the strength of over 750 experienced insurers and reinsurance professionals, risk managers, chartered accountants, valuers, master mariners, naval architects, and license surveyors, they provide services like Direct Broking, Asset Valuation, Non-Marine, and Marine Survey, Risk Inspection and Protection Indemnity among others.

18- AON India Insurance Brokers Pvt. Ltd

AON India Insurance, formerly operated as Anviti Insurance Brokers Private Limited. It was licensed in 2017 with a composite brokerage license.

With over 250 members spanning 9 locations in India, and over 50,000 employees in 120 countries, AON India Insurance is a leading global professional services firm providing a broad range of risk, retirement, and health solutions.

They are widely known to use proprietary data and analytics to deliver insights that reduce volatility and improve performance for their clients. Some of their services include commercial Risk, Reinsurance, Human Capital Solutions, Retirement Solutions, and Health

19- Unison Insurance Broking Services Pvt. Ltd

Unison Insurance was established in 1998 and has scaled across 11 major cities with a strength of 325+. They are a composite brokerage firm offering direct Insurance & Reinsurance brokerage for both individuals and corporates.

Alongside being a risk management advisor, their clientele includes MNCs, Corporate Magnates, and SMEs. A part of their specialties includes commercial Insurance, personal insurance, Employee Benefits, and motor insurance.

Conclusion

Insurance Brokers are financial experts who work closely with you as a consumer and help you search for the best-suited policy for your needs. Unlike Insurance agents, they deal in different insurance products offered by multiple insurance companies to ensure growth.

The right way to pick the best insurance broker is to consult and get information from multiple insurance brokers and know about their offers and features in detail before making a buying decision.

They can help in identifying and managing the risks of individuals and businesses. They support the customer by providing unbiased suggestions and choosing the right insurance plan with the right organization and the right premium that is in the right budget for the client.

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