Lord’s Mark Insurance receives direct insurance broker’s licence by IRDAI

Lord’s Mark Insurance receives insurance licence: The Insurance Regulatory and Development Authority of India (IRDAI) has given Lord’s Mark Insurance Brokerage Private Limited, the insurance division of Lord’s Mark Industries, a direct insurance broking licence to market life and general insurance products. With this direct broking licence, Lord’s Mark Insurance Industries lays the groundwork for its entry into the insurance sector.

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Lord’s Mark Insurance receives insurance licence: Key Highlights

• Insurance from Lord’s Mark Insurance in order to formalise relationships for the launch of life and general insurance products on its Policy King platform, broking is already in talks with a few top insurance providers.
• Customers may compare all insurance offerings through Policy King’s smartphone app, which can be downloaded and installed. Customers can also get support and professional advice in choosing the best life insurance, term life insurance, health insurance, vehicle insurance, and other insurance options.
• The new operating model that Policy King will use to conduct business is based on both a conventional insurance distribution system and a digital client acquisition and engagement system.

Lord’s Mark Insurance: Strategy

• Lords Mark Insurance Broking wants to gain a competitive edge in a market dominated by online insurance marketplaces by offering its customers with health insurance a one-of-a-kind service that will take care of the hassles of hospital transportation, paperwork, doctor consultations, claim settlement, and other related issues.
• Only Policy King customers have access to the free service, which is available by calling a hotline number.
• By December 2022, Lords Mark Insurance Broking hopes to have hired more than 5,000 insurance advisors as part of its expansion ambition, which includes creating a pan-Indian insurance franchise network.
• In addition to serving customers in major cities, Lords Mark Insurance Broking will employ Policy King to enter underserved market segments in tier-2 and tier-3 segments across the nation. The business aims to sign up 10,000 insurance customers by FY23.

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