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Insurance Marketing Firm (IMF) is a new distribution channel approved by IRDAI as per the Govardhan Committee’s report submitted in 2007. It suggested setting up a group of agencies to improve the market penetration of the insurance business. It would enable merchandisers to sell mutual funds, pension plans, stocks, and other financial services under one umbrella. IMFs are similar to ‘Distribution Companies’ having multiple tie-ups with insurers, a model akin to Independent Financial Advisors (IFA). In continuation to this recommendation, certain regulations were released on 21st January 2015 by the IRDAI pertaining to the registration of Insurance Marketing Firms.
- Market leader in the IMF distribution space (Src: IRDAI IMF Report, Aug 2017)
- High clarity on the regulations and registration process
- Dedicated channel support before and after the incubation process
Eligibility for Becoming an IMF
You must be a Private Limited Company, LLP, Cooperative Society, or any other entity as specified in the IRDAI’s regulations.
Your company’s net worth must be a minimum of INR 10 lakhs
You must have professional indemnity coverage.Your Principal Officer must meet all IRDAI eligibility criteria, and all of your selling staff must be licensed by an institution recognized by IRDAI.Advantages of Becoming an IMF
- Better commission and income
- Opportunity to become a part of a healthy corporate & professional setup
- Legacy creation
- Enable offering multiple product choices
- Business expansion opportunity through channel sales
- Unlimited rewards and recognition
- The One Customer-One Financial Adviser model allows you to enjoy maximise wallet share, ensuring increased income.
- An opportunity to increase your customer base by fivefold
- Enables you to offer a wide range/multiple of product choices
- Enables you to cater to the investment needs of rural, semi-urban, and urban customers
Why should You Partner with Axis Max Life?
Axis Max Life supports the entrepreneurial initiative to develop and expand more IMFs across the country. By the end of FY2023, we had 336 active IMF partners, with 60% of the country’s total IMFs forming strong partnerships with Axis Max Life.
Here are three major reasons why companies prefer partnering with Axis Max Life as IMFs:
Comprehensive understanding and experience of this initiative
Operational flexibility, a supreme work ethic, and clear understanding of regulations, compliance procedures, dissemination of product information, and systems knowledge - we have everything that IMFs need for successful business relationships.
An opportunity to partner with one of the largest Insurance companies
At our core, we believe in a customer-centric approach and advice-based sales. By putting customers' needs first and developing strong relationships, we ensure that they return with repeat business. As a partner, you will reap the benefit from these connections and can draw them into your business.Full-fledged support and training for IMFs by Axis Max Life experts
Axis Max Life trains partner IMFs to sell insurance products with a focus on each customer’s needs, fostering credibility and a collaborative spirit—the very pillars on which Axis Max Life was founded.
Frequently Asked Questions
1. What is an Insurance Marketing Firm ?
Regulatory and Development Authority of India (IRDAI) proposed the formation of a group of agencies that can sell mutual funds, pension plans, stocks, and other financial services under one umbrella.
This cluster of companies, along with some of the industry’s top players, became known as insurance marketing firms (IMFs).
IMFs cater to a large customer base and offer greater flexibility compared to traditional insurance firms. Their clients, whether looking to insure their assets or protect their health from accidents and injuries, have access to a wider range of choices. This diversity of offerings will set IMFs apart in the years to come.
2. What are the business opportunities for Insurance Marketing firms?
IMFs were established as a strategic move to promote nationwide insurance penetration. They are actively innovating and adopting new strategies to boost their businesses and strengthen their position in the insurance market.
Setting up IMFs was a cogent move to promote nationwide insurance penetration. The top 2 potential business opportunities in this still small & new market are:
1) The IMF channel brings together finance professionals, insurers, and investors, driving economic growth and creating long-term employment opportunities for years to come
2) As per IRDAI regulations, each IMF can partner with up to six insurance companies (Life, General, and Health) to offer multiple products and increase their earning potential.
3) IMFs are approved by IRDAI to cross-sell products, allowing them to offer a wide range of solutions from different providers to existing customers.
