India Infoline gets in-principle approval from IRDA

India Infoline Group announced today that it has received the in-principle approval for the Insurance broking licence from IRDA. The said approval has been received by its insurance broking subsidiary, India Infoline Insurance Brokers Ltd. This licence will enable India Infoline to offer customers a broad range of products from multiple Life as well as non-Life Insurance companies. India Infoline is the largest corporate agent for India’s leading private sector life insurance player, ICICI Prudential Life Insurance Co Ltd. India Infoline Insurance Services Ltd has assisted over 300,000 people in insuring themselves. The company continues to make investments in call centers, CRM software and back office facilities for superior customer service.

Speaking to the media, Mr Nirmal Jain, Chairman, India Infoline group said, “We have worked very closely with ICICI Prudential Life Insurance Co Ltd and enjoy excellent relationship with them. Going ahead, we expect the relationship to remain strong. Our life insurance distribution business has witnessed high growth rates, and has been built on strong foundations of customer service, training of our sales force and our investment advisory capabilities. Though insurance penetration has increased to over 4% of GDP, given inadequate social security on one hand and high savings rate on other, we expect the industry to maintain the growth rates in medium term as well. An entry into Insurance broking is the logical next step and in line with our vendor-neutral positioning for our distribution business. The change in platform will now allow us to offer a larger suite of products to our customers, including non-life insurance.