Insurance Brokers

As on date (9th June 2008), there are more than 375 Insurance Broker registered with IRDA. Insurance Brokers are of 3 types:

• Direct
• Re-insurer
• Composite

Insurance Agent & Insurance Broker

An 'Insurance Agent' is a representative of an Insurance Company (either Life or General or both) and can represent only a single Insurance company. An Insurance Agent receives remuneration my way of commissions he / she earns on the policies of the Insurance Company he represents.
An 'Insurance Broker' is allowed to represent multiple Insurance Companies and is allowed to sell insurance products of multiple companies.
An Insurance Broker has the advantage of being able to compare similar products across multiple Insurance companies and offer a 'best-fit' product to the end customer.