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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, a limited liability partnership, or otherwise recognised by the IRDA.
Your company’s minimum net worth must stand at a minimum of INR 10 lakhs
You must have professional indemnity coverage.Your Principal Officer must meet all IRDAI eligibility criteria, and your staff must all be licensed by an institution designated 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 Adviser model allows you to enjoy maximum wallet share, ensuring increased income
- Opportunity to increase customer base by five folds
- Enable to cater the investment needs of rural, semi-urban, and urban customers
Why should You Partner with Max Life?
Max Life supports the new entrepreneurial initiative of participating in developing more IMFs across the country. At the end of FY2023, 336 IMF Partners more than 60% of the country’s IMFs were recorded to have formed partnerships with Max Life.
Here are three major reasons why companies prefer partnering with Max Life as IMFs:
Comprehensive understanding and experience of this initiative
Operational flexibility, a supreme work ethic, and a strong sense of clarity surrounding regulations, compliance procedures, dissemination of product information, and systems knowledge - we have everything IMFs need for successful business relationships.
Opportunity to partner with one of the largest Insurance companies
At our core, we believe in a customer-centric approach and in making advice-based sales. We put customer's needs first and develop strong associations with them, so they return with more business repeatedly. As a partner concern, you will reap the benefits of these interconnections and can draw them into your business.Full-fledged support and training for IMFs by Max Life experts
Max Life trains partner IMFs to make an insurance product sale, keeping each customer’s need in mind, thereby developing credibility and a collaborative spirit - the very pillars on which Max Life was founded.
Frequently Asked Questions
