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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
