Broker (Insurance Broker)
A plain-English definition from the DeployIT insurance technology glossary.
In short: An IRDAI-licensed intermediary representing the customer, able to place business with any insurer. Brokers earn brokerage from insurers and may run POSP networks, retail and group business.
Related terms
- POSP (Point of Sales Person)
- An individual authorized to sell pre-underwritten insurance products after 15 hours of training and certification under IRDAI rules.
- Corporate Agent
- An IRDAI-registered entity (often a bank or NBFC) licensed to distribute insurance for up to nine insurers per line of business.
See it in practice
See this concept working in software
DeployIT puts quoting, issuance, renewals, claims and commissions on one platform built for Indian insurance distribution.