Saturday, October 1 2022

Lord’s Mark Insurance Broking Private Limited, the insurance arm of Lord’s Mark Industries, has obtained a direct insurance brokerage license from the Insurance Regulatory and Development Authority of India (IRDAI) to market life and general insurance products .

Lord’s Mark Industries confirms its entry into the insurance market with this direct brokerage license.

Lords Mark Insurance Broking is already in talks with a few major insurance companies to formalize alliances for the launch of life and general insurance products on its Policy King platform.

Policy King, which can be downloaded and installed on smartphones, will offer its customers the possibility to compare all available insurance offers, as well as assistance and expert advice in selecting life insurance, term life insurance, health insurance, car insurance, etc.

Policy King will operate under a new operating model based on a traditional insurance distribution structure as well as a digital customer acquisition and engagement system.

In a market dominated by online insurance marketplaces, Lords Mark Insurance Broking aims to gain a competitive advantage by launching a one-of-a-kind service for its health insurance customers that will manage the hassle of hospital transport, paperwork, medical consultations, settlement claims, and so on.

The free service is only available to Policy King customers and can be used through a hotline number.

As part of its expansion target, Lords Mark Insurance Broking plans to establish a pan-India insurance franchise network and hire over 5,000 insurance advisors by December 2022.

Lords Mark Insurance Broking will use Policy King to penetrate underserved market segments in Tier 2 and Tier 3 segments across the country, in addition to serving consumers in major cities. By FY23, the company plans to acquire 10,000 insurance customers.

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