Share India Insurance Brokers (SIIB) has obtained its licence to broker life and non-life insurance from the Insurance Regulatory and Development Authority of India (IRDAI).
SIIB is a subsidiary of stock market brokerage Share India Securities Ltd, and will focus its insurance distribution business in Maharashtra, MP, Gujarat, and other Western States, the company said in a statement.
In December, the company received its licence to sell insurance directly, and the addition of the licence to broker will help it expand its insurance distribution capabilities. SIIB is in talks with major insurers in the Indian market, such as LIC, HDFC Ergo, and HDFC Life, in order to offer their products.
“Our focus on diversification and constantly expanding our product portfolio has helped us emerge ahead of competition in the industry landscape,” said Sachin Gupta, CEO of Share India Securities. “We have constantly endeavoured to de-risk our income streams and the establishment of an insurance business vertical is a step in the same direction.”
“There is huge potential for growth in this business as the insurance market is still under-penetrated in India,” added Ajay Patel, principal officer and CEO of SIIB. “Most people today recognize that insurance is an attractive option for investment as well as the risk hedging and tax saving potential… Insurance products yield more compared to regular investment options and this is besides the added incentives offered by insurers.”
