India Infoline gets in-principle nod from IRDA for insurance broking

New Delhi, Jul 8 (UNI) India Infoline Group today said it has received in principle approval from Insurance Regulatory and Development Authority (IRDA) for insurance broking licence.

The company's insurance broking subsidiary -- India Infoline Insurance Brokers Ltd has received the approval for the licence which will enable it to offer customers a broad range of products from multiple life as well as non-life insurance companies.

''An entry into Insurance broking is the logical next step and in line with our vendor-neutral positioning for our distribution business. The change in platform will now allow us to offer a larger suite of products to our customers, including non-life insurance,'' Group Chairman Nirmal Jain said in a statement.

India Infoline is the largest corporate agent for the country's leading private sector life insurance player ICICI Prudential Life Insurance Co Ltd.

''Though insurance penetration has increased to over four per cent of GDP...we expect the industry to maintain the growth rates in medium term as well,'' Mr Jain said.

The Group's life insurance distribution business has witnessed high growth rates, with India Infoline Insurance Services Ltd assisting over 3,00,000 people in insuring themselves.

Mr Jain said the company continues to make investments in call centres, CRM software and back office facilities for superior customer service.

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