Top Insurance Brokers in India: Top 10 Largest Insurance Brokers, Insurance Broking Companies in India 2023
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Updated on Aug 02, 2023
Are you searching for more information on the top insurance brokers in India? You are at right place, read on to know more about Insurance Brokers, how they help and the list of top 10 Insurance Brokers in the India.
What’s inside?
- Who is an Insurance Broker?
- How can Insurance Brokers help customers?
- List of Top 10 IRDA Insurance Brokers
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- 1. MIBL or Mahindra Insurance Brokers Ltd.
- 2. India Insure Risk Management and Insurance Broking Services Pvt. Ltd
- 3. ACME Insurance Broking Services Pvt. Ltd.
- 4. Bharat Re-insurance Brokers Pvt. Ltd.
- 5. Helios Insurance Broking Services Pvt. Ltd.
- 6. First Policy Insurance Brokers Pvt. Ltd.
- 7. Excellent Insurance Broking Services Lyd.
- 8. K.M. Dastur Reinsurance Brokers Pvt. Ltd.
- 9. Unicorn Insurance Brokers Pvt. Ltd.
- 10. Tower Insurance and Reinsurance Brokers (India) Pvt. Ltd.
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- 14 Best-Term Life Insurance Companies
- Who is a Car or Auto Insurance Broker?
- 15 Best Car or Auto Insurance Broker Companies
Visual Stories by PayBima
Who is an Insurance Broker?
If you have been planning to buy an insurance policy, chances are that you may have come across the term “insurance broker”. The insurance broker acts as an intermediary between the insurance companies and the customers. Nowadays, you can easily avail of insurance brokers online when looking to purchase a policy. They guide you along to determine what works best for you and receive a brokerage fee from the concerned company, whose plan you finally purchase.
How can Insurance Brokers help customers?
The insurance brokers represent you as a customer and possess the license to provide your policy from any insurance company whatsoever. They can enter negotiations representing the customers, understanding their needs, and providing expert advice to guide the customer through the purchase process. They also save a lot of time that the customer may spend when looking for quotes from different insurance providers.
List of Top 10 Insurance Brokers in India 2023
India has a good selection of insurance broking companies operating in the market and regulated by IRDAI. You can compare the top insurance brokers in India and choose the best one for you.
- MIBL or Mahindra Insurance Brokers Ltd.
- India Insure Risk Management and Insurance Broking Services Pvt. Ltd
- ACME Insurance Broking Services Pvt. Ltd.
- Bharat Re-insurance Brokers Pvt. Ltd.
- Helios Insurance Broking Services Pvt. Ltd.
- First Policy Insurance Brokers Pvt. Ltd.
- Excellent Insurance Broking Services Limited
- K.M. Dastur Reinsurance Brokers Pvt. Ltd.
- Unicorn Insurance Brokers Pvt. Ltd.
- Tower Insurance and Reinsurance Brokers (India) Pvt. Ltd.
According to the IRDAI status dated 30th September 2023, the top ten insurance brokers (insurance broking companies) in India are as follows:
1. MIBL or Mahindra Insurance Brokers Ltd.
Mahindra Insurance Brokers Ltd. is a subsidiary company of Mahindra & Mahindra Financial Services Ltd. It has been awarded the ISO 9001:2015 Certification on the basis of its QMS or Quality Management Systems. It thrives to provide additional value to all its customers and users by providing adequate knowledge and innovative solutions to cater to their needs in a customized manner in order to provide complete customer satisfaction.
2. India Insure Risk Management and Insurance Broking Services Pvt. Ltd
India Insure Risk Management and Insurance Broking Services Pvt. Ltd Certified as an ISO 9001:2008 company, it maintains a PAN India presence with nine offices across the nation. With a team of around 100 employees, it has served over 3000 customers, handled 20000 million premiums, 30000 corporate insurance policies, and 18000 non-health claims.
Know More: Best Car Insurance Brokers – Companies in India
3. ACME Insurance Broking Services Pvt. Ltd.
Being duly incorporated, registered, and incorporated as a non-government company, it has been in operation since 2000. Based on its performance, IRDAI upgraded it to a Composite Insurance Broking House back in 2006. Over the years, it has received several prestigious awards for its outstanding performance.
4. Bharat Re-insurance Brokers Pvt. Ltd.
This company has established itself as a pioneer in claims management and insurance consultation. The Direct Broking division of the company offers excellent insurance and risk management services essential for the country’s commercial businesses.
5. Helios Insurance Broking Services Pvt. Ltd.
Helios Insurance Broking Services Pvt. Ltd Promoted by efficient and dedicated professionals in the USA and India, it offers one of the best risk management services in the country. It is one of the first companies of the genre to be licensed by the IRDA.
6. First Policy Insurance Brokers Pvt. Ltd.
This is one of the primary eleven companies of the genre in the country. The unique conglomeration of expert professionals from diverse fields, including marketing, engineering, finance, insurance, etc, is the key to its success.
7. Excellent Insurance Broking Services Limited
Originally founded as Expert healthcare Management Services Limited in 1999, IRDAI licensed it as a Direct Broker in 2003.
8. K.M. Dastur Reinsurance Brokers Pvt. Ltd.
K.M. Dastur Reinsurance Brokers Pvt. Ltd originally founded in 1973, has gradually established itself as an expert in reinsurance and risk management. It houses over 500 dedicated expert professionals to ensure they offer the best services.
9. Unicorn Insurance Brokers Pvt. Ltd.
Unicorn Insurance Brokers Pvt. Ltd.- Proud to be the first licensee in north India, it has been operational since 2002. It has grown to be one of the best risk management and broking companies in India.
10. Tower Insurance and Reinsurance Brokers (India) Pvt. Ltd.
Tower Insurance and Reinsurance Brokers (India) Pvt. Ltd.- Founded in 1979, it has been acting as an independent reinsurance broking firm since 1999. It has significant contributions to the aviation insurance sector.
You can consult the best insurance brokers online to rest assured that you receive the best of services and proper expert guidance.
Popular General Insurance Companies India, 2023
List of 14 Best-Term Life Insurance Companies in India 2023
Find below the top 14 Life Insurance companies in India 2023
| Sr. no | Life Insurance Company | Claim Settlement Ratio 2022 |
| 1 | Max Life Insurance | 99.35% |
| 2 | Aegon Life Insurance | 99.25% |
| 3 | Bharti Axa Life Insurance | 99.05% |
| 4 | Exide Life Insurance | 98.54% |
| 5 | Kotak Life Insurance | 98.50% |
| 6 | Bajaj Allianz Life Insurance | 98.48% |
| 7 | PNB MetLife Insurance | 98.17% |
| 8 | Tata AIA Life Insurance | 98.02% |
| 9 | HDFC Life Insurance | 98.01% |
| 10 | ICICI Prudential Life Insurance | 97.90% |
| 11 | Aditya Birla Sun Life Insurance | 98.04% |
| 12 | Canara HSBC Life Insurance | 97.10% |
| 13 | Edelweiss Tokio Life Insurance | 97.01% |
| 14 | IndiaFirst Life Insurance | 96.81% |
Who is a Car or Auto Insurance Broker?
As you read above, a car/auto insurance broker company represents you as a customer and possesses the license to provide your policy from any car insurance company. These days, you can avail of four-wheeler insurance online from any auto insurance broker.
15 Best Car or Auto Insurance Broker Companies in India 2023
Find below the top 15 four-wheeler insurance companies in India 2023 along with their claim settlement ratio (CSR) & network garages.
| Car Insurance Brokers Company | Motor OD Claim Settlement Ratio FY20 | Network Garages |
| Royal Sundaram General Insurance | 92.66% | 4,600+ |
| HDFC ERGO General Insurance | 91.23% | 6,800+ |
| Universal Sompo General Insurance | 90.78% | 3,500+ |
| Tata AIG General Insurance | 90.49% | 5,000+ |
| The New India Assurance | 89.60% | 3,000+ |
| SBI General Insurance | 89.51% | 16,000+ |
| Bajaj Allianz General Insurance | 88.83% | 4,000+ |
| Future Generali India Insurance | 88.69% | 2,500+ |
| ICICI Lombard General Insurance | 87.71% | 5,600+ |
| Liberty General Insurance | 98% | 4,300+ |
| National Insurance Company | 85.71% | 3,100+ |
| Reliance General Insurance | 84.26% | 3,800+ |
| Go Digit General Insurance | 80.47% | 1,400+ |
| Magma HDI General Insurance | 79.60% | 4,000+ |
As you can see, an insurance broker can advise you on your insurance requirements with industry insights, effective insurance solutions, and practical tips. You can choose any of the insurance brokers in these lists and find the right resources to make insurance-related decisions.
Also Read:
- Regional Transport Office (RTO)
- Uttar Pradesh (UP) RTO
- Top 10 Car Insurance Companies in India 2023
- Which Insurance Company Provides The Cheapest Car Insurance In India?
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FAQs: Top Insurance Brokers in India 2023
Who is an Insurance Broker?
An insurance broker is an expert who work closely with you and represent you as a consumer in your
search for the most suitable policy as per your needs.
Who is the best insurance broker in India?
There are numerous good insurance brokers in India. Five top brokers are mentioned here:
· MIBL or Mahindra Insurance Brokers Ltd.
· India Insure Risk Management and Insurance Broking Services Pvt. Ltd
· ACME Insurance Broking Services Pvt. Ltd.
· Bharat Re-insurance Brokers Pvt. Ltd.
· Helios Insurance Broking Services Pvt. Ltd.
How many types of insurance brokers are there?
There are five different categories of insurance broker in India, namely: Direct Broker (Life),
Direct Broker (General), Direct Broker (Life & General), Reinsurance Broker and
Composite Broker.
What is the difference between an insurance agent and insurance broker?
An insurance agent represents a single organization or company, and they deal in selling lined up
products of their company, whereas, an insurance brokers generally deal in different insurance
products offered by different companies that are available in the market.
How to choose an insurance broker?
The best way to choose an insurance broker is to seek details from 5-6 brokers and know about
their features or capabilities in detail through a presentation. Once you are convinced with the
services of a broker, you can have exclusive interaction so as to make your selection.
What are the duties of an insurance broker?
An insurance broker is a professional in managing risk and insurance. Among the many duties of an insurance broker include:
• To work on behalf of their clients and advice them to suit their interest.
• To recognize your individual and/or business risks
• To help client in managing the identified risks and to help them to know what to insure
Other Motor Insurance Products
Author Bio
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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