Lords Mark Insurance Broking Private Limited, the insurance division of Lord’s Mark Industries, has received a direct insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI) for selling life and general insurance products. The direct broking license marks Lord’s Mark Industries’ foray into the insurance space.
Lords Mark Insurance Broking is already in talks with a few leading insurance firms to formalise collaborations with them for launching life and general insurance products on its platform called Policy King. Policy King which can be downloaded and installed on smartphones and iPhones will offer its customers facilities to compare all available insurance offers apart from assistance and expert guidance to choose the right life insurance, term life insurance, health insurance, motor insurance, etc.
Policy King will function on an innovative operating model which is based on conventional insurance distribution framework as well as digital customer acquisition and engagement systems.
In a competitive market scenario dominated by online insurance marketplaces, Lords Mark Insurance Broking aims to get the edge by rolling out an one-of-its-kind service for its health insurance customers which will take care of the hassle of hospital transportation, paperwork, doctor consultations, claim settlement, etc. Exclusively available to the Policy King customers, the complimentary service can be accessed with a helpline number.
With Policy King, Lords Mark Insurance Broking will be penetrating the under-served market segments in tier-2 and tier-3 towns of the country apart from catering to the customers in the metro cities. The company has plans to acquire 10,000 insurance customers by FY23.
As a part of the growth strategy, Lords Mark Insurance Broking will develop a pan India insurance franchise network and on-board more than 5,000 insurance advisors across India by December 2022. To lead and execute the expansion plan, the company has strengthened its leadership team by hiring senior executives from a few top insurance companies. Apart from scouting for growth opportunities, Lord’s Mark Industries is also looking to on-board strategic investors to deepen the market penetration.
Commenting on the insurance foray, Sachidanand Upadhyay, Founder, Lord’s Mark Industries Pvt. Ltd. said, “The lower penetration of Indian insurance and the increased awareness about life and non-life insurance present huge opportunities for growth and service delivery innovations. Combining the conventional and tech-led approach, our uniquely designed insurance platform aims to make insurance buying convenient and hassle free. Our complementary health insurance support service will disrupt the conventional insurance distribution system and redefine the customer service yardsticks.”