Corporate Agents


Traditionally Insurance has been sold by agents and almost 90% business was done by Individual agents. Agents were preferred because they were working in their natural market hence there was less chances of mis-selling and fraud.

However, agency was not able to increase Insurance Penetration which was necessary for any thriving economy. That is why alternative channels were opened . Brokers represent customers and segmented the market into Retail and Bulk.  Another alternate channel is Corporate Agents. Even Banks also work as Corporate Agents under a model called Bancassurance.

Unlike Brokers, Corporate Agents represent Insurance Company. A Corporate Agent can represent:

Corporate Agents can only Represent below mentioned Profiles

  • 3 Life Insurance Company
  • 3 Health Insurance Company
  • 3 General Insurance Company

Corporate Agents need to work under strict guidelines through a trained and qualified Principal Officer. They also need to follow all regulations like maintaining grievance data, having trained sales force, IRDA has a complete guidelines from Corporate Agents. So here’s a question raising how many Activities can Corporate Agent Perform?

Corporate Agents can Only Perform on these Activities:

  • Prospecting
  • Soliciting Business
  • Quality check
  • Business logging
  • Customer feedback
  • Grievance Management

Each Insurer work out a compensation model with hope of increasing the penetration. However , there are some challenges which  is faced by public :

Challenges faced by Insurer during Compensation

  • Mis-selling due to aggressive targets and pitching
  • To achieve targets, sales agents offer various incentives which is not allowed by IRDA because Insurance is subject matter of solicitation.
  • Large dependence on lead generation through tele-calling
  • Low emphasis on training.