Insurance Marketing Firm vs Corporate Agent

  • November 04, 2023
  • Registrationwala
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The insurance industry has become a crucial part of the nation’s economy. This sector is divided into two categories - life insurance and non-life insurance. The non-life insurance is considered general insurance. Both categories are governed by IRDAI, also it monitors the entire insurance sector in India.


To get into this industry, there are two ways one is an insurance marketing firm and another is a corporate agent. But both of these have their advantages and disadvantages. Below in the article we have shared the difference between an insurance marketing firm and a corporate agent, check to get the complete information.

What is an Insurance Marketing Firm?

The Insurance Marketing Firm (IMF) is a distribution channel which is introduced by the IRDAI in 2015. It offers different financial products required at the different life stages of an individual, these products are health insurance, life insurance and general insurance. The IMF is registered under the Insurance Regulatory and Development Authority of India (IRDAI).


As per the IRDAI press release (November 25th, 2022), the limit of insurers for insurance marketing firms has been increased to 6 insurers for each life insurance, general insurance and health insurance. The limit earlier was 2 insurers each. The reason beyond this step is to expand the area of operation entire state in which they are registered. Along with these tie-ups, the following tie-ups are also allowed:

  • Agriculture Insurance Company of India Ltd. (AIC)
  • Export Credit Guarantee Corporation Ltd. (ECGC)

All types of products are allowed in life insurance products, but only retail lines are permitted for general insurance. Also, the IMF can distribute other financial products permitted by RBI, SEBI, PFRDA, Department of Posts, etc. after obtaining the approvals from the respective authorities.

Who is a Corporate Agent?

The corporate agent is a company or an individual that represents the insurance company. They fit perfectly in the interest of the insurance company. As per Regulation 2 (b) of the IRDAI Regulations, 2015, having a valid certificate of registration issued by the Authority, for solicitation and servicing of insurance business for any of the specified categories of life, general and health.


The corporate agents are also known as captive agents who can tie up with 9 insurers for each, life insurance, health insurance and general insurance. This limit was changed in last year's IRDAI press release.


The insurance corporate agents are full-time employees or contractors of the company and can sell the products related to that company only. The work of a corporate agent is to manage the existing customers, promote the products, and cater for the needs of the potential customers.

Difference Between an Insurance Marketing Firm and a Corporate Agent

The following are the distinguishing factors between the IMF and Corporate Agents:

Points of difference

Insurance Marketing Firm

Corporate Agent

Product Offerings

The insurance marketing firm offers multiple types of products. In total, it can distribute products of 18 insurers, 6 insurers of each life, health and general insurance.

The corporate agent can tie up with 9 insurers each health, life and general, the earlier limit was 3 insurers each.

Customer Service

The IMF has different insurance products that can cater for the needs of any customer. So, in customer services the IMF is good.

The corporate agents have excellence in a particular company’s products and every newly launched product.

Training and Support

The insurance marketing firm provides comprehensive training and support to its agents. The training includes sales and product training, marketing materials, and lead generation assistance. For new people in the insurance industry, it helps them enhance their skills.

As a corporate agent, you become an expert in the insurance products of a specified company. This helps you to share all the information related to the company’s products. 

Commission Structure

The commission structure in insurance marketing firms is different from corporate agents.

The corporate agent works on a salary basis and not on a commission basis.


Having permission to sell different products, allows the IMF to provide detailed information, and personalised recommendations, because of a deep understanding of the policies.

The corporate agents are only aware of their company’s products. So, clients who are looking for a well-known and trusted company will choose a corporate agent.


To conclude, when stepping into the insurance industry, having an understanding of insurance marketing firms and corporate agents is important. The IMFs provide flexible product range, independence, and access to customizable offerings. On the other hand, the corporate agents have a brand, recognition, resources and specialised knowledge of the industry.


If you want to obtain a license from an insurance marketing firm or corporate agent, then reach out to us. We at Registrationwala, assist our clients in the complete application process to obtain a license.

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