India’s Hero Enterprise has received licence from the Insurance Regulatory and Development Authority (IRDAI) to foray into insurance broking business.
The three-year licence will enable the company to carry out all types of general insurance business. As a result, it can offer health and life insurance.
Hero Enterprise’s insurance business, which is currently carried out by Hero Corporate Service, will now operate under Hero Insurance Broking India brand name.
The company said that the broking licence will bring ‘new synergies’ to its insurance distribution ecosystem and offer a ‘wider range’ of products.
At present Hero provides its general insurance services to the education, health, manufacturing, hospitality, travel and aviation sectors, as well as to the entire automobile segment.
Hero Corporate Service said executive director Shefali Munjal said the broking licence would also help Hero offer certain super-specialised insurance products that are making their way into India.
“Hero has regularly collaborated with its insurance partners to develop customised products over the years, and this practice will be further strengthened, given the wider portfolio on offer.”
Recently, Hero forged a partnership with Ergo for a life insurance company licence.