Insurance Broking Magnate Draws Mattress Vendor Too

The insurance industry sure has caught the eye of many unlikely entities. First, it was corporate entities jumping onto the bandwagon to set up insurance entities; then banks decided to hike their fee-based income and join the fray. And it was not long before entities such as travel agents decided that it would be worth the 100-hour training to hawk insurance products. Now it is the turn of traders.

JLI Insurance Brokerage Company, one of the 11 to have received a brokerage licence, today signed a memorandum of understanding (MoU) with Tata AIG General Insurance Company. JLI, an associate company of Frontier Trading, was earlier known as Japan Life India. The core business of the entity was selling magnetic mattresses.

 

The opening up of the insurance sector has unveiled immense opportunities for companies that would otherwise have nothing remotely to do with insurance business. Insurance companies have of late been signing on a series of corporate agents.

Now with the Insurance Regulatory and Development Authority (Irda) having granted licences to 11 brokerage firms, the next lot of MoUs will be with brokerage houses. Tata AIG managing director Dalip Verma stated: