Hero Insurance Broking India Pvt Ltd, part of Hero Enterprise, has received a three-year licence from the Insurance Regulatory and Development Authority of India (IRDAI). The broking entity has commenced operations from September 1.

The existing insurance business of Sunil Kant Munjal-promoted Hero Enterprise, which is carried out by Hero Corporate Service Pvt Ltd, will migrate to Hero Broking.

“This licence gives us the capability to expand our physical footprint and grow our branch network on a sustainable basis. We will also be able to expand beyond automobile insurance and create fresh momentum in the new decade,” Shefali Munjal, Executive Director, Hero Corporate Service, said in a statement here on Thursday.

To grow the broking platform, Hero is strengthening its client servicing teams across India. The company’s IT backbone is being strengthened to meet the customised needs of large corporates, SMEs and other niche customer segments, said the statement.

The broking licence will help the company offer a wider choice of insurance partners and products to its customers. It will also enable the company’s distribution touch-points to become one-stop-shops for all the basic insurance needs of customers, the statement added.

The broking licence will also help Hero offer certain super-specialised insurance products that are making their way into India, said Shefali Munjal. “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,” she added.

Hero is also keen to partner with and support the government in its efforts to increase insurance penetration, especially through digitisation, she further said.

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