Lord’s Mark Insurance Broking, the insurance division of Lord’s Mark Industries, has received the direct insurance broking licence from IRDAI for selling life and general insurance products. This marks the diversified group’s foray into the insurance space.

Lord’s Mark Insurance Broking plans to acquire 10,000 insurance customers in FY23 for which it will hire 5,000 insurance advisors by December, the company said in a release. It will focus on the under-served market segments in tier-2 and tier-3 towns in addition to metro cities.

Expansion plans

The company said it plans to “onboard strategic investors to deepen market penetration” and that it is already in discussions with a few leading insurers to collaborate with them for the launch of insurance products on its platform called ‘Policy King’.

“Lord’s Mark Insurance Broking aims to get the edge by rolling out a one-of-its-kind service for its health insurance customers which will take care of the hassle of hospital transportation, paperwork, doctor consultations, claim settlement, etc,” the release said.

Incorporated in 1998, Lord’s Mark Industries manufactures stationery and supplies, LED products, solar power solutions, solar appliances, lithium batteries, electric scooters, charging stations, pharmaceutical and hygiene products, and anti-drone solutions for defence and securities applications.

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