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insurance broker. The broker receives brokerage as a

percentage of premiums from the insurer.

The main difference between an agent and a broker is that

there are no restrictions on the procurement of business by

a broker for various different insurance companies, while

the agent can only procure business for that particular

company which he represents.

Brokers largely procure business from corporates/ groups

whereas agents procure from individuals (retail business).

 Web portal of individual insurer - a web portal for insurers

allows them to register and sell policies online. It hosts a

variety of services like calculation of premium, application,

paying the premium (at inception/ renewal), change of

policy details like name and address, surrender or

withdrawals, fund switching, policy revival or cancellation

or transfer, duplicate policy, death/maturity claim and

other policy specific services.

 Licensed web aggregators – Web portals that provide

information pertaining to insurance products and

comparison of similar products of different insurers.

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