Insurance Business Solicitation & Servicing Policy

B.G. Insurance Brokers Pvt. Ltd.

Insurance Business Solicitation & Servicing Policy

IRDAI (Insurance Brokers) Regulation 2018, Regulation 29 requires that every insurance broker should have Board approved policy for comparison and distribution of insurance products. Further, this policy needs to be reviewed at least once in three years.

Insurance Business Solicitation & Servicing Policy

1. Purpose

The purpose of this Policy is to define a framework for solicitation and servicing of insurance business, procedures in respect of claims and establishing a grievance redressal mechanism to ensure that grievances are attended / resolved within a suitable time period and to define a controlled structure for supervision of these activities.

This Policy shall also lay down the factors that need to be considered for doing Insurance Broking Business as envisaged in IRDAI (Insurance Brokers) Regulations, 2018; Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024 dated 20/3/2024; Regulation permitting Brokers to engage services of POS (hereinafter referred as “Regulations”). This will be in line with the mission, vision and business strategy of B.G. Insurance Brokers Pvt. Ltd. (hereinafter referred to as Company) and through its brand ‘Secure Bima’ website and App.

2. Scope

This policy shall apply to all the personnel and staff of B.G. Insurance Brokers Pvt. Ltd. The policy will also cover the retainership/ contractual relationships entered by B.G. Insurance Brokers Pvt. Ltd. having direct or indirect relation and / or impact to any of the insurance business related activity of the Company.

3. Insurance Arrangements

B.G. Insurance Brokers Pvt. Ltd. is into Direct Broking business i.e. transacting Non-life (General), Health & Life. With rich experience of our directors and our senior team members, we plan to transact in Life, Non-life and Health business with almost all insurers including ECGC and Agriculture Company.

Main points are:

• Manner of soliciting insurance policies
• Approach to be followed by the insurance broker in having multiple tie- ups/ types of products sold/ mode of solicitation.
• Grievance redressal mechanism and reporting requirements

B.G. Insurance Brokers Pvt. Ltd. is registered as a Direct Insurance Broker in accordance with the IRDA (Insurance Broker) Regulations for solicitation and servicing insurance policies. B.G. Insurance Brokers Pvt. Ltd. has arrangements with insurance Companies in all the categories of insurance business i.e. life, general and health to leverage its relationship as a platform for cross-selling insurance products etc.

Insurance arrangements would be finalized based on following factors:

• Insurers specializing in different segments of products and catering to the needs of this wide customer base would be ideal for partnership.
• Brand value and market reputation of the insurance companies
• Experience in designing and managing products catering to the needs to B.G. Insurance Brokers Pvt. Ltd. customer base.
• Penetration levels and geographical presence of the insurer across the country, number of points of presence.
• Assets Under Management (AUM)
• Market Share
• Persistency, Claims and Complaints Ratios
• Operational services and IT support

4. Product Mix

B.G. Insurance Brokers Pvt. Ltd. would sell below listed categories of insurance products to its customers.

The insurance products shall only be offered based on need of the client. No prospect/customer shall be compelled to buy an insurance product.

5. Authority

The designated Principal Officer shall have the responsibility to control, manage, and supervise all insurance business related activities.

6. Responsibility

This business solicitation policy aims to ensure compliance to:

• Regulation References:
  • Regulation 4 of IRDAI (Brokers Regulation) 2018, Schedule I — all the Functions of Direct Insurance Broker.
  • Regulation 30 & 8(2) of the IRDAI (Brokers Regulation) 2018, Schedule I, Form H — Code of Conduct applicable to Direct Broker.
  • IRDAI (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024.
  • IRDAI (Web Aggregators) Regulation, 2019.
• a) Responsibilities of Management and Directors shall include the following:
  • Ensure compliance with the Code of Conduct prescribed under the Regulations.
  • Disclosure of all material facts to the IRDAI as required under the Regulations.
• b) Responsibilities of the Principal Officer shall include the following:
  • Complete practical training and examination as required under the Regulations.
  • Supervise the Corporate activities.
  • Ensure that Marketing employees and other employees are trained and certified, in accordance with the Regulations.
  • Ensure correct and timely submission of periodic returns to IRDAI in the prescribed format.
  • Submission of application to IRDAI for issuance/renewal of certificate to act as Direct Insurance Broker, in accordance with the Regulations.
  • Define adequate steps for redressal of grievances.
  • Maintenance of records as prescribed under the Regulations.
  • Coordination with IRDAI and insurance companies in day-to-day matters.
  • Any such other duties or obligations as may be prescribed by IRDAI from time to time.
• c) Responsibilities of Broker Qualified Person / Other Employees shall include the following:
  • Complete practical training and examination as required under the Regulations and renewal training before expiry of 3 years from the date of exam or last renewal training.
  • Ensure compliance with the Code of Conduct prescribed under the Regulations.
  • Receive proposal form duly filled in by the client (written or electronic), or prepare quotation slips after detailed client interactions as per prevailing market practice.
  • Obtain written mandate from the client to represent them before the insurer and communicate the grant of cover after effecting insurance. Note: For pre-underwritten or retail/individual policies, no mandate is required as per Broker Regulations, 2018.
  • Avoid conflict of interest.
  • Obtain necessary documents required under KYC norms and share them with the insurance company.
  • Provide due support and guidance to policyholders during solicitation, servicing, claims, and grievance matters.
  • Ensure adequate and timely support to Principal Officer / Directors / Management to fulfill obligations under the Regulations.
  • Ensure the proposed policy is suitable to the client’s needs.
  • Not make inaccurate or unfair criticisms of any insurer or member of the Insurance Brokers Association of India or any approved broker body.
  • Explain why a policy or policies are proposed and provide comparisons in terms of cover, price, or service, as demanded by proposer or insured.
  • State the period of cover for which the quotation remains valid if the proposed cover is not effective immediately.
  • Explain the procedures to follow in the event of a loss.
  • Not indulge in any sort of money laundering activities.
  • Ensure that the insurance broker does not source business through misleading or spurious calls.
  • Any such other duties or obligations as may be prescribed by IRDAI from time to time.
• d) Responsibilities of Insurance Broker at the time of Renewal of Policy:
  • Ensure that the client is aware of the expiry date of the insurance, even if no further cover is offered.
  • Ensure that renewal notices contain a warning about the duty of disclosure, including changes affecting the policy since inception or last renewal.
  • Ensure that renewal notices include a requirement to keep a record (including letters) of all information supplied to the insurer for renewal of the contract.

7. Solicitation

• The prospect / customer will not be compelled to buy an insurance product.
• Insurance shall be solicited only by employees holding a valid certificate issued by IRDAI to act as a Broker Qualified Person under the Regulation.
• Insurance products shall be offered on the basis of need analysis and financial assessment of the customer.
• Explain when and how the premium is payable and how such premium is to be collected. All requisite information, along with scale of commission and premium to be charged by the insurer in respect of the insurance product being offered, shall be disseminated to the prospect / customer.
• Prospect / customer shall not be induced to omit or submit any wrong information in the proposal form.
• B.G. Insurance Brokers Pvt. Ltd. upon receipt of the mandate from the prospective or existing client will follow the below process:
  • For New Corporate Business
    • Will invite quotes from a minimum of three to four insurance companies and offer quote evaluation with recommendations or as advised by the prospective client.
  • For Renewal Business
    • In general, the process of inviting quotes from more than one insurer will be followed. However, if the insured desires continuation of relations with the existing insurer, a quote from the existing insurer will be invited / negotiated and offered to the insured for final decision.
  • For Retail / Individual Policies
    • Offer product as per the specific request received from the proposer or recommend product from a specific insurer as per the requirement of the insured.
• The prerogative of selecting the insurer will always be with the client.
• Depending upon the type and size of risk, B.G. Insurance Brokers Pvt. Ltd. will critically analyse the premium quotes / terms and may suggest or recommend co-insurance arrangements in favour of one or more co-insurers who will share the risk with lead insurers. However, in this process B.G. Insurance Brokers Pvt. Ltd. will always ensure that there is confirmation on record from both lead and co-insurers regarding their agreement in the arrangement made.
• While obtaining mandate letters from the clients / prospective clients (other than retail / individual clients or pre-underwritten policies), the following will be ensured:
• The mandate letter will authorize B.G. Insurance Brokers Pvt. Ltd. to represent the client before insurance companies for presenting complete risk details, obtaining premium quotes / terms, and negotiating the business as required.
• The mandate letter shall remain valid for all classes of business until invoked.
• The mandate letter will specify co-broking or sharing of business with another broker, corporate agent, agent, or Bancassurance partner, along with the specified percentage of sharing. This should be well supported by appropriate agreements on record.

Business solicitation though POSPs

Since IRDAI permits brokers to sale listed class / products to be solicited though appointed POSPs, B.G. Insurance Brokers Pvt. Ltd. is recruiting POSPs after proper imparting them required training. Constant monitoring will be done by designated BQPs for the business procured by POSPs.

Appropriate records / returns also will be maintained for business solicited by POSPs.

8. Remuneration

B.G. Insurance Brokers Pvt. Ltd. shall receive or contract to receive remuneration from an insurance Company only in accordance with the Regulations notified by IRDAI in this regard, from time to time and shall disclose remuneration received from insurers as required under the Regulations.

None of the employees of the Company including designated Principal Officer and employee holding a valid certificate issued by IRDAI to act as Broker Qualified Person, shall receive or contract to receive any incentive (cash or non-cash) from any of the insurance companies.

9. Servicing

B.G. Insurance Brokers Pvt. Ltd. is committed to service its customers during the entire period of the contract in accordance with the procedure defined and implemented by the Principal Officer and as required under the Regulations. Servicing of policies would include aspects like:

• Assisting in payment of premium in accordance with Section 64VB of the Insurance Act, 1938.
• Providing necessary assistance and guidance in the event of a claim.
• Providing all other services and guidance on issues which arise during the course of an insurance contract.
• Handling of customer requests, complaints, and queries.

Under no circumstances, any employee including Principal Officer will act in a manner which will not be in the interest of the policyholder or the Company or the Insurer. Broker Qualified Persons, Principal Officer and any other specified persons will be responsible to ensure compliance with servicing standards specified by the IRDAI, insurers and the Company, but other employees dealing with the customers will also be responsible to ensure adherence to the prescribed servicing standards.

B.G. Insurance Brokers Pvt. Ltd. will also make efforts at all times to impart knowledge and enhance the level of quality of the employees dealing with customers so that they can meet the trust and expectation of customers. B.G. Insurance Brokers Pvt. Ltd. will define and document the processes towards each of the aspects specified above which will be kept updated from time to time.

a) CONDUCT IN RELATION TO CLAIM BY CLIENT

Insurance Broker shall: -

• Explain to its clients their obligation to notify claims promptly and to disclose all material facts, and advise subsequent developments as soon as possible.
• Request the client to make true, fair, and complete disclosure where it believes that the client has not done so. If further disclosure is not forthcoming, it shall consider declining to act further for the client.
• Give prompt advice to the client of any requirements concerning the claim.
• Forward any information received from the client regarding a claim or an incident that may give rise to a claim without delay, and in any event within three working days.
• Advise the client without delay of the insurer's decision (or otherwise) of a claim, and give all reasonable assistance to the client in pursuing the claim.

10. Claim Consultancy assignment

B.G. Insurance Brokers Pvt. Ltd. will also undertake assignments of Claim Consultancy within the framework of IRDAI (Brokers Regulation), 2018, Regulation 28. i.e. for claims under polices not booked under B.G. Insurance Brokers Pvt. Ltd. code.

11. Risk Management Services

B.G. Insurance Brokers Pvt. Ltd. will undertake Risk Management Services within the framework IRDAI (Brokers Regulation), 2018, Regulation 27. i.e. for risks and polices not booked under B.G. Insurance Brokers Pvt. Ltd. code.

12. Grievance Redressal Mechanism

B.G. Insurance Brokers Pvt. Ltd. is a Direct Insurance Broker providing services for Life / Non-Life as an insurance intermediary.

Our Vision

"To elevate insurance for every corner of Bharat—by making it transparent, simple, tech-enabled, and truly affordable. We’re here to empower every individual to protect their loved ones with dignity, and every partner to grow with trust, innovation, and shared purpose."

Our Mission

Our mission is to empower our Customers & Partners to simplify insurance for every Indian—by removing complexity, ensuring transparency, and delivering smart, tech-enabled solutions. We help Customers & Partners close the protection gap by making insurance easy to sell, easy to explain, and easy to trust across every geography, income group, and literacy level."

What is Complaint / Grievance ?

“Complaint” or “Grievance” means written expression (includes communication in the form of electronic mail or other electronic scripts), of dissatisfaction by a complainant with insurer, distribution channels, intermediaries, insurance intermediaries or other regulated entities about an action or lack of action about the standard of service or deficiency of service of such insurer, distribution channels, intermediaries, insurance intermediaries or other regulated entities;

Explanation: An inquiry or request would not fall within the definition of the “complaint” or “grievance”.

“Complainant” means a policyholder or prospect or any beneficiary of an insurance policy who has filed a complaint or grievance against an insurer or a distribution channel and availed broking services from B.G. Insurance Brokers Pvt. Ltd. or ‘Secure Bima’ website/App.

Regulation 29 of IRDA (Insurance Broker), Regulations 2018 require Insurance broker to have in place proper procedures and effective mechanism to resolve complaints and grievances of policyholders, claimants efficiently and with speed.

Grievance Redressal Mechanism:

We invite our valued customers to take note of our Grievance Redressal Mechanism placed here below:

Our customer i.e. Individual / retail or SME / Corporate may record their grievance in respect of services rendered for insurance policy placed under our Broking Code or claims lodged under said policy. The grievance / complaint could be for services rendered by B.G. Insurance Brokers Pvt. Ltd. or Insurance Company where policy / business is placed.

In such an event, you are requested to submit your grievance / compliant to us (B.G. Insurance Brokers Pvt. Ltd.) “online” in the form provided on the website in Grievance Section at www.securebima.com

We assure you that your grievance / complaint will be acknowledged within 3 (three) working days and same shall be addressed / referred to respective Insurance Company for appropriate resolution under information to you.

Dedicated mail ids:

1. Grievance Cell grievance@securebima.com

2. Grievance Redressal Officer po@securebima.com

The Company has also designated our Principal Officer Mr. Rakesh Sudan, to act as Grievance Redressal Officer who can be approached on his dedicated mail id provided hereunder with details of grievance. It is advisable to approach GRO only if the complaint remain unanswered for more than 3 days.

We very much request our customer and wish that complainant must disclose his / her identity by providing name, contact number / mail id / policy details with nature of compliant and should not be anonymous.

The Grievance Redressal Procedure as outlined in Annexure - I shall be followed scrupulously by all the employees to resolve the grievances.

Annexure - I

Grievance Redressal Procedure

1. A complainant who wishes to make a complaint against the broker, distribution channel or other regulated entities involved in insurance sales and services shall approach the respective Designated Grievance Officer of the broker by filing on-line complaint through website www.securebima.com OR sending grievance directly on dedicated mail id grievance@securebima.com

2. Grievance Officer at HO will acknowledge the grievance / complaint to the customer within 3 working days confirming him/her that grievance is being attended expeditiously and shall revert with details of actions within 15 days from the date of filing grievance.

3. Grievance Office, in turn will take up the matter with respective, Branch / Business Heads with details of grievance received for internal resolution or for taking up the grievance with Insurance Company / TPA / Surveyor as the case may be after examining the details of grievance. Actions of Branch will be under intimation to B.G. Insurance Brokers Pvt. Ltd. HO Grievance Cell.

4. In case if Branch Office / Business heads are approached by any customer through e-mail intimating complaint or grievance, same should be included in monthly grievance statement sent to HO for appropriate further actions.

5. Wherever, customer is not happy with the response received from Grievance Office, he/she may escalate the issue to Mr. Rakesh Sudan on po@securebima.com

6. Every office of the broker shall also display in prominent place, the name, address and other contact details of the insurance ombudsman within whose jurisdiction the office falls.

7. Closure of complaint/grievance:

i. A complaint shall be considered as disposed of and closed when:

a. The broker has resolved to the request of the complainant fully (or)

b. Where the complainant has indicated in writing, acceptance of the response of the broker. (or)

c. Where the complainant has not responded to the broker within 8 weeks of the broker’s written response.

ii. Where the grievance is not resolved in favour of the policyholder or partially resolved in favour of the policyholder, the broker shall inform the complainant of the option to take up the matter before insurance ombudsman giving details of the name and address of the Ombudsman of competent jurisdiction.

iii. The Broker shall also ensure the following:

All complaints are recorded in the complaints system/register and due acknowledgement is issued to customers.

All the personnel across the Company who directly or indirectly deal with customer’s will be provided training to handle insurance related complaints.

The complaints of the customers will be duly reviewed and if required, investigated suitably and adequately.

Customer will be duly responded with review or investigation findings within prescribed regulatory timelines along with information regarding escalation matrix, in case customer is not satisfied with the response of the Company.

As and when required, a complaint will be dealt at the appropriate senior level of B.G. Insurance Brokers Pvt. Ltd. for timely and proper resolution.

16. Policy and Interpretations

• B.G. Insurance Brokers Pvt. Ltd. shall endeavour to reinforce the internal control system so that it can make appropriate solicitation in compliance with any laws and regulations that relate to the business and operations of the insurance related activities of the Company.
• Company intends to provide customers with appropriate information through need analysis so that customers can conduct transactions with the Company with complete information and his/her own judgment.
  Upon adoption of this policy, all present arrangements and processes related to insurance business related activities such as solicitation, servicing, grievance management etc. shall be reviewed and either reaffirmed or discontinued, as the case may be.
  The above constitutes the entire policy on solicitation, servicing, grievance management, claims management.
  This policy shall be administered by the Principal Officer of the Company.

17. Exceptions to Policy

• B.G. Insurance Brokers Pvt. Ltd. recognizes that there are activities associated with the performance of one's official duties as an employee of the Company which involve activities related to insurance business, as specified above. Nothing herein shall be construed as prohibiting activities which are inherent to the execution of one's duties and which are performed in an official capacity for the Company.
• Extenuating circumstances may justify exceptions to this policy. Requests for such exceptions and justifications should be made in writing and forwarded to the Managing Director of the Company.

18. References

This policy has been drafted with reference to following:

• IRDAI (Insurance Brokers), Regulations, 2018
• IRDAI (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024
• Any other applicable regulation or statute for the time being in force

19. Review

The policy will be reviewed for its effectiveness on an ongoing basis and be amended as required in case of change in regulatory requirements, at list once in three years.