Renowned as a vehicle manufacturer across the globe, recently, Hero Enterprise, a segment of Hero, announced that the Insurance Regulatory Development Authority of India (IRDAI) has approved the license for them to sell both Life Insurance and general insurance products. Currently, operations of Hero Enterprise are taken care by Hero Corporate Service, but following the IRDAI approval, Hero Corporate Service will become Hero Broking.
According to Shefali Munjal, the Executive Director of Hero Corporate Service, the transition to Hero Broking is just so that they can service individual clients and can offer advice on the type of insurance policy that would suit the client. He added that the license that was recently approved by the Insurance Regulatory Development Authority of India (IRDAI) will give the company to expand their network and offer a plethora of insurance products. While Hero Enterprises already offers insurance products in the manufacturing, education, travel, aviation, automobile, and hospitality sectors, the license will give the company the scope to tap into the health insurance sector.
Source: Money Control