IRM Insurance Brokers

What IRM Insurance Brokers does

IRM Insurance Brokers Pvt. Ltd. is an IRDAI-licensed Direct and Reinsurance insurance broker (license no. 482 / CB 570/13, valid until March 2026) operating in India since 2014, with its head office in Lower Parel, Mumbai, and eight branch offices across Pune, Delhi, Raipur, Vadodara, Hyderabad, Sultanpur, Haldwani, and Nagpur. The firm serves large corporations and industrial enterprises, placing a broad portfolio that includes Fire, Industrial All Risk (for sums insured above Rs 100 crore), Contractors All Risk, Erection All Risk, Machinery Breakdown, Boiler, Marine & Cargo, Motor, Health, Travel, and miscellaneous liability lines (Product Liability, Public Liability, D&O, Professional Indemnity, Workmen's Compensation, Trade Credit, Fidelity Guarantee, Money), alongside formal Claims Advisory and Risk Management Consulting services.

The technology layer is modest and largely non-differentiated: a SAIBA Online-powered portal for policy document download and claim status tracking, a separate POSP platform (pospirminsurance.in) for independent agent distribution, and a website used for inbound lead capture and newsletter signups. There is no evidence of proprietary AI/ML, data assets, or APIs that materially change the broking workflow.

IRM's revenue model rests primarily on placement commissions from insurers (transaction-fee economics on premium volume), supplemented by fees for claims advisory and risk consulting services. Distribution is multi-channel — dedicated enterprise account managers for corporate clients, inside sales via phone and email, the POSP agent network, and direct walk-in at branch offices. Pricing of underlying insurance products is set by carriers based on risk class, sum insured, turnover, and claims experience; IRM monetises on the spread and provides free consultation as a customer-acquisition lever.

Name

IRM Insurance Brokers

Legal name

IRM Insurance Brokers Pvt. Ltd.

Website

https://irminsurance.in

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

IRM Insurance Brokers is an IRDAI-licensed corporate insurance brokerage serving large enterprises and industrial clients across India via nine offices, placing industrial, liability, health, marine, and specialty lines and earning carrier commissions supplemented by claims advisory and risk consulting fees.

Ownership category

akta.pro rank

Product category

Insurance Brokerage

NAICS

Insurance Agencies and Brokerages (524210), Insurance Agencies and Brokerages (52421)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Specialty Insurance Brokerage (Marine, Aviation, Cyber, Professional Lines) (FSAEADAJ)

akta.pro secondary industry

P&C Reinsurance Brokerage (FSAOAHAG)

Keywords

• Insurance broking
• Corporate insurance
• Industrial risk management
• Claims advisory
• Reinsurance brokerage

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices9 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Broking Commission: IRM earns commissions from insurance companies for placing business with them. The company works for clients, not insurance companies, and provides consultation on best insurance covers.
2. Claims Advisory Services: IRDA-authorized licensed insurance brokers consult clients during claim processes. Services include claim validity advice, documentation completion, stakeholder communication, and IRDA escalation support.
3. Risk Management Consulting: Proactive risk management advice including risk analysis, evaluation, policy research, and negotiation services with insurance companies on behalf of clients.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

IRM Insurance Brokers is an IRDAI-licensed insurance brokerage that places corporate and industrial insurance policies across multiple lines including Fire, Industrial All Risk, Marine & Cargo, Health, Motor, Travel, and various liability covers. The firm provides risk management consulting, customized policy research, insurer negotiation, dedicated account management, and claims advocacy services with IRDA escalation support. It serves large corporations and industrial clients through nine branch offices across India and an online self-service portal.

Product overview

IRM Insurance Brokers operates as an insurance brokerage platform offering a comprehensive portfolio of insurance products and services for corporate clients. The core offering consists of Industrial/Corporate Insurance products including Fire Insurance, Industrial All Risk (IAR), Contractors All Risk (CAR), Erection All Risk (EAR), Machinery Breakdown, Boiler Insurance, and specialized covers like Advance Loss of Profit and Fire Loss of Profit. Additional verticals include Health, Auto/Motor, Travel, Marine & Cargo, and Miscellaneous Insurance covering All Risk, Fidelity Guarantee, Money, Product Liability, Public Liability, Director & Officer Liability, Workmen's Compensation, Professional Indemnity, and Trade Credit Insurance. The company also provides Insurance Broking Services (free consultation, account management, quotes) and Claim Advisory Services. The platform does not appear to be a unified software product with modules, but rather a collection of insurance product offerings with associated service components.

Differentiator

Problem solved

Functional benefit

Products and services

• Fire Insurance Financial protection against losses or damages caused by fire, covering fire, lightning, explosion, aircraft damage, riot, strike, malicious damage, terrorism, storm, flood, and other specified perils. Offered as a corporate insurance line to large businesses.
• Industrial All Risk (IAR) Insurance Comprehensive cover for industrial units with Sum Insured of Rs. 100 crores and above, covering fire, burglary, machinery breakdown, boiler explosion, electronic equipment breakdown, and business interruption. Targeted at large industrial enterprises.
• Contractors All Risk (CAR) Insurance Covers accidental physical loss or damage to civil engineering projects like buildings, dams, and flyovers during execution, providing all-risk cover for contract works. For construction companies and contractors.
• Erection All Risk (EAR) Insurance Covers risks associated with storage, assembly/erection and testing of plant and machinery during construction projects, providing comprehensive all-perils coverage for industrial erection projects.
• Advance Loss of Profit Insurance Covers financial losses to financiers when construction, erection or conversion of a production plant is delayed or interrupted by an accident, protecting against delayed commissioning of industrial projects.
• Contractor Plant & Machinery Insurance Annual policy covering construction equipment like bulldozers, cranes, excavators, and compressors against accidental and external damage during contractor operations.
• Machinery Breakdown Insurance Covers loss due to all kinds of accidental, electrical and mechanical breakdowns during operation, rest, or dismantling/overhauling processes for industrial machinery.
• Boiler Insurance Covers boilers and pressure vessels against losses due to explosion or collapse, including surrounding property damage and third-party liability. For industrial plants operating pressure equipment.
• Fire Loss of Profit Insurance Covers loss of net profit and standing charges due to business interruption following material damage from fire or other insured perils. Standard business interruption cover for fire-affected operations.
• MLOP & BPLOP Insurance Machinery Loss of Profit (MLOP) and Boiler & Pressure Plant Loss of Profit (BPLOP) policies cover loss of gross profit due to business interruption from machinery accidents. For industrial units with critical equipment.
• Electronic Equipment Insurance Covers electronic equipment like computers, industrial electronic machines, and medical equipment against sudden and unforeseen damage, including data media reconstruction costs.
• Health Insurance Group health insurance covering employees with life insurance benefits, accidental death, dismemberment, and terminal illness riders. For corporate employee benefits programs.
• Auto/Motor Insurance Vehicle insurance covering damages from accidents or natural calamities, theft, burglary, and third-party liabilities for cars in India. For corporate vehicle fleets.
• Travel Insurance Overseas travel insurance covering emergency medical expenses, personal accident, lost baggage, flight cancellations, and repatriation. Corporate single-trip, individual, and annual corporate policies available.
• Marine & Cargo Insurance Covers risks of loss, damage, expense and liability to goods during transportation by road, rail, ocean, air, or courier, with ICC (A), ICC (B), ICC (C), and ICC Air clause options. For importers, exporters, and logistics operations.
• All Risk Insurance Covers loss or damage to insured property by fire, riot, strike, terrorist activity, theft, accident, and other fortuitous causes. Broad property coverage for varied business assets.
• Fidelity Guarantee Insurance Covers pecuniary loss from acts of fraud or dishonesty committed by employees in positions of trust such as cashiers and storekeepers. For employers seeking protection against employee dishonesty.
• Money Insurance Covers loss of money in transit by robbery, theft, or fortuitous cause, and burglary or housebreaking while money is held at premises. For businesses handling cash in transit or at premises.
• Product Liability Insurance Covers liability arising from accidental death, bodily injury, or property damage to third parties due to defects in products after they have left the insured's premises. For manufacturers and distributors.
• Public Liability Insurance Covers owner's statutory liability for death, injury, or property damage from accidents while handling hazardous substances as mandated by the Public Liability Insurance Act, 1991. For hazardous substance handlers.
• Director & Officer Liability Insurance Provides indemnity against claims arising from wrongful acts of directors and officers, covering civil and criminal suits from shareholders, employees, and regulatory bodies. For corporate boards and executives.
• Workmen's Compensation Insurance Protects employers against legal liability towards employees for injuries arising out of and in the course of employment under the W.C. Act 1923. For employers across industries.
• Professional Indemnity Insurance Covers medical establishments against legal liability arising from bodily injury or death of patients caused by error, omission, or negligence in professional service. For professional service providers including medical establishments.
• Trade Credit Insurance Protects against defaults, non-payments, and insolvencies of buyers, covering up to 90% of insured debt and facilitating credit management. For businesses selling on credit terms.
• Insurance Broking Services Free consultation, personalized account management, and customized insurance quotes helping corporate clients evaluate insurance companies and select optimal policies. Core service offering of IRM as an IRDAI-licensed broker.
• Claim Advisory Services Guides clients through claim initiation, assessment, settlement, and follow-up processes, ensuring fair and timely resolution with IRDA escalation support. For corporate clients facing claims across all insurance lines.

Quantifiable outcome

• IRM advocates for clients during claims, ensuring fair and timely settlement with IRDA escalation support if necessary

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• J.B. Boda Group: Long-standing Indian insurance surveyor, loss assessor, and broker providing risk consulting and claim advisory to industrial clients, a closely comparable service profile to IRM.
• Marsh India Insurance Brokers Pvt Ltd: India arm of global insurance broker Marsh, offering corporate risk management, reinsurance, and claims advisory across industrial, marine, and liability lines directly comparable to IRM's product mix and customer base.
• Howden Insurance Brokers India: Howden's India entity focuses on specialty lines including marine, energy, and professional indemnity for corporate clients, overlapping significantly with IRM's specialty industrial and liability book.
• Aon India Insurance Brokers: Indian operations of Aon, a global broker providing risk, reinsurance, and human capital solutions to large corporations; competes head-on with IRM for industrial and commercial placements.
• Prudent Insurance Brokers Pvt Ltd: India-focused corporate insurance broker offering industrial, marine, and liability placement plus claims services to mid and large enterprises; closely comparable product mix and customer type to IRM.
• Proclaim Insurance Brokers Pvt Ltd: Indian insurance broker specializing in corporate and industrial lines including fire, marine, and engineering, with similar enterprise GTM to IRM.
• Edelweiss Insurance Brokers Limited: IRDAI-licensed Indian broker with corporate focus across general insurance and reinsurance, comparable scale and regulatory positioning to IRM.

Broad incumbents

• Willis Towers Watson (WTW) India: Global advisory firm with a substantial Indian insurance and reinsurance broking practice serving large corporates; broader portfolio but directly competing in the same placement and risk advisory space.
• Tata AIG General Insurance Company Ltd: Large Indian general insurance carrier underwriting many of the same lines IRM brokers (fire, marine, liability, health), representing both a key carrier counterparty and a broader incumbent in the same risk pool.
• ICICI Lombard General Insurance Company Ltd: One of India's largest private general insurers writing corporate fire, marine, engineering, and liability policies that IRM places; a dominant carrier-counterparty and broader incumbent in the same commercial insurance market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/irmltd
• Facebookfacebook.com/irminsurancebroker
• LinkedInlinkedin.com/company/irm-insurance-brokers-private-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IRM Insurance Brokers