What is the role of an insurance broker? Distinguish between Direct broker and Composite broker.

Insurance brokers serve as a bridge between customers and insurance firms, serving as a distribution channel for insurance products. The best insurance policies to meet their demands are sought after by insurance brokers on behalf of their clients. The marketing process for an insurance brokerage entail establishing and maintaining connections with potential customers. The broker needs to establish oneself as a reliable and knowledgeable source for information about insurance. They might promote their services through networking, word-of-mouth, and involvement in neighborhood events. Additionally, they might advertise their services using a variety of marketing tactics like leaflets, brochures, and business cards. Direct Broker Vs. Composite Broker: A registered insurance broker with IRDAI is simply referred to as a direct broker. For soliciting and arranging insurance business for his clients with insurance located in India, the direct broker requests compensation or levies a fee. Additionally, he offers risk management services, claim consulting, and other services of a similar nature that are permitted by the IRDAI (Insurance Brokers) Rules, 2018.Example: A broker who sells only life insurance policies such as term plans and ULIPs. A composite broker is a direct broker first. In addition to normal functions of a direct broker, he acts as a reinsurance broker for arranging the reinsurance on the same risk on which the composite broker acted as a direct broker. To ensure that the interests of the clients and insurers are not harmed, the composite broker will see to it that proper systems and controls are in place. Example: A broker who sells life insurance policies, motor insurance, health insurance, and fire insurance under one license.