Insurance companies
Insurance companies distribute their products through intermediaries or directly. Insurance agents (who can be tied, multi-tied or independent) are, in general, licensed to conduct business on behalf of insurance companies. At the other hand insurance brokers work for the policyholder in the insurance process and act on behalf of the client. Bancassurance generally refers to the provision for insurance services sold by banks. In Direct insurance, insurance covers are sold without the intervention of an intermediary.