A company named JK Industries is set to launch an insurance broking business in 10 major Indian cities. Hardly exciting news, until you consider that India doesn’t have brokers in its crowded insurance market.

The move comes as the Indian insurance industry awaits the official nod allowing brokers to enter the market. The exact plans of the group rely on pending legislation to allow intermediaries into insurance. Most insurance in India is handled by tens of thousands of agents working for the few giant companies that cover the country. The potential for brokers entering the market is enormous.