MUMBAI: The country’s largest web aggregator Policybazaar on Friday received approval from IRDAI to operate as an insurance broker.
While Policybazaar is one of the largest online distributors of health, motor and term life insurance the broking licence allows it go far beyond its present operations.
“As a web aggregator, we were already among the top ten distributors of insurance.
We can now provide a wider range of products to a wider range of customers and engage with them offline,” said Yashish Dahiya.
The company can now sell all types of insurance plans including property insurance to businesses ranging from small shops to companies.
It can engage with customers offline, and it can also assist clients in claims servicing.
Policybazaar’s distribution accounts for nearly 25% of India’s life covers, and over 10% of India’s retail health business.
It accounts for roughly half of all internet-based insurance purchases in the country and has been doubling its business annually.
The insurance broking licence has been granted to Policybazaar’s parent PB Fintech.
With the web aggregator business merging into the broking entity, the company will be the largest retail broker from its first day of operations.
While brokers do not take any insurance risk on their books, the changed status would mean that Policybazaar would have to make a significant investment in building up points of presence in different cities.
Policybzaar is the country’s largest insurance marketplace.
The group has other fintech brands including Paisabazaar, b2b venture ZPhin and a lending & insurance marketplace in the UAE region.
The group has investment backing from the likes of Soft Bank, InfoEdge (Naukri.com), Temasek, Tiger Global Management, True North and Premji Invest.