Main internet aggregator Policybazaar on Friday mentioned it’s got approval from regulator IRDAI to undertake insurance coverage broking, a growth that may assist the corporate increase enterprise and develop bouquet of providers. With this growth, the corporate will give up its internet aggregator licence to Insurance coverage Regulatory and Improvement Authority of India (IRDAI) and undertake enterprise together with insurance coverage aggregation beneath the broking umbrella.
“We obtained our licence to be a dealer for which we now have been in contact with the regulator for the final three years,” PolicyBazaar.com. CEO Yashish Dahiya instructed PTI. The broking licence will permit the corporate to enterprise into segments which it couldn’t do up to now like claims help, offline providers, and set up Factors of Presence community.
From a income perspective, he mentioned, “as an online aggregator we might be paid for all times insurance coverage renewals.” As a dealer, he mentioned, the corporate will likely be entitled for fee in addition to price for internet aggregation. With the assistance of broking licence, he mentioned, “we can do claims settlement and lots of different issues and we’ll use this chance very properly.”
Policybazaar has a market share of 25 per cent within the life insurance coverage phase whereas 10 per cent in medical insurance. The mum or dad firm PB Fintech additionally promotes Paisabazaar.com, which is a web-based credit score comparability portal. PB Fintech had attained the standing of a unicorn in 2018 when it raised USD 200 million in a Sequence-F spherical led by Japan’s SoftBank. An organization valued at over USD 1 billion known as unicorn.
Different traders embrace the likes of Data Edge, Premji Make investments, Temasek, Ribbit Capital, Chiratae, Inventus Capital Companions, True North, Tiger World, Wellington and Steadview.