PolicyBazaar currently hosts over 100 million visitors a year. Credit: mohamed Hassan from Pixabay.

Web insurance aggregator Policybazaar has received regulatory nod to operate as an insurance broker in India. 

 

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The broking licence will allow the company to offer services like claims assistance, offline services, and establish points of presence network. 

 

The firm, however, will surrender its aggregator licence to the Insurance Regulatory and Development Authority of India (IRDAI).

 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We received our licence to be a broker for which we have been in touch with the regulator for the last three years,” PolicyBazaar CEO Yashish Dahiya was quoted by news agency PTI as saying.

 

Dahiya added, as a broker, PolicyBazaar will also be able to earn commissions from sales.

 

Policybazaar distributed health, motor and term life insurance as an aggregator. 

 

As per PTI’s report, Policybazaar has a 25% market share in life insurance, with 10% in the health insurance market.

 

PB Fintech, a credit comparison portal valued at over $1bn, is the parent company of Policybazaar.

 

PB Fintech also promotes the online credit comparison portal Paisabazaar.com.

 

PB Fintech is backed by the likes of Japan’s SoftBank, Info Edge, Premji Invest, Temasek, Ribbit Capital, Chiratae, Inventus Capital Partners, True North, Tiger Global, Wellington and Steadview.

 

Established in 2008, PolicyBazaar currently hosts over 100 million visitors a year and sells 400,000 insurance policies per month, says its website.

 

True North made an investment of around $50m in Policybazaar in 2017.

 

In April this year, True North divested a portion of its stake in Policybazaar to five independent buyers.

 

Buyers included Serum Institute of India, Ashoka India Equity Investment Trust, Triumph Global Holdings, IIFL Special Opportunities Fund Series 8 and India Acorn Fund.