Senior web aggregator Policybazaar said on Friday it had obtained approval from regulator IRDAI to undertake insurance brokerage, a development that will help the company increase its business and expand its service mix.
With this development, the company will transfer its web aggregator license to the Insurance Regulatory and Development Authority of India (IRDAI) and undertake business including insurance aggregation under the brokerage umbrella.
“We received our license to be a broker for which we have been in contact with the regulator for three years,” PolicyBazaar.com. CEO Yashish Dahiya told PTI.
The brokerage license will allow the company to venture into segments it could not do in the past such as claims assistance, offline services and establish a network of points of presence.
From a revenue perspective, he said, “as a web aggregator we would get paid for life insurance renewals.”
As a broker, he said, the company will be entitled to a commission as well as a web aggregation fee.
With the help of the brokerage license, he said, “we will be able to settle claims and many other things and we will use this opportunity very wisely.”
Policybazaar has a 25 percent market share in the life insurance segment and 10 percent in health insurance.
Parent company PB Fintech also promotes Paisabazaar.com, which is an online credit comparison portal.
PB Fintech had achieved unicorn status in 2018 when she raised $ 200 million in a Series F funding round led by Japanese firm SoftBank.
A company valued at over a billion dollars is called unicorn.
Other investors include Info Edge, Premji Invest, Temasek, Ribbit Capital, Chiratae, Inventus Capital Partners, True North, Tiger Global, Wellington and Steadview.
This story was posted from an agency feed with no text editing.
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