Policybazaar has made life easy by bringing all major financial firms on a single platform. Instead of running office to office, we can simply buy insurances and mutual funds within few minutes. Currently, Policybazaar is the largest web aggregator in India. Due to its past operations and offerings, it has got immense popularity among Indian users. On Friday, the fintech startup announced that it has got IRDAI approval to operate as an insurance broker.
Policybazaar Gets Insurance Broker Licence
Policybazaar is the largest distributor in terms of health and motor insurances. Current IRDAI approval as an insurance broker will expand its operations further. Now, Policybazaar can also provide insurance offline.
Talking about the extra opportunities, Policy Bazaar CEO Yashish Dahiya said:
“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.”
In addition to that, the company can also sell all types of insurance plans including property insurance. The startup can also help clients offline in getting the claims.
Policybazaar has a 25% share of India’s total life insurance and it also claims to have a 10% share of India’s retail health business. It controls 50% of the traffic of online insurance in India. The fintech firm has 100% business growth every year.
Insurance Regulatory and Development Authority of India (IRDAI) issued a license to PB Fintech, the parent firm of Policybazaar. IRDAI is established under Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999). It’s our job to supervise the insurance sector. From time to time, IRDAI brings necessary developments as per the business requirements. It also closely watch all insurance brokers to avoid any irregularities in the insurance field.
Future Plans of Policybazaar after Getting Insurance Broker Licence
Since Policybazaar is already the largest web aggregator, it will also become the largest retail broker after merging retailing business with the existing one.
But, the retail brokerage will not be a cakewalk for Policybazaar. The fintech startup has to build up offices in small cities for doing brokerage business. So, investment is needed to make the joinery successful in the insurance broker field.
Paisabazaar, b2b venture ZPhin are the other subsidiaries of Policybazaaar. The fintech firm also has lending and insurance business in UAE
Soft Bank, InfoEdge (Naukri.com), Temasek, Tiger Global Management, True North, and Premji Invest is the major investors of PolicyBazaar. The company got unicorn status in 2018 when it concluded a $200 million funding round led by Soft Bank.