Insurance broking licence for Policybazaar

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MUMBAI: The nation’s largest web aggregator Policybazaar on Friday acquired approval from IRDAI to function as an insurance dealer. Whereas Policybazaar is among the largest on-line distributors of health, motor and term life insurance coverage the broking licence permits it go far past its current operations.
“As an online aggregator, we had been already among the many high ten distributors of insurance coverage. We will now present a wider vary of merchandise to a wider vary of shoppers and have interaction with them offline,” stated Yashish Dahiya.
The corporate can now promote all sorts of insurance coverage together with property insurance coverage to companies starting from small retailers to corporations. It will possibly have interaction with prospects offline, and it could actually additionally help purchasers in claims servicing.
Policybazaar’s distribution accounts for practically 25% of India’s life covers, and over 10% of India’s retail well being enterprise. It accounts for roughly half of all internet-based insurance coverage purchases within the nation and has been doubling its enterprise yearly.
The insurance coverage broking licence has been granted to Policybazaar’s mother or father PB Fintech. With the net aggregator enterprise merging into the broking entity, the corporate would be the largest retail dealer from its first day of operations.
Whereas brokers don’t take any insurance coverage danger on their books, the modified standing would imply that Policybazaar must make a big funding in build up factors of presence in numerous cities.
Policybzaar is the nation’s largest insurance coverage market. The group has different fintech manufacturers together with Paisabazaar, b2b enterprise ZPhin and a lending & insurance coverage market within the UAE area.
The group has funding backing from the likes of Delicate Financial institution, InfoEdge (Naukri.com), Temasek, Tiger International Administration, True North and Premji Make investments.

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