Leading web aggregator Policybazaar has received an insurance broking license from IRDAI. This development will be helping the company in augmenting its business and expand the range of services.
After this, the company will now have to surrender its web aggregator licence to the Insurance Regulatory and Development Authority of India (IRDAI) and perform its operations including insurance aggregation under the broking umbrella.
“We received our licence to be a broker for which we have been in touch with the regulator for the last three years,” Yashish Dahiya, Chief Executive Officer, PolicyBazaar.com.
The broking licence that the company has received from IRDAI will allow it to start working into segments to which it could not do access in the past such as claims assistance, offline services, and establish Points of Presence network.
From a revenue perspective, he said, “as a web aggregator we would be paid for life insurance renewals.”
As a broker, Dahiya said, the company will be entitled to commission as well as free for web aggregation.
He said, “We will be able to do claims settlement and many other things and we will use this opportunity very wisely.”
Policybazaar holds a market share of 25 percent in the life insurance segment while 10 per cent in health insurance.
The parent company PB Fintech also promotes Paisabazaar.com, which is an online credit comparison portal.