Policybazaar receives broker licence

Indian aggregator Policybazaar recently received approval from IRDAI to operate as an insurance broker. While Policybazaar is one of the largest online distributors of health, motor and term life insurance the broking licence allows the operations to extend further.
“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,” said Yashish Dahiya, CEO of the organisation.
The company can now sell all types of insurance plans including property insurance to businesses ranging from small shops to companies. It can engage with customers offline, and it can also assist clients in claims servicing.
Policybazaar’s distribution accounts for nearly 25% of India’s life covers, and over 10 percent of India’s retail health business. It accounts for roughly half of all internet-based insurance purchases in the country and has been doubling its business annually, according to a report by Times of India.

The insurance broking licence has been granted to Policybazaar’s parent PB Fintech.