License from IRDAI: PolicyBazar policy attracts customers

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As a result of the insurance industry’s aggressive response to the COVID-19 epidemic, PolicyBazaar is now offering Coronavirus term insurance and insurance. PolicyBazaar is an insurance broker based in Gurgaon, Haryana, and is licensed by the Insurance Regulatory and Development Authority of India (IRDA).

They provide insurance purchasers with an online platform where they can quickly compare various insurance products such as automobile insurance, life insurance, two-wheeler insurance, term insurance, retirement plans, and so on. Furthermore, all health and general insurers are now selling two specialized policies, the Corona Kavach Policy and Corona Rakshak Policy, as per IRDAI requirements. COVID-19 hospitalization, home treatment, and Ayush therapy are all covered, as are the costs of PPE kits and other high-cost consumables.

Policybazaar, a leading web aggregator, announced on Friday that it has received approval from regulator IRDAI to engage in insurance broking, a move that will help the company expand its business and services. With this development, Policybazaar will surrender its web aggregator license to the Insurance Regulatory and Development Authority of India (IRDAI) and engage in insurance broking.

“We acquired our broker’s license, for which we had been in contact with the regulator for the previous three years,” PolicyBazaar.com said. Yashish Dahiya, the company’s CEO, told PTI. The broker’s license will allow the firm to branch out into areas where it previously couldn’t, such as claims support, offline services, and the establishment of a Points of Presence network.

“As a web aggregator, we were not compensated for life insurance renewals,” he added in terms of income. According to him, the firm will be eligible for commission as well as a charge for online aggregation as a broker. “We will be able to undertake claims settlement and many other things with the help of the broking license,” he continued, “and we will use this chance very wisely.”

In the life insurance area, Policybazaar has a 25% market share, while in health insurance, it has a 10% market share. Paisabazaar.com, the parent company’s online credit comparison platform, is also promoted by PB Fintech. When PB Fintech secured $200 million in a Series-F investment spearheaded by Japan’s SoftBank in 2018, the company became a unicorn.

A unicorn is a corporation worth more than $1 billion. Info Edge, Premji Invest, Temasek, Ribbit Capital, Chiratae, Inventus Capital Partners, True North, Tiger Global, Wellington, and Steadview are among the other investors.

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