With this improvement, the corporate will give up its net aggregator licence to Insurance Regulatory and Development Authority of India (IRDAI) and undertake enterprise together with insurance aggregation underneath 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,” PolicyBazaar.com. CEO Yashish Dahiya advised PTI.
The broking licence will enable the corporate to enterprise into segments which it couldn’t do previously like claims help, offline providers, and set up Points of Presence community.
From a income perspective, he stated, “as a web aggregator we would be paid for life insurance renewals.”
As a dealer, he stated, the corporate will likely be entitled for fee in addition to charge for net aggregation.
With the assistance of broking licence, he stated, “we will be able to do claims settlement and many other things and we will use this opportunity very wisely.”
Policybazaar has a market share of 25 per cent within the life insurance section whereas 10 per cent in well being insurance.
The father or mother firm PB Fintech additionally promotes Paisabazaar.com, which is a web based credit score comparability portal.
PB Fintech had attained the standing of a unicorn in 2018 when it raised USD 200 million in a Series-F spherical led by Japan’s SoftBank.
An organization valued at over USD 1 billion known as unicorn.
Other traders embody the likes of
, Premji Invest, Temasek, Ribbit Capital, Chiratae, Inventus Capital Partners, True North, Tiger Global, Wellington and Steadview.