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New Delhi:
Leading web aggregator Policybazaar on Friday said it has got approval from regulator IRDAI to undertake insurance broking, a development that will help the company augment business and expand bouquet of services.
This will allow the company to venture into segments like claims assistance, offline services, and establish Points of Presence network.
With this development, the company will surrender its web-aggregator licence to Insurance Regulatory and Development Authority of India (IRDAI) and undertake business 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," PolicyBazaar.com CEO Yashish Dahiya told PTI.
Venturing into new segments
The broking licence will allow the company to venture into segments which it could not do in the past like claims assistance, offline services, and establish Points of Presence network.
From a revenue perspective, he said, “as a web aggregator we were not paid for life insurance renewals.” As a broker, he said, the company will be entitled for commission as well as fee for web aggregation.
Other investors include the likes of Info Edge, Premji Invest, Temasek, Ribbit Capital, Chiratae, Inventus Capital Partners, True North, Tiger Global, Wellington and Steadview.