Policybazaar gets insurance broking licence from IRDAI

New Delhi: Insurance 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 services.

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 said.

The broking licence will allow the company to venture into segments 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.

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