Online insurance marketplace PolicyBazaar is now officially an insurance broker. The company on Friday said it has received approval from insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) to undertake insurance broking, a development that will help the company augment business and expand bouquet of services.
With this development, the company will surrender its web aggregator licence to IRDAI and undertake business including insurance aggregation under the broking umbrella. 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.
PolicyBazaar has a market share of 25 percent in the life insurance segment while 10 percent in health insurance.
CNBC-TV18 spoke to Group CEO Yashish Dahiya and discussed what the development means for the IPO-bound company.
Watch the video for more.With text input from PTI.