IRDAI issue insurance broking licence for Policybazaar

A leading web-aggregator Policybazaar, on Friday, said the approval was reached by the IRDAI to engage in insurance brokerage, development, and enable the company to expand its operations and expand its range of services.

This is the development of the company, its license is for web aggregators, is that provided by the Insurance Regulatory and Development Authority of India (IRDAI), and the business will be managed, including: – insurance pooling under the mediation of the umbrella.
“We’ve got a license to the brokerage, which we’ve been using for the past three years,” he said.… the CEO Yashish Dahiya told PTI.

As a broker’s license will allow a company to the risk of the segment that you didn’t know you had it in the past, a past that helps, offline service, and the creation of the points of the network’s presence.

In terms of revenue, “he said,” That is, an aggregator, we either have to pay for the insurance renewal.”
As a broker, he said, the company will be entitled to a commission, as well as web aggregation, fees and charges.

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With the help of a broker’s license, he said, “well, we can settle the claims, and more, we are able to use this feature, very smart.”

Policybazaar has a market share of 25 per cent in the life insurance segment, and 10% of the national health insurance scheme.
The parent company, the PB in the Fintech and present the online portal is a credit to the comparison.
The PB in the Fintech gained unicorn status in 2018, when it raised US $ 200 million in a Series F led by Japan’s SoftBank.

A $ 1 billion company, which is called the unicorn.

Other investments include companies that Info to the Edge, Premji Invest, Temasek, Ribbit Capital, Chiratae, Inventus Capital Partners, of True North, and Tiger Global in Wellington, and Steadview.

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