Policybazaar gets insurance broking licence

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.

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.

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.