Policybazaar.com forays into insurance brokerage, opens 15 retail stores

Topics Policybazaar | Insurance | Insurers

Leading web aggregator Policybazaar on Friday said it has embarked its insurance broking journey with 15 outlets and aims to expand it to 100 locations.

Recently, insurance regulator IRDAI approved insurance broking licence proposal of the company and will undertake business including insurance aggregation under the broking umbrella.

With this development, the company surrendered its web aggregator licence to Insurance Regulatory and Development Authority of India (IRDAI).

The company is rolling out comprehensive plans for various segment including fast-growing small and medium-sized enterprises (SMEs) to serve customers better by having an offline presence, Policybazaar.com said in a statement.

As a first step, the company is launching offline retail stores across India, it said, adding, the brand has set up 15 stores and will eventually expand to 100 locations.

The brick-and-mortar stores will serve as experience centres for customers and provide them with the comfort of a local physical presence to help resolve any queries or service requests, it said.

Through the stores, customers will have access to Policybazaar's proprietary comparison engines that will help them choose the right insurance product, enhance their ability to compare multiple products, all underpinned by a seamless end-to-end technology in the insurance journey, it added.

To drive the business, the company has roped in former executive director of SBI Life Insurance Rajiv Gupta to lead its expansion plans in the offline space.

Commenting on the expansion, Policybazaar.com CEO Yashish Dahiya said "we could not have done justice to our objective of increasing India's insurance penetration levels with online channels alone. We are glad to be able to offer more products and our services with diversified insurance solutions to those more comfortable with physical meetings and offline stores."

Policybazaar as a broker will now also be able to provide its existing and new customers on-ground claims support, he said, adding, the company through its offline presence aims to cater to this market by offering customers affordable, reliable, and sustainable insurance products.

The parent company PB Fintech also promotes Paisabazaar.com, which is an online credit comparison portal.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel