Policybazaar Commences Insurance Brokerage Along with Retail Shops

Insurance Regulatory and Development Authority (IRDAI) has accepted Policybazaar's insurance broking licencing. As a result, the company will now execute activities involving insurance aggregation under its broking umbrella. The company's online aggregator licence was surrendered to IRDAI following this development (IRDAI).

Policybazaar.com stated that it is rolling out comprehensive plans for different segments, including fast-growing small and medium-sized organisations (SMEs), to better serve consumers by establishing an offline presence.

The firm is opening offline retail outlets across India as a first step, according to the statement, adding that the brand has opened 15 stores and would eventually expand to 100 sites. Customers will be able to use the brick-and-mortar locations as experience centres, with the added benefit of having a local physical presence to assist them with any questions or service needs, according to the company.

Customers will have access to Policybazaar's proprietary comparison engines through the stores, which will assist them in selecting the right insurance product and enhancing their ability to compare multiple products, all underpinned by a seamless end-to-end technology in the insurance journey.

To further drive the business, the company has hired Rajiv Gupta, a former executive director of SBI Life Insurance, to spearhead its offline expansion ambitions.

Yashish Dahiya, CEO of Policybazaar.com, said on the development: "We could not have achieved our goal of boosting India's insurance penetration levels just through online means. We are pleased to be able to provide more goods and services, as well as a variety of insurance solutions, to individuals who prefer face-to-face interactions and offline storefronts."

Policybazaar, as a broker, will now be able to give on-ground claims help to its existing and new clients, he said, adding that the company's offline presence seeks to cater to this market by giving consumers inexpensive, dependable, and long-term insurance products. Paisabazaar.com, the parent company's online credit comparison platform, is also promoted by PB Fintech.