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

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, the company got approval from insurance regulator IRDAI for insurance broking licence and will undertake business including insurance aggregation under the broking umbrella.

Policybazaar.com CEO Yashish Dahiya told Money9, “In terms of our future growth, I see there are about 6 crore families in India that need protection. They have a lot to lose if they lose a key earning member. They earn about Rs 5 Lakh per annum. Only 60 lakh families out of the six crore today have any form of genuine insurance. This number is expected to grow to 15 crore over the next 10 years.”

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.

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.