Policybazaar expands into insurance brokerage, adds 15 retail stores

Policybazaar, a leading web aggregator, said that it has begun its insurance broking adventure with 15 locations and plans to expand to 100 locations.

The company’s insurance broking licencing request was recently granted by the insurance regulator IRDAI, and it would conduct operations involving insurance aggregation under the broking umbrella.

As a result of this development, the firm relinquished its online aggregator licence to India’s Insurance Regulatory and Development Authority (IRDAI).

Policybazaar stated in a statement that the firm is rolling out comprehensive plans for several segments, including fast-growing small and medium-sized enterprises (SMEs), to better serve consumers by establishing an offline presence.

The firm is opening offline retail outlets throughout India as a first step, it said, adding that the brand has set up 15 stores and would eventually expand to 100 sites.

The physical storefronts will act as experience centres for consumers, providing them with the comfort of a local physical presence to assist answer any concerns or service requests, according to the company.

Customers will have access to Policybazaar’s proprietary comparison engines through the stores, which will help them choose the right insurance product and improve their ability to compare multiple products, all underpinned by a seamless end-to-end technology in the insurance journey, according to the company.

To expand the company, the company has hired Rajiv Gupta, a former executive director of SBI Life Insurance, to oversee its offline development ambitions.

Policybazaar.com CEO Yashish Dahiya stated “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 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 cheap, dependable, and sustainable insurance products.

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