Policybazaar has got approval from regulator IRDAI to undertake insurance broking, a development that will help the company augment business and expand its bouquet of services. With this development, the company will surrender its web aggregator licence to the Insurance Regulatory and Development Authority of India (IRDAI) and undertake business including insurance aggregation under the broking umbrella.
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. Policybazaar has a market share of 25 per cent in the life insurance segment while 10 per cent in health insurance.
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