On Friday, Policybazaar.com, a well-known web-aggregator declared about getting approval from regulator Insurance Regulatory and Development Authority of India (IRDAI) to undertake insurance broking, an advancement that will help the company augment business and expand its range of services.

With this advancement, the company will surrender its web-aggregator license to the IRDAI and undertake business including insurance aggregation under the broking umbrella. PolicyBazaar.com CEO Yashish Dahiya informed PTI that they have obtained their license to be a broker for which they have been in touch with the regulator for the past three years. The broking license will enable the company to venture into segments which it couldn't in the past, such as claims assistance, offline services, and establishing Points of Presence network. From a revenue perspective, he told that as a web aggregator the company would be paid for life insurance renewals. As a broker, the company will be entitled to commission as well as a fee for web aggregation. With the help of a broking license, Policybazaar.com will be able to do claims settlement and many other things.

Policybazaar.com has a market share of 25 percent in the life insurance segment whereas 10 percent in health insurance. The parent company PB Fintech also promotes Paisabazaar.com. Its other investors include Info Edge, Premji Invest, Temasek, Ribbit Capital, Chiratae, Inventus Capital Partners, True North, Tiger Global, Wellington, and Steadview.