Policybazaar

Policybazaar is a leading Indian insurance aggregator and financial technology company headquartered in Gurgaon, Haryana, India. Founded in June 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar, it provides a digital platform where users can compare various insurance policies and financial services from multiple insurance providers. With its user-friendly website and mobile app, Policybazaar has become India's largest insurance aggregator, facilitating transparency and ease in the insurance purchasing process.

Business Model

Policybazaar operates primarily as an intermediary between customers and insurance providers. It does not underwrite any insurance policies itself but earns revenue through a commission-based model. Insurers pay Policybazaar a fee for every policy sold through its platform. This model allows Policybazaar to remain unbiased while providing customers with a range of options tailored to their needs.

Products and Services

Policybazaar offers a comprehensive range of insurance products, including:

• Health Insurance

• Life Insurance

• Car Insurance

• Travel Insurance

• Corporate Insurance

In addition to comparing policies, the platform provides value-added services such as online claim settlement and customer support.

Key Milestones

• In 2021, Policybazaar obtained an insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI), allowing it to sell life and general insurance policies offline.

• The company has expanded its operations to the United Arab Emirates, enhancing its international presence.

Differentiation

Policybazaar stands out in the market due to its commitment to transparency and customer-centricity. By simplifying the often complex process of purchasing insurance, it empowers users to make informed decisions based on comprehensive comparisons of various policies. The platform's extensive partnerships with over 40 insurance providers ensure that users have access to a wide array of options.