India's Policybazaar granted insurance broking licence

It will now surrender its web aggregator licence.

Indian web aggregator Policybazaar has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to operate as an insurance broker, according to media reports.

The firm will now surrender its web aggregator licence to the regulator and in turn undertake business including insurance aggregation.

The broking licence will allow the firm to conduct services such as claims assistance, offline services, and build points of presence network.

From a revenue perspective, Policybazaar will be able to receive commissions and fees for web aggregation, said its CEO Yashish Dahiya.

Policybazaar, which has been preparing for an IPO, has received backing from Softbank, Temasek, Tiger Global Management, amongst others.