Policy Bazaar Company Profile, History, Information, Valuation & Services

Policy Bazaar History

Policy Bazaar: Policy Bazaar offers a website and app where customers can compare insurance contracts and other financial services from well-known insurance providers. The business, which has operations in the United Arab Emirates, is India’s largest insurance aggregator.

Policy Bazaar- History

At the time, there was still a lack of transparency in the Indian insurance market, and most policies were sold through agents. Customers could initially choose from a variety of insurance policies by seeing the information on Policybazaar. It started as a website for pricing comparisons and an educational resource for insurance and insurance programs.

Later, the website developed into a marketplace for insurance coverage. Policybazaar released its app for iOS and Android users in 2015.

Sarbvir Singh was appointed CEO in February 2020, taking office in December 2019, and Yashish Dahiya was named group CEO. The insurance broking license was received by Policybazaar from IRDAI and announced in June 2021.

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Policy Bazaar-Funding

Since its launch in 2008, Policybazaar.com has raised US$366 million in 7 rounds of investment.

Midway through 2008, Info Edge, the company that manages the online employment portal Naukri.com, invested 30 crore (US$6.9 million) as the seed money in Policybazaar.

 In May 2011, as part of the investment round, Intel Capital and Info Edge contributed 60 crore (US$12.86 million) to Policybazaar.

Policy Bazaar-Product

To offer insurance, Policybazaar changed its business model from one that compared the costs of different policies. Over 7% of India’s retail health insurance, according to the firm, and close to 25% of the country’s life insurance are processed by it.

The variety of insurance plans offered by Policybazaar includes group policies as well as life, health, auto, and travel insurance.

With the assistance of its partnerships with insurance providers, Policybazaar.com can obtain data from the insurers directly, including information about pricing, benefits, insurance coverage, etc.

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The Policybazaar website and app allow users to browse, assess, and purchase insurance plans from more than 40 insurance companies. 

Policy Bazaar – Invest partners

  • SoftBank Group (15.76 percent ) 
  • Information Edge (India) Ltd. (14.56 percent )
  • Python II SVF (Cayman) (9.5 percent )
  • Tencent (9.16 percent )
  • Investment by Claymore (6.26 percent )
  • Global Management Tiger
  • Alpha Wave for Falcon Edge
  • Ventures Chiratae
  • Partner Inventus Capital
  • Premji Invest Steadview Capital Management Ribbit Capital
  • Holdings Temasek
  • The Wellington Management Company is traced in True North.