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Policybazaar
Policybazaar
from Wikipedia

Policybazaar is an Indian insurance aggregator and multinational financial technology company based in Gurgaon. The corporation was established in June 2008 by Yashish Dahiya,[3] Alok Bansal[4] and Avaneesh Nirjar.[5] It provides a digital platform—website and an app—where users can compare insurance policies and other financial services from major insurance companies. The company is India's largest insurance aggregator,[6] and has expanded its operations to the United Arab Emirates.[7][8][9]

Key Information

Policybazaar is the flagship subsidiary of PB Fintech Ltd., which also owns the credit product aggregator Paisabazaar.[10]

History

[edit]

Policybazaar.com was founded in June 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar, starting out as an insurance comparison website.[11][9][12] At that time, the Indian insurance industry still lacked transparency and policies were mostly sold through agents.[8] Policybazaar started by listing the details of multiple insurance policies for customers to choose from.[8][13] It began as a price-comparison website,[8] and an information portal for learning about insurance and insurance programs. The website subsequently expanded to become a marketplace for insurance policies. In 2015, Policybazaar launched its app[14] for Android and iOS users.

In February 2020, Sarbvir Singh was appointed CEO, effective December 2019, while Yashish Dahiya took over the role of group CEO.[15]

In June 2021, Policy bazaar obtained an insurance broking license from IRDAI and announced that it would set up 100 offline outlets across India. The company also surrendered its web aggregator license.[16][17]

Products

[edit]

In 2021, Policybazaar moved from a policy price comparison website to an insurance selling operation. The company claims to process nearly 25% of India's life insurance and over 7% of the country's retail health cover.[8]

Policybazaar.com has tie-ups with insurance companies that help it procure information such as prices, benefits, insurance cover, etc. directly from the insurers. Users can use the Policybazaar website or app to research, compare and buy insurance policies from over 40 insurance providers. Policybazaar has companies that offer car insurance, health insurance, life insurance, corporate insurance, and travel insurance as its business partners.

The Insurance Regulatory And Development Authority of India regulates the insurance web aggregation business of Policybazaar. The company is registered as an insurance web aggregator under the Insurance Web Aggregator Regulations, 2017.[18]

Funding

[edit]

Info Edge invested 30 crore (US$6.9 million) as the seed fund in Policybazaar in mid 2008.[11] Intel Capital and Info Edge invested 60 crore (US$12.86 million) into Policybazaar in May 2011 as part of the venture round.[19]

Policybazaar raised US$9 million from Intel Capital and Inventus Capital Partners in its Series A investment round.[11] Policybazaar raised US$5 million in its third round of funding in April 2013. This Series B investment was led by Inventus Capital Partners along with Info Edge and Intel Capital.[20][21][22] In May 2014, Policybazaar.com raised $20 million in a Series C round of funding from existing investors including Tiger Global Management.[22]

Policybazaar raised around US$40 million in its Series D round of funding in April 2015 from Premji Invest, the personal investment vehicle of Wipro chairman Azim Premji. The Series D also attracted money from Steadview Capital and ABG Capital.[23][24] Policybazaar raised US$77 million in its Series E funding round. This was led by at least three new investors, including True North and IDG Venture Partners invested in this round. Also, several media reports claimed that Boston-based asset management firm Wellington Management Group invested in the online insurance aggregator.[25]

Policybazaar raised a total of US$238 million in June 2018 in its series F funding and became a unicorn company.[26] Tokyo-based SoftBank Group's Vision fund led the round with its US$150 million investment that gave it a 15% stake in the parent company of Policybazaar, ETechAces Marketing and Consulting. The Series F investment saw Info Edge put in $45 million in the company through a special purpose vehicle, effectively lifting its stake to 13% from 9%.[27] In November 2019, Tencent acquired a 10% stake in the company at a valuation of $1.5 billion.[28] SoftBank invested an additional $130 million to increase its stake to 15% in July 2020, valuing Policybazaar at around U$1.5 billion.[29]

In November 2021, PB Fintech Ltd., the parent company of Policybazaar, opened its initial public offering (IPO) and raised 5,625 crore (US$760.98 million).[30] Shares of PB Fintech Ltd. began trading on National Stock Exchange and Bombay Stock Exchange on 15 November 2021.[31]

Controversies

[edit]

In early 2019, Policybazaar filed an intellectual property case against insurance company Acko General Insurance and Coverfox Insurance Broking Private Limited for trademark infringement.[32][33]

In May 2021, the Insurance Regulatory and Development Authority of India (IRDAI) imposed a fine of 24 lakh (US$28,000) on Policybazaar for flouting norms related to SMS advertising.[34]

On 25 July 2022, Policybazaar acknowledged that there had been a data breach,[35] resulting in over 50 million user data records being leaked. Cyberx9 reported that they identified the vulnerabilities, which seemed like "intentional backdoor vulnerabilities", which "did not get fixed until 7 days even though it would take about an hour to fix them".[36]

On 6 December 2023, Policybazaar sends defamation notice to insurance review platform Beshak Solutions Private Limited.[37]

GST officials raided PB Fintech's Gurugram office on January 13, 2025, focusing on vendors linked to its subsidiary, PB Partners, which manages offline insurance distribution for Policybazaar. The company confirmed full cooperation with authorities and stated no financial impact from the raid. Further details remain undisclosed.[38]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia
from Grokipedia
Policybazaar is an Indian aggregator and the flagship platform of PB Fintech Limited, a multinational company headquartered in Gurugram, . Founded in 2008, it operates as a digital that enables consumers to compare, purchase, and manage a diverse array of products—including , , motor, and policies—from over 50 leading insurers in , emphasizing transparency and ease of access to combat mis-selling and policy lapses. The company was co-founded by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar, with Dahiya serving as chairman and CEO, driven by a mission to revolutionize the opaque industry through and . Under PB Fintech, which was incorporated in the same year and listed on the National Stock Exchange and in November 2021, Policybazaar has grown into India's largest online platform, holding a 93% as of FY22. As of September 2025, Policybazaar has registered over 77 million customers and facilitated the sale of more than 59 million policies, contributing to PB Fintech's annual recurring premium of ₹304 billion in Q2 FY26. PB Fintech achieved sustained profitability as reported in its Q3 FY25 results (quarter ended December 2024), with consolidated revenue from operations of ₹1,178 crore (up 29% YoY from ₹912 crore), consolidated net profit of ₹133 crore (up 89% YoY from ₹70 crore), EBITDA of ₹198 crore, health insurance premium growth of 36% YoY, and life insurance premium growth of 25% YoY. With a workforce of over 22,000 employees as of March 2025, the platform continues to expand its services, including recent ventures into to enhance regional accessibility and data-driven pricing for insurers. In October 2025, PB Fintech reported a 38.2% year-over-year increase to ₹16.14 billion, underscoring Policybazaar's pivotal role in driving online growth amid rising digital in .

Company Overview

Founding and Leadership

Policybazaar was founded in June 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar, with the aim of revolutionizing the insurance sector by providing an online platform for comparing and purchasing policies. Dahiya, who holds a background in engineering from and management from IIM Ahmedabad, brought expertise from his prior role at ebookers.com, while Bansal contributed operational experience from roles at and GE. The company's initial vision centered on creating transparency in insurance through online aggregation, addressing the lack of accessible information and comparison tools for consumers in at the time. Headquartered in Gurugram, , , Policybazaar maintains multinational operations but concentrates primarily on the Indian market, where it has built a significant presence in digital distribution. The organization employs over 14,000 people across , , and functions, supporting its growth as a leading insurtech platform. The leadership structure has evolved to reflect the company's expansion. Alok Bansal focused on financial and operational scaling during the early and growth phases. In 2019, Sarbvir Singh was appointed CEO of Policybazaar, bringing over 20 years of experience in and corporate from firms like WaterBridge Ventures and . Yashish Dahiya continues to oversee group strategy as Group CEO of PB Fintech, the parent company, guiding long-term innovation and market positioning. Alok Bansal now holds the role of Executive Vice Chairman, contributing to strategic direction and board oversight.

Business Model and Operations

Policybazaar operates as an online aggregator, functioning as a digital marketplace that connects consumers with policies from over 50 insurance providers without engaging in direct or risk assumption. The platform enables users to compare, purchase, and manage products from partnered insurers, including major players in , , and categories, earning primarily through commissions on successful facilitated via its website and . This intermediary model emphasizes transparency and customer empowerment, allowing informed decisions based on real-time quotes and details from multiple sources. The company's operations are tech-driven, leveraging (AI) to enhance and streamline processes. As of 2025, Policybazaar has over 97 million registered users, supporting a vast for discovery and servicing. AI tools, such as Finova AI, provide tailored recommendations by analyzing user data for customized plan suggestions in multiple languages, while ClaimSetu uses AI, , and to automate claims processing, reducing turnaround times by up to 50% through document verification and real-time updates via or app notifications. These technologies also aid in detection, flagging potential issues in up to 16% of savings plans to expedite genuine claims. Revenue is predominantly generated from brokerage commissions on premiums, which accounted for the majority of PB Fintech's operating in FY26, supplemented by fees from financial partners and value-added services like policy management through dedicated apps. For instance, in Q2 FY26, grew 36% year-over-year to contribute significantly to the company's total operating of ₹1,614 . Additional income streams include premium services for policy renewals and advisory tools, fostering long-term without direct product creation. While primarily focused on the Indian market, Policybazaar has expanded internationally through strategic partnerships and a tech-led model, entering the UAE, , , and in 2025 via its subsidiary PB Fintech FZ-LLC. In the UAE, collaborations such as with HAYAH Insurance enable offerings like the Golden Visa Saver Plan, targeting expatriates and residents for tailored solutions amid regional growth in insurtech adoption. This expansion bridges capacity gaps in emerging markets while maintaining the core aggregator approach.

History

Establishment and Early Development

Policybazaar was launched in June 2008 as the flagship platform of PB Fintech Limited (formerly EtechAces Marketing and Consulting Private Limited), initially focusing on providing an online comparison tool for and products to simplify consumer choices in India's nascent digital market. The platform aimed to address the lack of transparency in insurance purchasing by aggregating quotes from multiple insurers, enabling users to compare policies based on premiums, coverage, and features without relying on traditional agents. In its early years, Policybazaar faced significant challenges in building consumer trust toward online transactions, as digital buying was virtually unheard of in at the time, compounded by widespread mis-selling and misinformation in the offline sector. To overcome these hurdles, the company began forming partnerships with leading insurers shortly after launch, starting with initial collaborations in to integrate real-time quotes and ensure policy authenticity, which helped establish credibility. These early efforts were supported by seed funding of ₹20 from India in mid-2008, which was used to develop the platform's core technology and expand its insurer network. A key regulatory milestone came in 2015 when Policybazaar received its insurance web aggregator license from the on July 14, allowing it to legally operate as an intermediary facilitating comparisons and leads between consumers and insurers. This approval marked the culmination of the company's foundational phase, solidifying its position as a compliant player in the evolving insurtech landscape up to that point. The founders' vision of creating a consumer-centric insurance ecosystem, driven by transparency and accessibility, guided these initial developments.

Expansion and Key Milestones

In 2018, Policybazaar marked its first international expansion by launching Policybazaar.ae in the UAE, aiming to replicate its digital insurance aggregation model in the market. This entry targeted the growing demand for insurance comparison, starting with motor and health products, and was supported by subsequent funding specifically for regional growth. During the 2021 , Policybazaar experienced a significant surge in user engagement, with its customer base reaching 51.1 million by June 2021, driven by heightened demand for amid rising awareness of medical coverage needs. The company prepared for and executed its (IPO) in November 2021 under parent PB Fintech, listing on Indian stock exchanges and solidifying its position as a leading insurtech player. This period also saw the continued integration of , the sister brand for and products launched in 2014, as a core component of the group's diversified financial services expansion. From to 2024, Policybazaar focused on operational scaling, including workforce growth to support increasing platform traffic and sales, reaching over 14,000 employees by FY24. The group enhanced its through strategic moves like the acquisition of Visit Internet Services to bolster tech capabilities in distribution. In 2025, Policybazaar advanced into healthcare through its parent PB Fintech's launch of PB Healthcare Services, which secured a $218 million seed investment on May 8 to build an integrated tech-driven ecosystem for preventive and chronic care. In November 2025, PB Health acquired Fitterfly, a diabetes management platform, to strengthen its preventive healthcare offerings. This milestone complemented ongoing international efforts, including a September reinsurance operations launch in the UAE and other Gulf states to deepen market penetration.

Products and Services

Core Insurance Offerings

Policybazaar primarily aggregates and facilitates the purchase of life, health, and general insurance products from over 50 partner insurers in India, enabling users to compare options and select policies tailored to their needs. In the life insurance category, the platform offers term plans for pure protection against death benefits, unit-linked insurance plans (ULIPs) that combine life cover with investment opportunities, and retirement policies such as pension and endowment plans designed for long-term financial security. These products are sourced from prominent providers including HDFC Life, ICICI Prudential Life Insurance, and SBI Life Insurance, allowing customers to evaluate features like sum assured, premium payment terms, and additional riders for critical illnesses or accidental death. For , Policybazaar provides individual policies, family floater plans that cover multiple members under a single sum insured, and specialized critical illness covers that offer lump-sum payouts upon diagnosis of conditions like cancer, heart attacks, or . A key emphasis is placed on cashless treatment , with access to thousands of hospitals where claims are settled directly by the insurer, reducing out-of-pocket expenses for policyholders. Plans from insurers such as Care Health Insurance, Star Health, and are featured, highlighting benefits like pre- and post-hospitalization coverage and no-room-rent capping. General insurance offerings on the platform include motor policies for cars and two-wheelers, which provide comprehensive coverage against accidents, , and third-party liability with add-ons like zero ; for protection against fire, , and natural disasters; and for domestic or international trips covering medical emergencies, trip cancellations, and baggage loss. These are integrated with more than 30 general insurers, such as HDFC ERGO, Reliance General, and , ensuring a broad selection of customizable options. To enhance user experience, Policybazaar incorporates customization features such as side-by-side quote comparison tools that display premiums, coverage details, and policy exclusions from multiple providers; premium calculators for estimating costs based on age, health status, and coverage needs; and transparency on claim settlement ratios, which indicate the percentage of claims paid out by insurers to build trust in the selection process.

Additional Financial Products

In addition to its core insurance aggregation services, Policybazaar, as part of PB Fintech Limited, integrates with its sister platform to offer a range of non-insurance financial products, enabling users to compare and access loans, investments, and related tools through a unified . This integration allows seamless navigation between insurance and lending options, broadening the platform's scope to address diverse financial needs. Through Paisabazaar, users can compare and apply for various loans from leading banks such as State Bank of India (SBI) and Axis Bank, including personal loans with interest rates starting at 9.98% p.a. (as of November 2025) and amounts up to ₹40 lakh, home loans tailored for property purchases, and education loans supporting higher studies. For instance, Axis Bank's education loan products cover up to ₹75 lakh for domestic studies without collateral, while SBI's Global ED-Vantage scheme extends up to ₹1.5 crore for foreign education, featuring flexible repayment options and tax benefits under Section 80E of the Income Tax Act. These loan services emphasize digital application processes with minimal documentation and instant approval eligibility checks based on credit scores. On the investment front, Policybazaar facilitates comparisons and investments in mutual funds and fixed deposits (FDs) through partnerships with companies and banks, allowing users to explore options like systematic investment plans (SIPs) and instruments for diversified portfolios. Mutual funds are presented with details on (NAV), historical returns, and risk profiles, enabling informed selections across equity, , and hybrid categories, while FD comparisons highlight interest rates from institutions like SBI and , often yielding 6-8% annually depending on tenure (as of November 2025). These offerings are supported by online calculators for SIP returns and investment growth projections, promoting long-term wealth building without direct advisory fees. Emerging services include recommendations via , where users can compare over 60 cards based on rewards, cashback, and eligibility, alongside calculators for personal, home, and car loans to estimate monthly outflows. In September 2025, launched a digital suite under its investment offerings, introducing instruments like corporate bonds with returns up to 13.25% and FDs from multiple providers, aimed at retail investors seeking secure, high-yield alternatives amid market volatility. This expansion enhances the platform's access through a seamless app-based interface, without requiring physical branch visits. User tools further support holistic financial planning, with Policybazaar's and Paisabazaar's calculators linking assessments to simulations, such as using surrender values as collateral for or integrating projections with fund growth estimates. These features, powered by algorithmic personalization, help users visualize combined scenarios—like pairing a home with SIPs—for comprehensive advice on budgeting and goal achievement.

Funding and Financial Performance

Venture Capital Rounds

Policybazaar has raised a total of approximately $443 million in funding across 11 rounds from 2008 to 2021. The company's early funding included a round in 2008 of approximately $6.9 million (₹30 crore) from , which supported initial platform development. Key investors featured SoftBank Vision Fund, which led multiple infusions, including a landmark $200 million Series F round in June 2018 that propelled Policybazaar to unicorn status with a valuation exceeding $1 billion. Other prominent backers were True North Ventures, participating in the 2017 Series E, and Steadview Capital, which joined the 2015 Series D. Among notable pre-IPO rounds, the Series E raised $77 million in October 2017, led by and , to fuel operational expansion and . The subsequent Series F in 2018, beyond achieving valuation, allocated funds toward platform scaling, aggressive marketing campaigns, and technological enhancements for improved user interfaces and data analytics capabilities. These investments significantly impacted growth by enabling nationwide expansion, product diversification into and term insurance, and international forays, ultimately positioning Policybazaar as India's leading online aggregator ahead of its 2021 IPO.

IPO and Post-IPO Developments

PB Fintech Limited, the parent entity of Policybazaar, launched its (IPO) on November 1, 2021, and it concluded on November 3, 2021. The IPO was priced in a band of ₹940 to ₹980 per equity share, with a total issue size of ₹5,709.71 , including a fresh issue of ₹1,000 and an offer for sale aggregating ₹4,709.71 . The shares listed on the National Stock Exchange (NSE) and (BSE) on November 15, 2021, opening at a 17% premium to the upper end of the price band, valuing the company at approximately $7.5 billion on debut. Following the listing, PB Fintech's exhibited notable volatility, surging initially before declining sharply to trade below the IPO price by mid-2022 amid broader market pressures and scrutiny over sustained losses. The share price later rebounded, supported by operational improvements, reaching a 52-week high of ₹2,247 in early 2025, bolstered by the positive market reaction to the strong Q3 FY25 results announced on January 21, 2025, and stabilizing around ₹1,780 by November 2025. This performance reflected a of approximately ₹82,000 (about $9.8 billion) as of early November 2025. PB Fintech announced its financial results for Q2 FY25 (quarter ended September 2024), reporting revenue from operations of ₹1,175 crore (up 30% YoY) and net profit of ₹133 crore (up 66% YoY). The company saw strong growth in the insurance and lending segments. On January 21, 2025, PB Fintech announced its financial results for Q3 FY25 (quarter ended December 2024). The company reported consolidated revenue from operations of ₹1,178 crore, up 29% YoY from ₹912 crore, consolidated net profit of ₹133 crore, up 89% YoY from ₹70 crore, and EBITDA of ₹198 crore. Premium growth was strong in core segments, with health insurance up 36% YoY and life insurance up 25% YoY, alongside growth in the lending vertical. These results demonstrated sustained profitability driven by improved operating leverage. The company marked a key milestone by achieving consolidated profitability in FY2024 (ended March 31, 2024), posting a net profit of ₹64 compared to a net loss of ₹488 in FY2023. This turnaround was bolstered by a year-over-year operating increase to ₹3,438 , driven by higher premiums and efficiency gains in broking operations. Profitability strengthened further in FY2025, with net profit rising to ₹353 on of ₹5,761 . In Q2 FY2026 (ended September 30, 2025), PB Fintech reported operating of ₹1,614 (up 38% YoY) and net profit of ₹135 . In 2025, however, the dipped 2.5% following a ₹5 penalty from the Insurance Regulatory and Development Authority of India (IRDAI) for violations including non-compliance with directorship norms and lapses during an inspection. Post-IPO, PB Fintech pivoted toward sustainable growth and profitability, markedly reducing its cash burn rate from highs exceeding ₹300 in annual losses during FY2022. This strategic emphasis involved optimizing marketing spend, improving customer acquisition costs, and enhancing unit in insurance and lending segments, which contributed to positive adjusted EBITDA margins by FY2024.

Controversies and Regulatory Actions

Customer Complaints and Mis-selling

Customers have frequently reported issues with Policybazaar's sales practices, including of policy terms and aggressive through persistent telephone calls. For instance, agents have been accused of promoting products as "top-ranked" without adequate justification or disclosing material information, leading to customers purchasing policies that do not match the described benefits. These complaints often involve cases where plans were pitched as high-return investments, resulting in unsuitable recommendations that prioritize commissions over customer needs. The scale of such grievances has been notable, with mis-selling emerging as a major driver of disputes in the sector, where complaints rose 11.2% year-over-year in the first half of 2025, amid a broader surge of over 2 grievances registered with IRDAI in 2023-24. For Policybazaar specifically, sales have drawn scrutiny for inadequate verification processes, contributing to thousands of annual complaints via forums, particularly peaking during the 2020-2022 when claim-related issues amplified dissatisfaction. In response, Policybazaar maintains dedicated portals and toll-free helplines for new policies (1800-208-8787), existing policies (1800-258-5970), and claims (1800-258-5881), aiming to resolve issues promptly. The company has also implemented a policy of recording all advisor calls to enhance transparency and address allegations of misleading communications.

IRDAI Violations and Penalties

In 2019, the of (IRDAI) issued a stern warning to Policybazaar for airing misleading advertisements related to on television, which exaggerated coverage claims and violated advertising norms. As part of the same regulatory action, IRDAI imposed a penalty of Rs 1.11 on the company for broader compliance failures, including improper practices, and mandated corrective measures to enhance adherence to insurance regulations. A remote inspection conducted by IRDAI in June 2020 uncovered significant operational lapses at Policybazaar, including delays in remitting collected insurance premiums to insurers—often exceeding 30 days in examined cases—and improper tagging of policies that misled consumers on product details. These findings, documented under Section 64VB of the Insurance Act, highlighted risks to policyholder funds and prompted ongoing regulatory scrutiny without immediate penalties at the time. Compliance improvements were directed, but the issues persisted in subsequent reviews. In August 2025, IRDAI levied a Rs 5 penalty on Policybazaar Insurance Brokers Pvt. Ltd., its current entity, under Section 102 of the Act, stemming directly from the 2020 inspection. The violations encompassed biased product promotions—such as unjustified "top" rankings favoring certain insurers—lapses in agreements without prior approval, and misleading advertisements that distorted benefits. Of the total fine, Rs 1 was specifically allocated to the delayed premium remittances issue. No suspension of business operations was imposed, allowing Policybazaar to continue services uninterrupted. The 2025 penalty announcement led to an immediate market reaction, with shares of PB Fintech Ltd., Policybazaar's parent company, declining by about 3% on the National Stock Exchange. Policybazaar issued a statement affirming that the fine would not disrupt its operations or customer services, emphasizing ongoing efforts to strengthen compliance frameworks. These regulatory actions underscore IRDAI's focus on , distinct from broader customer mis-selling concerns.

References

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