PolicyBazaar

What PolicyBazaar does

PolicyBazaar is India's largest IRDAI-approved digital insurance aggregator (Composite Broker Registration No. 742), operating as a wholly-owned subsidiary of publicly listed PB Fintech Limited (NSE: PBFFIN). Founded in 2008 and headquartered in Gurugram, the company runs a self-serve platform (policybazaar.com plus mobile apps) that enables consumers to compare and purchase insurance products from 51+ partnered insurers across term life, health, motor, travel, home, investment, and commercial lines. As of FY26 the platform has served over 9 million transacting customers, with reported above-90% renewal rates for protection products and ₹29,934 crore of total premium facilitated (up 42% year-on-year).

The platform's core technology combines AI-assisted pricing and quote engines, comparative product logic, and an end-to-end claims support stack that includes proprietary assets such as the Health Claims Experience (HCX™) Index, AI-driven fraud and deepfake detection (notably for the enterprise arm), and the Assured Delivery Program for motor claims. Distribution is multi-modal — owned digital self-serve, advisor-assisted inside sales across 110+ cities, a 450,000+ agent partner network (PB Partners), the corporate Policybazaar for Business (PBFB) channel, and international operations via GIFT City (NRIs in 35+ countries) and a UAE subsidiary (Genesis Group/Paisabazaar.ae). Sub-brands extend the ecosystem into adjacent verticals: Paisabazaar for credit distribution, Pensionbazaar for NPS products, and PB Health / PB Care+ / PB Wheels for post-sale servicing.

Revenue is generated almost entirely through affiliate/commission income from insurance carriers on policies sold through the platform, supplemented by Paisabazaar's lending distribution and a growing reinsurance franchise across Sri Lanka, Qatar, Oman, and the UAE. In FY26 the company reported operating revenue of approximately ₹6,794–7,166 crore and net profit of ₹670 crore (nearly doubled year-on-year), with adjusted EBITDA margin expanding to 13.6%. The business is asset-light and digitally scaled, with monetisation tied directly to premium volumes rather than policy pricing.

Name

PolicyBazaar

Legal name

Policybazaar Insurance Brokers Private Limited

Website

http://policybazaar.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

PolicyBazaar is India's largest IRDAI-approved digital insurance aggregator, operating a self-serve platform that enables consumers and businesses to compare and purchase policies from 51+ insurers across life, health, motor, travel, and commercial lines.

Ownership category

akta.pro rank

Product category

Insurance Brokerage and Distribution

NAICS

Insurance Agencies and Brokerages (524210), Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (52421), Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)

SIC

Insurance Agents, Brokers & Service (6411), Accident & Health Insurance (6321), Life Insurance (6311), Hospital & Medical Service Plans (6324)

akta.pro primary industry

Individual Health Insurance Brokerage & Distribution (FSAIAEAL)

akta.pro secondary industries

Self-Funded (ASO) Group Health Plans & Stop-Loss (FSAIAFAB), Mid-Market Commercial Package (Package Policies) (FSAJAFAB), Insurance Claims Intake & FNOL Support (BPAAAFAA), Claims, Disputes & Chargeback Support (BPAAABAH)

Keywords

• Insurance comparison platform
• Term life insurance
• Health insurance marketplace
• Motor insurance aggregator
• Insurance broker

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Marketing or Sales, Personnel, Technology or R&D, Operations

Revenue model

1. Insurance Distribution Commissions: PolicyBazaar earns commission income from insurance companies for every policy sold through its platform. As a composite insurance broker registered with IRDAI (Registration No. 742), it facilitates life insurance, health insurance, motor insurance, travel insurance, investment plans (ULIPs, pension plans), and other insurance products from 51+ partnered insurers.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

PolicyBazaar operates an IRDAI-approved digital insurance aggregation and brokerage platform that enables consumers and businesses to compare, purchase, and manage insurance policies from 51+ partnered insurers across life, health, motor, travel, home, investment, and commercial lines. Beyond distribution, the company offers an end-to-end claims and servicing ecosystem (PB Health, PB Care+, PB Wheels, Claim Samadhan Diwas) and supports customers via dedicated digital channels, advisor-assisted helplines, a 450,000+ agent network, GIFT City operations for NRIs, and UAE-based Genesis Group operations.

Product overview

PolicyBazaar is an IRDAI-approved insurance broker offering a digital marketplace platform enabling comparison and purchase of insurance products from 51 partnered insurers. The platform operates as a unified digital insurance distribution ecosystem comprising core insurance products (term life, health, motor, travel, home, investment plans), service add-ons (PB Health, PB Care+, PB Wheels for claims support), sub-brands (Paisabazaar for lending, Pensionbazaar for pension products, Policybazaar for Business for corporate insurance), and utility features (insurance calculators, claim filing, policy renewal). The company has expanded beyond pure distribution into a comprehensive claims and servicing ecosystem supporting customers throughout their insurance lifecycle.

Differentiator

Problem solved

Functional benefit

Brands

• PB Health: Healthcare subscription and wellness services for insurance customers
• PB Care+
• PB Wheels
• Pensionbazaar
• PB Partners
• Claim Samadhan Diwas
• Dedicated Claims Assistance Programme

Products and services

• Term Life Insurance Pure protection life insurance covering death benefit with affordable premiums, available in variants for different demographics including NRIs, women, housewives, senior citizens, and high net worth individuals.
• Health Insurance Comprehensive health coverage including family floater plans, senior citizen coverage, parental policies, maternity benefits, critical illness protection, and OPD coverage for individuals and families.
• Motor Insurance Vehicle insurance covering car, two-wheeler, electric vehicle, and commercial vehicle insurance, with features like zero depreciation cover, pay-as-you-drive options, and cashless claim support.
• Travel Insurance Coverage for domestic and international travel including Schengen visa insurance, protecting against trip cancellations, medical emergencies, baggage loss, and flight delays.
• Investment Plans Wealth creation and protection products including ULIPs, Guaranteed Return Plans, Child Plans, Pension Plans, and retirement solutions for long-term financial planning.
• Home Insurance Property protection covering structure, contents, and valuables like jewellery against risks including fire, theft, natural calamities, with affordable premiums often under ₹2,000 annually.
• Home Loan Insurance Term life insurance product linked to housing loans, designed to pay off outstanding loan balance if borrower dies during loan tenure, offering up to 72% cost savings compared to traditional bank-bundled offline covers.
• Group Health Insurance Corporate health insurance solutions for businesses covering employees and their families with customizable coverage options.
• Cyber Insurance Protection against online fraud, identity theft, and cyber threats for individuals and businesses with coverage for financial losses from digital incidents.
• Pet Insurance Coverage for pet owners against veterinary costs and liability arising from pet ownership.
• Pensionbazaar Pension distribution platform launched in partnership with PFRDA to drive National Pension Scheme adoption among India's working labour force.
• Policybazaar for Business Corporate insurance arm providing enterprise risk management solutions including cyber insurance partnerships, marine practice expertise, and other commercial lines for Indian businesses.

Quantifiable outcome

• Claims satisfaction score of 82.8/100 for India's health insurance industry, with cashless claims scoring 86.7 vs reimbursement claims at 73.7
• +4 more outcomes

Named customers1 record

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered minor and core.

• Samsung AdsminorGTM or Marketing Partner · 8 June 2026PolicyBazaar partnered with Samsung Ads to target incremental CTV audiences using advanced targeting based on screen size and content consumption patterns. The partnership enabled PolicyBazaar to reach exclusive CTV audiences (129 million CTV viewers in India) difficult to access through other channels, achieving improvements in key business metrics and brand recall.
• Pitch CMO Summit (Snap Inc., Google India, The TradeDesk, Channel Factory)minorGTM or Marketing Partner · 4 June 2026PolicyBazaar participated in the Pitch CMO Summit alongside executives from Snap Inc., Google India, The TradeDesk, and Channel Factory to discuss AI-driven personalization, brand building, and consumer engagement strategies in the digital landscape.
• Ageas Federal Life InsurancecoreChannel Partner/ Reseller/ Distributor · 29 May 2026Ageas Federal Life Insurance partnered with PolicyBazaar to distribute its life insurance products — including term insurance, savings plans, and ULIPs — through PolicyBazaar's digital platform. The collaboration aims to leverage PolicyBazaar's online customer base and data-driven distribution capabilities to reach digitally savvy consumers across India, strengthening AFLI's digital presence.
• Ageas Federal Life InsurancecoreChannel Partner/ Reseller/ Distributor · 28 May 2026Ageas Federal Life Insurance announced a digital distribution partnership with PolicyBazaar on Thursday. The alliance makes AFLI's suite of protection, savings, and wealth-creation products accessible, comparable, and purchasable online through PolicyBazaar's end-to-end customer journey, targeting India's rapidly growing digital-savvy consumers.
• Arete (Digital Forensics & Incident Response)coreStrategic or Co-development Partner · 26 May 2026Policybazaar for Business (PBFB) entered a strategic partnership with Arete to strengthen cyber risk solutions for Indian enterprises. The partnership combines insurance protection with real-time incident response capabilities under '2 AM readiness,' enabling businesses to respond to cyber incidents swiftly. Arete specializes in digital forensics and incident response.
• Tata AIA Life InsuranceminorStrategic or Co-development Partner · 9 April 2026PolicyBazaar and Tata AIA collaborated to launch the Shubh Flexi Pension plan, combining guaranteed income with market-linked growth for retirement planning. The plan offers flexible premium payments and links payouts to the NIFTY 50 index, targeting long-term income needs of Indian consumers.

Scale indicators25 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Coverfox Insurance: One of India's largest digital insurance aggregators, directly competing with PolicyBazaar in online comparison and purchase of life, health, and motor insurance. Operates a similar broker model with IRDAI registration and multi-insurer partnerships.
• InsuranceDekho: Indian digital insurance aggregator and broker (by RenewBuy / GHVPL) operating in motor, health, and life insurance comparison. Competes head-to-head with PolicyBazaar for the same digitally savvy Indian consumer segment, with a growing agent partner network.
• Acko General Insurance: India's leading digital-first direct-to-consumer insurer selling motor, health, and travel insurance online. Competes with PolicyBazaar both as a distribution channel partner (some products listed) and as a direct digital brand bypassing the broker model.
• Digit Insurance: India's prominent digital-first general and life insurer offering motor, health, travel, and commercial insurance through direct online channels. Direct competitor in the digital insurance space with growing brand recognition.
• Easypolicy: Indian online insurance comparison portal owned by secured lender DMI Finance. Offers life, health, and motor insurance comparison across multiple insurers, directly competing with PolicyBazaar in the aggregator space.
• RenewBuy: Indian online insurance aggregator (parent of InsuranceDekho) offering comparison and purchase of motor, health, and life insurance. Competes directly with PolicyBazaar across digital channels and through partner agent distribution.

Emerging players

• Turtlemint: Indian insurtech platform focused on insurance distribution through a PoS (point-of-sale) advisor network, particularly in Tier-2/3 cities. Competes with PolicyBazaar's PB Partners agent network and emerging rural/semi-urban expansion strategy.

Broad incumbents

• Lemonade: US-based digital-first insurance company using AI and behavioral economics for direct consumer insurance. While geographically separate, Lemonade serves as a comparable business model reference for AI-native digital insurance distribution versus traditional broker models.
• Bajaj Capital: Large Indian financial services distribution company offering insurance, mutual funds, loans, and fixed deposits. A traditional multi-product distributor that has also built digital channels, competing with PolicyBazaar's broader financial services ambitions.

Regional players

• GoCompare: UK-based insurance and financial services comparison platform (acquired by Future plc). Operates a similar aggregator model to PolicyBazaar but in the UK market, providing a comparable business model reference for international expansion benchmarking.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/policybazaar
• YouTubeyoutube.com/user/PolicybazaarIndia
• Facebookfacebook.com/Policybazaar
• LinkedInlinkedin.com/company/policybazaar

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries8 records

Funding overview

Funding rounds17 records

Investors37 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PolicyBazaar