- Here’s a comprehensive look at PolicyBazaar Insurance Brokers (part of PB Fintech Ltd.)—its origins, growth, offerings, financials, controversies, and how its insurance services work.
🏛 Company Overview & History:
Founded: June 2008 in Gurugram (formerly Gurgaon), India, by Yashish Dahiya, Alok Bansal & Avaneesh Nirjar to bring transparency to insurance .
Evolution:
Initially a comparison and information portal, listing multiple policies to simplify consumer choices.
Launched mobile apps in 2015 to boost accessibility .
In February 2020, Sarbvir Singh became CEO, with Dahiya becoming Group CEO .
Acquired insurance brokerage license in June 2021, moving from web aggregator to composite broker offline with regulators’ approval .
Parent and Listing:
Operates under PB Fintech Ltd., also owning Paisabazaar.
Backed early by Info Edge and Intel Capital; became a unicorn in June 2018 after raising $200M led by SoftBank Vision Fund .
Tencent later acquired a ~10% stake at a valuation of $1.5 B .
IPO launched November 2021 on NSE and BSE .
📈 Financial Performance & Market Presence
Scale & Reach:
Over 77 million registered users, 16.6 million unique buyers, and 42 million policies sold since 2008 (as of FY2024) .
Claims ~93% market share in digital insurance distribution (per Frost & Sullivan, FY22) .
Handles ~25% of India’s life insurance and 7% of retail health insurance .
Recent Financials:
Q4 FY25 (Mar 2025): Consolidated net profit ₹171 crore, up 185% YoY; revenue ₹1,508 crore (+38%) .
FY25 annual: Net profit ₹353 crore (+448% YoY); profit margin grew from 2% to 7% .
Earlier trending profitability: Q1 FY24 profit ₹602 million, with 52% growth in insurance broking and 62% in new premiums .
🛠 Products & Services
PolicyBazaar offers a broad range of insurance lines via its platform:
Retail:
Term & life insurance
Health and critical-illness plans
Motor (car, bike) insurance with self-inspection and garage locators
Travel insurance
Corporate:
Through “Policybazaar for Business” (since 2023), offering tailored business insurance lines; ~30k+ corporate clients and 40% revenue growth in this vertical within a year .
Value‑adds:
App features: premium calculator, hospital/garage locator, instant renewals, claims assistance, self-inspection video tools .
AI chatbot “PBee,” guided by Amazon Polly TTS tech .
Integrates telemedicine (“DocPrime”) alongside insurance .
These services are provided at no extra cost to consumers—PolicyBazaar earns via commissions, lead generation, and ad revenue, now superseded by direct policy sales .
⚠ Regulatory & Controversial Episodes
Trademark dispute (2019): Filed suit vs. Acko and Coverfox over name infringement; fined ₹10 lakh .
IRDAI penalty (May 2021): ₹24 lakh fine for misusing SMS advertising .
Data breach (July 2022): Over 50 million users’ data exposed through a backdoor vulnerability .
GST raid (Jan 13, 2025): Gurugram office searched; company cooperated and reported no financial loss .
Defamation notice (Dec 2023): Sent to insurance review platform Beshak over critical posts .
Customer complaints: Reddit users report issues like mis-selling, premium deduction without payment, cancellation delays .
🧾 How It Works
- Aggregator + Broker:
Web aggregation lets users compare plans from 40+ insurers and buy online.
Post-2021 brokerage license, it also offers offline advisory and claim support as a composite broker .
- User Journey:
Compare quotes and coverage via app or site.
Buy via PolicyBazaar (digital or offline assistance).
Manage policy in “My Account”—renew, download docs, raise claim tickets, initiate cancellations.
- Revenue Model: No fees to customers; monetization via insurer commissions, lead-gen, advertising, and upsells.
✅ Summary
Aspect Highlights
Leadership Market leader in India; listing via PB Fintech.
Product range Life, health, motor, travel, corporate; plus tech-enabled support
Financials Profitable as of FY24–FY25; total annual profit ₹353 cr in FY25.
Regulatory Holds composite broker license; faced occasional fines/data issues.
User risks Reports of mis-selling and poor post-sale service — exercise due diligence.
🔍 Recommendations for Consumers
Read policy documents thoroughly—don’t rely solely on verbal claims.
Use app features to track premium payments and set renewal reminders.
For unresolved issues, escalate to IRDAI or legal forums as needed.
At the time of purchase, clarify cancellation/reset processes.
In a nutshell: PolicyBazaar has transformed India’s insurance landscape—bringing transparency, tech innovation, and accessibility. It’s a market powerhouse with strong financials and a wide product suite. But while its scale and tools are impressive, some consumers have reported service gaps, so stay alert and proactive when dealing with policies.
- Let me know if you’d like details on a specific policy type or how to compare plans effectively.