Policybazaar has opened 15 offline retail stores across India, embarking on its insurance broking journey. The web aggregator aims to expand it to 100 locations.
The brick-and-mortar stores will serve as experience centres for customers and offer them the comfort of a local physical presence to help resolve any queries or service requests.
With these stores, customers will have access to Policybazaar's proprietary comparison engines that will help them choose the right insurance product, enhance their ability to compare multiple products, all underpinned by a seamless end-to-end technology in the insurance journey.
Recently, insurance regulator IRDAI approved the insurance broking licence proposal of the company and will undertake business including insurance aggregation under the broking umbrella.
With this development, the company surrendered its web aggregator licence to the Insurance Regulatory and Development Authority of India (IRDAI).
The company is rolling out comprehensive plans for various segment including fast-growing small and medium-sized enterprises (SMEs) to serve customers better by having an offline presence, Policybazaar.com said in a statement.
Commenting on the expansion, Yashish Dahiya, CEO, Policybazaar, said, "We could not have done justice to our objective of increasing India's insurance penetration levels with online channels alone. We are glad to be able to offer more products and our services with diversified insurance solutions to those more comfortable with physical meetings and offline stores."
To drive the business, the company has roped in former executive director of SBI Life Insurance Rajiv Gupta to lead its expansion plans in the offline space.