PolicyBazaar is an online aggregator of Insurance policies allowing one to search for and compare insurance policies offered by different insurers and buy the right policy according to his/her needs.
While, one may buy an insurance policy offered by any Insurer from the PolicyBazaar.com portal, no fees are charged from the users for accessing the services offered on the Portal.
This brings us to the question how does PolicyBazaar make money?
In this post we shall discuss the revenue model of the PolicyBazaar.com portal.
Revenue Model of PolicyBazaar:
PolicyBazaar is an IRDA registered insurance web aggregator – licensed under the IRDAI’s Insurance Self Networking Platform (ISNP) regulations.
Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous body set up the Government of India with the mission to protect the interests of policyholders and to regulate and develop the insurance industry in India.
You can consider the PolicyBazaar portal as an e-commerce website set up exclusively with the purpose of selling insurance policies offered by different Insurers registered in India.
Towards this end, the PolicyBazaar portal partners with various Insurers registered in India to make their policies available for sale on the PolicyBazaar Portal.
PolicyBazaar makes money by earning a commission from the Insurers from the sale of Insurance policies made through the PolicyBazaar Portal.
As an aggregator of Insurance policies, PolicyBazaar offers users an intuitive platform which allows them to compare insurance policies offered by different insurers online and buy the policy (directly from the platform) best suited to their needs. And, on each sale of an insurance policy made through the portal, PolicyBazaar earns a commission from the concerned insurer.
Thus, the revenue model of the PolicyBazaar Website is based on earning a commission from the Insurers based on Insurance policies sold through the PolicyBazaar portal (Commission Model).
Hope you liked our presentation on the revenue model of the PolicyBazaar website.
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