Policybazaar on Friday said it has got approval from regulator Insurance Regulatory and Development Authority of India ( IRDAI) to undertake insurance broking, a development that will help the company augment business and expand bouquet of services.

The leading web aggregator will surrender its licence to IRDAI and undertake business including insurance aggregation under the broking umbrella.

"We received our licence to be a broker for which we have been in touch with the regulator for the last three years," PolicyBazaar.com. CEO Yashish Dahiya told PTI.

The broking licence will allow the company to venture into segments which it could not do in the past like claims assistance, offline services, and establish Points of Presence network.

From a revenue perspective, he said, "as a web aggregator we would be paid for life insurance renewals."

As a broker, he said, the company will be entitled to commission as well as the fee for web aggregation.

With the help of broking licence, he said, "we will be able to do claims settlement and many other things and we will use this opportunity very wisely."

Policybazaar has a market share of 25 per cent in the life insurance segment while 10 per cent in health insurance.

The parent company PB Fintech, which achieved the status of a unicorn in 2018, also promotes Paisabazaar.com, an online credit comparison portal.