LIC collaborates with PolicyBazaar for distribution
IPO-bound Life Insurance Corporation (LIC) has tied up with PolicyBazaar to offer products on the latter’s platform.
The two companies on Thursday entered into a partnership for distribution.
LIC, the largest life insurance company in the country, will for the first time sell its products on the aggregator platform following the tie-up.
PolicyBazaar, which started as an online aggregator, received the insurance regulator’s license to sell products as an insurance broker.
Speaking to TOI, Sajja Praveen Chowdary, business head, term life Insurance, PolicyBazaar, said that the company will initially sell policies offline. However, once the online integration is complete the products will be available online. “Online integration is going on between both the tech teams and will be completed soon for two products. That will be followed by all other products one by one,” said Chowdary.
Following the integration term insurance product will be part of the online offering in the near future.
Dinesh Bhagat, zonal head, LIC — north zone and Sarbvir Singh, CEO, PolicyBazaar were among those present along with regional managers J P S Bajaj, Pankaj Kumar Saxena, Kumar Kuntal and Dhruv Sarin, chief business officer, PolicyBazaar.
Commenting on the alliance, Sarbvir Singh said the Indian economy is diverse, and the one-size-fits approach does not apply to insurance needs as well. “With this alliance, our strategic objective is to expand our reach, especially in the smaller cities to ensure financial inclusion and social security. LIC has spearheaded the life insurance segment in the country and so this alliance will provide an amplified reach to people.”