India-based online insurance marketplace PolicyBazaar has raised $75 million to fund its UAE and Middle East expansion plans. This investment is the largest financing round in the online insurance space within the entire UAE region.
The funding was led by Falcon Edge Capital, a US-based diversified global alternative asset management firm that offers a variety of investment products that cover several asset classes, themes, and geographies.
According to the company, it hopes to bring the same transformation and revolution to the online insurance sector in the UAE area through this investment, based on the tremendous success of digitizing the insurance eco-system in India. The brand also intends to extend its presence within the UAE and other Middle Eastern countries in the next 18 to 24 months.
Yashish Dahiya, Co-founder & Group CEO, PolicyBazaar.com said, “As a brand, we are scratching the surface of how powerful online insurance and lending business can be when it is combined with advanced technology. PolicyBazaar.ae’s offerings are well-timed with the rapidly increasing demand for digital solutions in the insurance and financial lending sector.
“We are focused on opportunities to build and leverage affordable and sustainable insurance products. In essence, the brand is committed to building motor, health, and life insurance product categories in the UAE region. So far, we have sold sum assured worth $100 million through our term life insurance products and we intend to scale this figure to $1 billion in the next 12 – 18 months. In the coming months, we aim to create efficient solutions to address the dearth of customized life insurance products to help customers get adequate financial protection against Death, Disease and Disability.”
Navroz Udwadia, Co-founder of Falcon Edge Capital commented, “We believe the playbook [PolicyBazaar] has established over the last 10 years in being the most efficient sales channel for insurance manufacturers can act as a catalyst to gain market leadership in the GCC.”
Founded in 2008, PolicyBazaar is an insurance aggregator and a global financial technology company based in Gurgaon, India. It allows users to purchase life and general insurance through digital platforms such as website and app. Further, the users can also compare financial services from the major insurance companies.