Online insurance company PolicyBazaar.com has raised $20 million (₹119 crore) in a Series C round of funding from existing investors. The capital is expected to be utilised to further strengthen the portal’s technology and place increased emphasis on brand awareness. The company’s existing investors did not participate in the current round.

The future plans of PolicyBazaar.com are directed towards consolidation of its position in the digital space and enable customers to make informed investment decision.

Yashish Dahiya, CEO, PolicyBazaar.com said, “This development re-instates our core belief that both the consumers and industry will benefit equally through online comparison and retail of financial products such as insurance. We will be infusing this capital to ramp up our technology and work towards enhanced customer experience, seamless platforms and an extensive range of product offerings. We have grown 28 times in the past three years and will aim to grow 10X in the coming three years and take our premium collection figures to ₹2,000 by 2017-18. We will also use this investment to focus on increasing the awareness levels of our services and brand to educate customers on the advantages of comparing insurance products before making any purchase decision.”

The digital platform has worked well for the aggregation space; in India travel Web sites have capitalised the comparison space extremely well, and internationally UK is a strong example of the values that the aggregation platform brings. Insurance and financial services aggregation is powerful in the UK where the sector growth is driven by aggregators and not the insurance companies.

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