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The company is India's largest insurance aggregator, [6] and has expanded its operations to the United Arab Emirates. [7] [8] [9] Policybazaar is the flagship subsidiary of PB Fintech Ltd., which also owns the credit product aggregator Paisabazaar. [10]
Acko General Insurance was founded by Varun Dua, is the Chief Executive Officer. [7] As of 2018, Acko has raised ₹274 crore ($42 million) in funding from investors such as Amazon, Accel Partners, SAIF Partners, Catamaran Ventures.
Paisabazaar, co-founded by Yashish Dahiya , [6] [7] Alok Bansal, and Naveen Kukreja in Gurugram, Haryana in 2014, [8] [9] is owned by PB Fintech, the parent company of the insurance technology platform Policybazaar. In July 2018, the platform achieved an annualized loan disbursal rate of $1 billion.
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Third party insurance protects the policyholder against liability of death or bodily injury to third party up to HK$ 100 million (US$12.87 million) and/or damage to third party property up to HK$ 2 million (US$257,400.26) as a result of crash arising out of the use of the insured vehicle. [18]
The motor insurance policy is generally categorized into ‘act only’ and ‘comprehensive’ policies. [2] The former covers the death, physical injuries, or any damage to the property of the third party, the latter includes the coverage for the damage caused due to the external forces in addition to the third party damages.
The firm produces a range of insurance products, including motor, health, accident, engineering, liability, marine, property, travel and rural insurance for individuals and corporate insurance. The company achieved a Gross Written Premium of Rs. 13465 million in 2011 – 12. The company has 93 branches and over 6,000 agents across the country. [2]
Generally, there are two types of motor vehicle insurance policies. A document covering only the insurance liability for injury, property damage, death, etc., caused by the vehicle to a third party (commonly known as third-party liability or an Act liability insurance is a legal requirement).