www.PolicyBazaar.com got funding from Info Edge

In a Press Note issued from the company, Info Edge, Ambarish Raghuvanshi, CFO and Director, Info Edge (India) ltd. said, “eTechAces has a great management team and a differentiated approach to distributing financial products online, by empowering the customer to enable comparison of available options and make an informed data-driven decision.

ETechAces? is founded by Yashish Dahiya who is also the CEO of the company, Alok Bansal and Avaneesh Nirjar who act as the CFO and COO of the firm respectively. Yashish in his past avatar was the CEO of www.FirstEuropa.com , an Insurance Online Portal Company headquartered at UK.

Interestingly, PolicyBazaar.com in not into Insurance Broking yet. Lead generation which may not be the best business model for Indian context where per lead is only Rs 15 to Rs 25/- where as in Western World per lead could earn the marketing company over USD 50/- based on the quality of the Application and the Risk sourced. Without Broking License granted by the regulator IRDA, PolicyBazaar.com cant provide Online shopping and thus may not be able to compete with the market leader www.InsuranceMall.in .

Mr Mahavir Chopra – CEO, Bonsai Insurance Broking (InsuranceMall.in) reacted “it is a great omen for Insurance Broking and Distributing companies in India as this funding will attract more VC’s or Strategic Investors for leading players like www.InsuranceMall.in / www.bimaonline.com / www.bimadeals.com etc. Insurance in India is over USD 20.00 billion market with less than 10% Indian asset or population being insured. So Sky is the limit and more professionals / companies are required".