eTechAces, founded by Yashish Dahiya (INSEAD, IIM-A, IIT Delhi), Avaneesh Nirjar (BITs Ranchi) and Alok Bansal (IIM Kolkata) runs Insurance aggregator PolicyBazaar.com. Policybazaar allows users to compare insurance products, on the basis of their quality and their price, and allow customers to choose an insurance plan. Monetization is essentially via lead generation for insurance companies.
I’m not sure if PolicyBazaar will be able to offer insurance online, but they can also act as insurance agents and close such deals offline. The earnings from premiums in that case would be higher. From what I know, the insurance business is cyclic, and peaks at the end of the fiscal year, when consumers buy insurance in order to earn tax incentives. That season starts in January, and ends on 31st March.
Disclosure: I have an inconsequential number of shares of Info Edge India