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PB Fintech’s wholly-owned subsidiary, Policybazaar Insurance Brokers (Policybazaar), has received the nod from the Insurance Regulatory and Development Authority of India (Irdai) to upgrade its license from a direct insurance broker to a composite insurance broker.
A composite insurance broker can also sell reinsurance products besides general and life insurance products.
“Insurance Regulatory and Development Authority of India (Irdai) has granted the in-principle approval to Policybazaar Insurance Brokers Private Limited (Policybazaar), a wholly-owned subsidiary of the company for the upgradation of license from direct insurance broker (Life and General) to the composite insurance broker,” the exchange filing said.
The company added that the approval will allow them to enhance insurance penetration in the country by bringing more technology, process control, and data analytics-based innovation into reinsurance capacity.
During the post-earnings analyst meeting, the management spoke about waiting for updates on the reinsurance brokerage application.
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“We have, quite an interesting business mix and a lot of strategic things that we need to keep managing. So yes, we continue to be active managers and also continue to expand into new opportunities. I think you also know that we have things going on in terms of account aggregation. We are looking at the reinsurance brokerage,” the management said.
The updated license will allow Policybazaar to expand its range of services into risk management, arranging the sale of reinsurance products, and maintenance of claims data.
For the December quarter, PB Fintech posted its first-ever net profit of Rs 37.2 crore as compared to a net loss of Rs 87 crore in Q3FY23. Meanwhile, the revenue from operations grew 43 per cent year-on-year (Y-o-Y) to Rs 871 crore.
