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India’s Policybazaar, a subsidiary of PB Fintech, has obtained authorisation from the Insurance coverage Regulatory and Growth Authority of India (IRDAI) to function as a composite insurance coverage dealer.
This improve from a direct insurance coverage dealer will permit the corporate to supply reinsurance merchandise along with its current normal and life insurance coverage providers.
In a inventory change submitting, PB Fintech stated: “Insurance coverage Regulatory and Growth Authority of India (IRDAI) vide its letter no. IRDA/COR 742/2024 dated 16 February 2024, has granted in-principle approval to Policybazaar Insurance coverage Brokers, a completely owned subsidiary of the corporate for upgradation of license from direct insurance coverage dealer (life & normal) to composite insurance coverage dealer below IRDAI (Insurance coverage Brokers) Laws, 2018.”
The corporate believes that this approval is a major step in the direction of rising insurance coverage penetration in India.
It plans to leverage know-how, course of management and information analytics to deliver innovation to the reinsurance sector.
The brand new licence will allow Policybazaar to broaden its providers to incorporate danger administration, the association of reinsurance product gross sales and the upkeep of claims information.
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By GlobalData
Within the monetary replace for the December quarter, PB Fintech reported its first web revenue of Rs372m, a considerable enchancment from a web lack of Rs870m within the earlier quarter. The corporate’s income from operations noticed a progress of 43% year-on-year, reaching Rs8.71bn.
In associated information, Japanese know-how investor SoftBank totally divested its stake in PB Fintech.
In keeping with the Financial Occasions, SoftBank offered its remaining shares in a transaction in mid-December, netting roughly Rs914m.
Total, SoftBank realised returns of round $650m from its funding within the Gurugram-based insurance coverage aggregator, culminating in earnings of roughly $450m.
In November 2023, stories emerged that PB Fintech invested Rs3.2bn in Policybazaar to bolster its total monetary well being.
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