PB Fintech’s wholly-owned subsidiary, Policybazaar Insurance Brokers (Policybazaar), has received in-principle approval 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.
As per the exchange filing, “The Insurance Regulatory and Development Authority of India (Irdai) has granted in-principle approval to Policybazaar Insurance Brokers Private Limited (Policybazaar), a wholly-owned subsidiary of the company, for the upgrade of its license from direct insurance broker (Life and General) to composite insurance broker.”
The company further added that this approval would allow them to enhance insurance penetration in the country by bringing more technology, process control, and data analytics-based innovation into re-insurance capacity.
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Recently, during the post-earnings analyst meet, the management spoke about waiting for updates on the reinsurance brokerage application.
The management said, “We have quite an interesting business mix and lots of strategic things that we need to keep managing. So yes, we continue to be active managers there, and we also continue to expand into new opportunities. I think you also know, we have things going on in terms of account aggregation. We are looking at the reinsurance brokerage. There, there are a few other things I’m not allowed to announce yet, because we haven’t announced them yet, but we haven’t acted on them, or we don’t have board approval yet. But we’re looking at, let’s say, payment aggregation service. We’re looking at lots of services.”
In the quarter ended December 31, 2023, PB Fintech posted its first-ever net profit of Rs 37.2 crore, as compared to a net loss of Rs 87 crore in Q3 FY23. Meanwhile, the revenue from operations grew 43 per cent year-on-year (YoY) to Rs 871 crore.
First Published: Feb 18 2024 | 4:10 PM IST