PB Fintech’s wholly-owned subsidiary, Policybazaar Insurance coverage Brokers (Policybazaar), has obtained in-principle approval from the Insurance coverage Regulatory and Growth Authority of India (Irdai) to improve its license from a direct insurance coverage dealer to a composite insurance coverage dealer.
A composite insurance coverage dealer may also promote reinsurance merchandise moreover basic and life insurance coverage merchandise.
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As per the alternate submitting, “The Insurance coverage Regulatory and Growth Authority of India (Irdai) has granted in-principle approval to Policybazaar Insurance coverage Brokers Personal Restricted (Policybazaar), a wholly-owned subsidiary of the corporate, for the improve of its license from direct insurance coverage dealer (Life and Basic) to composite insurance coverage dealer.”
The corporate additional added that this approval would enable them to reinforce insurance coverage penetration within the nation by bringing extra know-how, course of management, and knowledge analytics-based innovation into re-insurance capability.
Lately, in the course of the post-earnings analyst meet, the administration spoke about ready for updates on the reinsurance brokerage software.
The administration stated, “We’ve got fairly an fascinating enterprise combine and plenty of strategic issues that we have to hold managing. So sure, we proceed to be energetic managers there, and we additionally proceed to broaden into new alternatives. I feel you additionally know, now we have issues occurring when it comes to account aggregation. We’re wanting on the reinsurance brokerage. There, there are just a few different issues I am not allowed to announce but, as a result of we’ve not introduced them but, however we’ve not acted on them, or we do not have board approval but. However we’re taking a look at, as an example, cost aggregation service. We’re taking a look at numerous companies.”
Within the quarter ended December 31, 2023, PB Fintech posted its first-ever web revenue of Rs 37.2 crore, as in comparison with a web lack of Rs 87 crore in Q3 FY23. In the meantime, the income from operations grew 43 per cent year-on-year (YoY) to Rs 871 crore.