With the upgraded license, Policybazaar will have the authority to expand its service offerings in the insurance sector. This includes providing a broader range of services such as risk management, selling reinsurance products, and managing claims data.
The Insurance Regulatory and Development Authority of India (IRDAI) has given preliminary approval to PB Fintech’s Policybazaar Insurance Brokers (Policybazaar) to upgrade its license from a direct insurance broker (Life and General) to a composite insurance broker.
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 PB Fintech, for the upgradation of its license from a direct insurance broker (Life and General) to a composite insurance broker. This move signifies a significant development in Policybazaar’s capabilities and will allow it to offer a wider range of services in the insurance sector.
With the upgraded license, Policybazaar will be empowered to expand its offerings in the insurance sector. This includes providing services such as risk management, selling reinsurance products, and maintaining claims data.
The broader scope of operations will enhance Policybazaar’s ability to cater to a wider range of customer needs and strengthen its position in the insurance market.
The approval for the upgraded license represents a significant opportunity for Policybazaar to contribute to increasing insurance penetration in India. By leveraging technology, implementing robust processes, and utilizing data analytics, Policybazaar aims to innovate in areas such as reinsurance capacity.
This strategic approach will not only enhance Policybazaar’s competitiveness but also drive growth and efficiency in the insurance sector, ultimately benefiting consumers and the industry as a whole.
PB Fintech, the parent company of Policybazaar, achieved a significant milestone by reporting its first-ever net profit of ₹37.2 crore for the quarter ending December 31, 2023. Additionally, for the nine-month period ending December 31, 2023, PB Fintech recorded a net profit of ₹4.2 crore. This positive financial performance was supported by a robust growth in revenue from operations, which surged by 43 per cent to reach ₹871 crore in the third quarter of the fiscal year. These results indicate the company’s strong momentum and its ability to capitalize on opportunities in the insurance sector.
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