IRDAI provides in-principle nod for Policybazaar to improve license, enter reinsurance promoting

PB Fintech on Friday stated that insurance coverage regulator IRDAI has granted in-principle approval to its wholly owned subsidiary Policybazaar Insurance coverage Brokers (Policybazaar) to improve its license from a direct insurance coverage dealer (Life and Normal) to a composite insurance coverage dealer.

• Additionally learn: Policybazaar father or mother PB Fintech turns worthwhile, reviews Q3 internet revenue of ₹37 crore

This approval is predicted to pave the best way for Policybazaar to promote reinsurance merchandise moreover being a pure play platform centered on insurance coverage shopping for. 

“Insurance coverage Regulatory and Growth Authority of India (IRDAI) has granted In-principle approval to Policybazaar Insurance coverage Brokers Personal Restricted (Policybazaar), an entirely owned subsidiary of the corporate for upgradation of license from direct insurance coverage dealer (Life and Normal) to composite insurance coverage dealer,” PB Fintech stated in a inventory trade submitting on Friday night.

“It will permit us to deepen the insurance coverage penetration within the nation by bringing extra know-how, course of management and information analytics based mostly innovation into re-insurance capability.”

• Additionally learn: PB Fintech makes additional funding of ₹350 crore in Policybazaar

PB Fintech had final month reported its first-ever internet revenue of ₹37.2 crore for the quarter ended December 31, 2023. For the 9 months ended December 31, 2023, PB Fintech reported a internet revenue of ₹4.2 crore.

PB Fintech’s income from operations grew 43 per cent to ₹871 crore within the third quarter ended December 31, 2023.