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With the new IRDAI license, Policybazaar eyes re-insurance market

The Arc Web

The Arc Web · 1y ago

With the new IRDAI license, Policybazaar eyes re-insurance market

PB Fintech, the parent company of Policybazaar and Paisabazaar, has obtained a Composite Insurance Broker license from the IRDAI. This new license will allow PB Fintech to enter the re-insurance broking market and introduce technology-driven innovations. Reinsurance broking offers a highly profitable business model with lower capital requirements. PB Fintech reported a net profit of Rs 4 crore for the nine months ending in December 2023, marking a substantial improvement from the previous year. The company's share price has risen, and investors have begun to realize profits.

Related News

With new licence, Policybazaar targets reinsurance market

The Arc Web

The Arc Web · 1y ago

With new licence, Policybazaar targets reinsurance market

PB Fintech, the parent company of Policybazaar and Paisabazaar, has obtained a composite insurance-broker license from IRDAI, allowing it to enter the reinsurance broking segment. This move will enable PB Fintech to provide reinsurance coverage, protecting insurers from customer claims. PB Fintech aims to introduce technology, process control, and data analytics-based innovation in the reinsurance capacity. The reinsurance sector is currently dominated by global giants such as Munich Re and Berkshire Hathaway. PB Fintech reported strong financial results for the nine months ending December 31, 2023, with revenues rising by 39% and a net profit of Rs 4 crore.

InsuranceDekho, Renewbuy in talks to merge in $1 billion deal

The Arc Web

The Arc Web · 10m ago

InsuranceDekho, Renewbuy in talks to merge in $1 billion deal

InsuranceDekho is set to merge with RenewBuy in a cash-and-stock deal, creating a combined entity valued at over $1 billion. This merger aims to compete with PolicyBazaar and Turtlemint, focusing on insurance distribution, especially in smaller towns. InsuranceDekho, which began as a distributor under CarDekho, now has extensive insurer partnerships and received a composite insurance broking license from IRDAI in July. The deal’s specifics are still under discussion.

IRDAI gives in-principle nod for Policybazaar to upgrade license, to enter reinsurance selling

IndianStartupNews

IndianStartupNews · 1y ago

IRDAI gives in-principle nod for Policybazaar to upgrade license, to enter reinsurance selling

The Insurance Regulatory and Development Authority of India (IRDAI) has given its in-principle approval to Policybazaar Insurance Brokers, allowing the company to transition from a direct insurance broker to a composite insurance broker. This upgrade expands Policybazaar's scope, enabling it to enter the reinsurance market and offer risk management and claims data maintenance services. The approval aims to enhance insurance penetration in India by leveraging technology, process control, and data analytics. Policybazaar reported a net profit of INR 37.2 crore for Q4 2023 and plans to potentially return capital to shareholders.

Startups in queue for insurance licence face stricter norms

Economic Times

Economic Times · 1y ago

Startups in queue for insurance licence face stricter norms

The Insurance Regulatory and Development Authority of India (Irdai) is taking a closer look at venture-funded startups seeking to become insurance companies. Following recent financial irregularities in new-economy firms, Irdai is implementing stricter guidelines for granting insurance licenses. It is expected that companies seeking a license will have to eliminate holding company structures and secure investor funding directly. The regulator also prefers applicants to have backing from a large domestic investor and for the promoter to have a substantial net worth. The move comes after 19 companies applied for an insurance manufacturing license by the end of 2023.

CASHe Buys Hyderabad-Based Centcart Insurance To Enter Insurance Broking Space

Inc42 · 1y ago

CASHe Buys Hyderabad-Based Centcart Insurance To Enter Insurance Broking Space

CASHe has acquired Centcart Insurance Broking Services, a Hyderabad-based firm, enabling them to enter the insurance broking arena. With an IRDAI-approved license, CASHe can now sell insurance products from all Indian insurers, targeting its existing 50 million users, particularly in rural and semi-urban markets. This move comes after CASHe's expansion into wealth management in 2022, with expectations that the Indian insurance market will reach $200 billion by 2027.

LIC plans to buy a private health insurance company

Livemint

Livemint · 1y ago

LIC plans to buy a private health insurance company

Life Insurance Corp. of India (LIC) is planning to acquire a private standalone health insurance company in order to establish a presence in India's growing health insurance market. LIC, which currently holds over 61.5% market share in life insurance, aims to secure a composite license from the Insurance Regulatory and Development Authority of India (Irdai) to sell both life and non-life policies. The acquisition will allow LIC to leverage its extensive network and agency force to sell health insurance products. The move aligns with Irdai's vision of "Insurance for All by 2047".

Kenko Health Founder Alleges IRDAI Red Tape To Blame For Shutdown

Inc42 · 9m ago

Kenko Health Founder Alleges IRDAI Red Tape To Blame For Shutdown

Kenko Health's cofounder, Aniruddha Sen, has accused regulatory hurdles at the Insurance Regulatory and Development Authority of India (IRDAI) as the reason behind the startup's failure. According to Sen, the company was made to go through a lengthy and fruitless process to obtain an insurance license from IRDAI. In addition, he hinted at involvement from an undisclosed Indian family office that contributed to Kenko Health's downfall. No further details regarding this claim were provided.

Insurtech startup BimaKavach gets IRDAI licence for corporate insurance

Economic Times

Economic Times · 1y ago

Insurtech startup BimaKavach gets IRDAI licence for corporate insurance

Insurtech startup BimaKavach has been granted a direct insurance broking license by the Insurance Regulatory and Development Authority of India (IRDAI). This license will allow BimaKavach to expand its insurance offerings for businesses, particularly small and medium enterprises. The startup aims to collect Rs 100 crore in gross written premiums by the fiscal year 2024-25. BimaKavach currently offers 18 insurance products ranging from liability to group health insurance. The company plans to focus on eliminating misselling and providing appropriate coverage at competitive prices.

Insurance regulator IRDAI forms committee to vet licence applications

Economic Times

Economic Times · 1m ago

Insurance regulator IRDAI forms committee to vet licence applications

In the absence of its chairman, the Insurance Regulatory and Development Authority of India (IRDAI) has formed a committee to review license applications from two prospective general insurers. These proposals include ventures backed by the M Pallonji Group and WestBridge Capital's Kiwi General Insurance. The panel, which consists of IRDAI's senior members, aims to examine the eligibility of both applicants as delays have occurred in authorizing new insurance licenses since the superannuation of previous chairman Debasish Panda.

Policybazaar to enter reinsurance business with upgraded licence

Economic Times

Economic Times · 1y ago

Policybazaar to enter reinsurance business with upgraded licence

PB Fintech's subsidiary, Policybazaar Insurance Brokers, has received in-principle approval from the insurance regulator to upgrade its license, enabling it to enter the reinsurance business. The approval will allow Policybazaar to expand its services and bring in more technology and data analytics-based innovation into reinsurance capacity. The company aims to deepen insurance penetration in India and enhance its offerings beyond the role of a pure insurance buying platform. PB Fintech recently reported its first-ever net profit and plans to return capital to shareholders.

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