Policybazaar gets an upgrade. Here's what that means for India's insurance sector

Insurance regulator IRDAI has granted in-principle 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.

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 upgradation of license from direct insurance broker (Life and General) to composite insurance broker,” PB Fintech said in a stock exchange filing on Friday evening.

The upgraded licence will enable Policybazaar to offer a wider range of services, including risk management, selling reinsurance products, and maintaining claims data.

“This will allow us to deepen the insurance penetration in the country by bringing more technology, process control and data analytics based innovation into re-insurance capacity.”

PB Fintech last month reported its first-ever net profit of ₹37.2 crore for the quarter ended December 31, 2023. For the nine months ended December 31, 2023, PB Fintech reported a net profit of ₹4.2 crore. PB Fintech’s revenue from operations grew 43 per cent to ₹871 crore in the third quarter ended December 31, 2023.