Policybazaar to enter reinsurance business with upgraded licence
PB Fintech on Friday said that its wholly-owned subsidiary Policybazaar Insurance Brokers has been granted in-principle approval from the insurance regulator to upgrade its licence, allowing its entry into the reinsurance business.
According to PB Fintech, the approval will allow Policybazaar “to deepen the insurance penetration in the country” and bring “more technology, process control and data analytics based innovation into reinsurance capacity”.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisit“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,” said PB Fintech in a stock exchange filing on Friday evening.
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The upgradation of licence now allows Policybazaar to undertake a wider gamut of services such as risk management, selling reinsurance products and maintaining claims data, apart from just being a pure play insurance buying platform.
Last month, PB Fintech reported itsfirst ever net profit of Rs 37.2 crore for the third quarter ended December. Following the guidance provided in the previous quarters, the company also reported
