The IRDAI has granted in-principle approval to Policybazaar Insurance Brokers to upgrade its direct insurance broking licence (serving both life and general insurance) to a composite insurance broking licence.
A composite insurance broker can also sell reinsurance products besides general and life insurance products, according to local media reports. Policybazaar’s scope of operations will become broader, including risk management and the maintenance of claims data, beyond its existing role as an insurance purchasing platform.
The new licence will allow Policybazaar to deepen insurance penetration in India by introducing innovation through technology, process control and data analytics in reinsurance capacity.
Policybazaar is a wholly-owned subsidiary of the listed PB Fintech that is engaged in providing integrated online marketing and IT consulting and support services largely for the financial services industry including insurance. PB Fintech revealed in a stock exchange statement that Policybazaar had received the in-principle approval from the IRDAI.
