PBF's subsidiary now empowered for reinsurance product sales
ECONOMY & POLICY

PBF's subsidiary now empowered for reinsurance product sales

PB Fintech's wholly-owned subsidiary, Policybazaar Insurance Brokers (Policybazaar), has been granted approval by the Insurance Regulatory and Development Authority of India (Irdai) to upgrade its license from a direct insurance broker to a composite insurance broker.

According to an exchange filing, the Insurance Regulatory and Development Authority of India (Irdai) has given in-principle approval to Policybazaar Insurance Brokers (Policybazaar), a wholly-owned subsidiary of the company, for the upgrade of its license from a direct insurance broker (Life and General) to a composite insurance broker.

It was stated by the company that this approval will enable them to increase insurance penetration in the country by incorporating more technology, process control, and data analytics-based innovation into reinsurance capacity.

In a post-earnings analyst meeting, the management mentioned their anticipation for updates on the reinsurance brokerage application, saying, "We have an interesting business mix and various strategic aspects to manage. So, yes, we continue to be active managers and also continue to explore new opportunities. We are involved in account aggregation, and we are considering the reinsurance brokerage."

The updated license will permit Policybazaar to broaden its range of services into risk management, facilitate the sale of reinsurance products, and manage claims data.

For the December quarter, PB Fintech reported its first-ever net profit of Rs 370.2 million, compared to a net loss of Rs 870 million in Q3FY23. Meanwhile, revenue from operations increased by 43 per cent year-on-year (Y-o-Y) to Rs 8.71 billion.

PB Fintech's wholly-owned subsidiary, Policybazaar Insurance Brokers (Policybazaar), has been granted approval by the Insurance Regulatory and Development Authority of India (Irdai) to upgrade its license from a direct insurance broker to a composite insurance broker. According to an exchange filing, the Insurance Regulatory and Development Authority of India (Irdai) has given in-principle approval to Policybazaar Insurance Brokers (Policybazaar), a wholly-owned subsidiary of the company, for the upgrade of its license from a direct insurance broker (Life and General) to a composite insurance broker. It was stated by the company that this approval will enable them to increase insurance penetration in the country by incorporating more technology, process control, and data analytics-based innovation into reinsurance capacity. In a post-earnings analyst meeting, the management mentioned their anticipation for updates on the reinsurance brokerage application, saying, We have an interesting business mix and various strategic aspects to manage. So, yes, we continue to be active managers and also continue to explore new opportunities. We are involved in account aggregation, and we are considering the reinsurance brokerage. The updated license will permit Policybazaar to broaden its range of services into risk management, facilitate the sale of reinsurance products, and manage claims data. For the December quarter, PB Fintech reported its first-ever net profit of Rs 370.2 million, compared to a net loss of Rs 870 million in Q3FY23. Meanwhile, revenue from operations increased by 43 per cent year-on-year (Y-o-Y) to Rs 8.71 billion.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code