InsuranceDekho Receives Green Light for Composite Insurance Broking Licence from IRDAI

The Insurance Regulatory and Development Authority of India (IRDAI) has given greenlight to insurance firm InsuranceDekho for its composite insurance broking licence.

This will allow the Gurguram-based company to offer reinsurance services to its clients beyond insurance booking as per media reports

Reportedly, the move would help the company gain an edge in its technology and data analytics, keeping its reinsurance business at competitive prices. It would also expand the company’s contribution and Ebtida Margin.

Reflecting on the development, InsuranceDekho’s Chief executive Ankit Agrawal reportedly stated, “Our goal is to leverage our technological prowess and deep industry expertise to bring enhanced value to our clients and partners. This approach not only improves the insurance landscape but also strengthens our market position,”

InsuranceDekho has been reportedly looking to apply for a composite license since October last year as per Economic Times.

With this InsuranceDekho would join competitors, PolicyBazaar with the latter receiving the nod for reinsurance broking business in February this year.

Read: Open "SearchGPT"- Will ChatGPT’s New Search Engine Give Google and Bing a Tough Fight?

Reinsurance is the system through which some amount of the risk on an insurer's books gets transferred to another insurance company.

InsuranceDekho sells insurance products to customers on its platform. Running an Insurance marketplace, it works through its agents offering insurance products across categories like motor, health, life, fire, marine etc.

The company backed by Goldman Sachs Asset Management and TVS Capital raised Rs 60 million in a funding round led by Japanese financial services major Mitsubishi UFJ Financial Group, Beams Fintech and others.

In the last financial year, InsurancDekho was able to gather Rs 3,300 crore in premium and is expecting to push this figure to Rs 5000 crore over the next one year.