Insurance marketplace InsuranceDekho has been granted a composite insurance broking license by the Insurance Regulatory and Development Authority of India (IRDAI). This license enables the platform to extend its services beyond insurance broking to include reinsurance offerings.
The new license will allow InsuranceDekho to utilize its technology and data analytics to place reinsurance business at competitive rates, enhancing its service portfolio.
This development was first reported by ET.
InsuranceDekho facilitates users in comparing and purchasing third-party insurance policies for vehicles, health, life, and more. The platform collaborates with 48 insurance companies, offering over 630 insurance products across categories such as motor, health, life, fire, and marine.
The Gurugram-based company reported processing approximately Rs 3,300 crore in premiums for insurance companies in the last financial year. It aims to increase this figure to Rs 5,000 crore over the next year. The company boasts a presence in over 1,500 regions, covering 98% of pin codes nationwide, and derives over 90% of its premium from tier II and beyond regions.
In October 2023, InsuranceDekho raised $60 million in a Series B funding round led by Mitsubishi UFJ Financial Group, Beams Fintech Fund, and other investors.
For FY23, InsuranceDekho reported revenue of Rs 96.5 crore, up from Rs 47.9 crore in FY22. This two-fold revenue increase, coupled with controlled expenditures, enabled the firm to reduce its losses by 28.6% to Rs 51.6 crore in the last fiscal year.
