InsuranceDekho secures composite broking license

Insurance marketplace InsuranceDekho has received the composite insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI). It will allow the platform to offer reinsurance service to its clients beyond insurance broking.

The composite insurance broker license will enable the company to leverage its technology and data analytics to place reinsurance business at competitive prices.

ET reported the development first.

InsuranceDekho lets users compare and buy third party insurance policies for vehicles, health, life and more. The platform integrates with 48 insurance companies, offering over 630 insurance products across categories like motor, health, life, fire, and marine.

According to the Gurugram-based company, it processed around Rs 3,300 crore in premium for insurance companies in the last financial year and is planning to reach this number to Rs 5,000 crore over the next one year. It claims to have  a presence in more than 1,500 regions, covering 98% of pin codes across the country, and  gets over 90% premium from tier II and beyond regions.

In October 2023, the company raised $60 million in a Series B funding round spearheaded by Mitsubishi UFJ Financial Group, Beams Fintech Fund, and others.

InsuranceDekho posted Rs 96.5 crore in revenue in FY23 as compared to Rs 47.9 crore in FY22. The two-fold jump in the scale and controlled expenditure helped the firm reduce its losses by 28.6% to Rs 51.6 crore in the last fiscal.