Gurugram-based insurance marketplace, InsuranceDekho, has secured a composite insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI). This new license will enable the platform to offer reinsurance services to its clients in addition to its existing insurance broking offerings.
With the composite insurance broker license, InsuranceDekho plans to leverage its technology and data analytics capabilities to place the reinsurance business at competitive prices, further enhancing its service portfolio.
InsuranceDekho allows users to compare and buy various insurance policies, including third-party insurance for vehicles, health, life, and more. The platform collaborates with 48 insurance companies, offering over 630 insurance products across multiple categories such as motor, health, life, fire, and marine insurance.
In the last financial year, InsuranceDekho processed approximately Rs 3,300 crore in premiums for insurance companies. The company aims to increase this figure to Rs 5,000 crore within the next year. It boasts a presence in over 1,500 regions, covering 98% of pin codes across India, with more than 90% of its premium revenue coming 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 others. The company posted Rs 96.5 crore in revenue for FY23, up from Rs 47.9 crore in FY22. The significant growth and controlled expenditure helped InsuranceDekho reduce its losses by 28.6% to Rs 51.6 crore in the last fiscal year.
With the new composite broking license, InsuranceDekho is poised to expand its offerings and strengthen its position in the insurance marketplace.
