Mumbai. InsuranceDekho, one of India’s leading InsurTech brands has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to enter the Reinsurance Broking sector with a Composite Broking License. This approval is a significant milestone in the company’s mission to transform insurance access and distribution across India.
InsuranceDekho seeks to add value to this segment by offloading a portion of an insurance company’s insurance risk to a reinsurance company to secure competitive pricing for insurers. The company will leverage technology and apply data analytics to drive innovation in the reinsurance industry to expand insurance access in the country.
Ankit Agarwal, CEO & Founder, said, “IRDA’s approval is a key strategic step for InsuranceDekho to achieve our vision of expanding insurance access across India. We will leverage our technological strengths and deep industry expertise to deliver value to our clients and partners. This approach will not only transform the insurance landscape but also strengthen our position in the market. We are committed to balancing innovation with pragmatic business strategies, always prioritising the needs of both insurers and the people they serve.”
The reinsurance sector has witnessed significant growth with industry premiums reaching INR 547 crore in FY23 and B2B products consistently registering higher reinsurance than retail products. Small and Medium Enterprises (SME) represent one of the fastest growing segments for InsuranceDekho and the company has clocked a premium of INR 300 crore in the current financial year (FY24) to become the fastest growing and largest insurance technology company in the SME category. In line with its aggressive strategy to reach the SME business, InsuranceDekho has also made several acquisitions in the SME category in the year 2023.
In the current financial year (FY24), InsuranceDekho has earned around Rs 3,300 crore through premium and it is expected to grow to around Rs 5000 crore in the next 12 months. InsuranceDekho’s vision is to increase the reach of insurance by reaching 6 lakh villages in India. By expanding into the reinsurance broking sector, the company will increase the reach of insurance across the country. For this, distribution network will be established, importance will be given to digitization, new products will be introduced and access will be made at every level in the value chain to support its insurance partners.
