India-based insurtech InsuranceDekho has received a composite insurance broking licence from the Insurance Regulatory and Development Authority of India, allowing the firm to offer reinsurance broking in addition to its insurance broking services.
InsuranceDekho intends to add value in this segment by placing a portion of insurance risk of an insurance company on a reinsurance company and securing competitive pricing for insurers.
The composite insurance broker licence will enable InsuranceDekho to leverage its technology, data analytics capabilities and strong relations with Indian insurer partners to place reinsurance business at competitive prices.
Moreover, this move will aid in the expansion of contribution margins and directly increase EBITDA margins for the company.
This licence also marks a significant milestone for the company’s mission to revolutionise insurance accessibility and distribution across India.
Expanding into the reinsurance broking sector will enable InsuranceDekho to bolster insurance penetration in the country by establishing deep distribution networks, enabling digitization, diversifying into new product lines, and going deeper into the value chain to support their insurer partners.
Ankit Agrawal, CEO and Founder said: “The IRDAI’s approval is a significant strategic move for InsuranceDekho to achieve our vision of increasing insurance penetration and accessibility across India. 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. We are committed to balancing innovation with practical business strategies, always prioritising the needs of both insurers and the people they serve.”
