Indian insurtech platform InsuranceDekho has gained approval from the Insurance Regulatory and Development Authority of India (IRDAI) to enter the reinsurance broking sector with a composite insurance broking license.
This marks a major milestone in the company’s mission to enhance insurance accessibility and distribution across India.
InsuranceDekho has transformed the insurance sector through its tech-backed solutions and is now making strides in the reinsurance space.
SMEs represent a rapidly growing segment for InsuranceDekho. The company claims to be the fastest-growing and largest InsurTech in the SME space.
To penetrate this market further, InsuranceDekho has made acquisitions in the SME segment in 2023.
The scale in premium sourcing within the SME space in FY24 makes the shift to offering reinsurance brokerage services a strategic move for InsuranceDekho.
The IRDAI’s approval is a strategic move for InsuranceDekho to increase insurance penetration and accessibility across India. We aim to use our technological expertise and industry knowledge to provide greater value to our clients and partners
Ankit Agrawal, CEO and founder InsuranceDekho
The reinsurance sector in India has seen notable growth, with industry premiums reaching INR5.47bn ($65.3m) in FY2023. B2B products consistently see higher reinsurance compared to retail products.
Expanding into the reinsurance broking sector will enable the company to enhance insurance penetration by establishing deep distribution networks, enabling digitization, diversifying product lines, and going deeper into the value chain to support insurer partners.
InsuranceDekho has direct integration with 48 insurance companies in India, offering over 630 insurance products for motor, health, life, fire, marine, and more.
A composite reinsurance broking license will allow the company to leverage its technology, data analytics capabilities, and strong relationships with Indian insurers to place reinsurance business at competitive prices.
This move will help expand contribution margins and directly increase EBITDA margins for InsuranceDekho.
InsuranceDekho, a brand owned by Girnar Insurance Brokers, was incorporated in 2016 and received a license to act as a Direct Insurance Broker from the IRDAI in 2017. It allows consumers to compare various insurance policies based on their requirements and helps them choose the most suitable plan.
