InsuranceDekho Secures Composite Broking License from IRDAI
- ByStartupStory | July 29, 2024
InsuranceDekho, a leading insurance marketplace, has received the composite insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI). This significant milestone will allow the platform to expand its offerings by providing reinsurance services to its clients, in addition to its existing insurance broking services.
With the new license, InsuranceDekho plans to leverage its advanced technology and data analytics capabilities to offer reinsurance business at competitive prices. This development was first reported by ET.
InsuranceDekho enables users to compare and purchase various insurance policies, including third-party insurance for vehicles, health, life, and more. The platform partners with 48 insurance companies, providing access to over 630 insurance products across diverse categories such as motor, health, life, fire, and marine insurance.
In the last financial year, the Gurugram-based company processed approximately ₹3,300 crore in premiums for insurance companies. Looking ahead, InsuranceDekho aims to increase this figure to ₹5,000 crore over the next year. The company boasts a strong presence in over 1,500 regions, covering 98% of pin codes across India, and derives over 90% of its premium income 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 other investors. This funding has been instrumental in supporting the company’s growth and expansion plans.
Financially, InsuranceDekho reported a revenue of ₹96.5 crore in FY23, a significant increase from ₹47.9 crore in FY22. The company’s ability to scale while controlling expenditures resulted in a 28.6% reduction in losses, bringing them down to ₹51.6 crore in the last fiscal year.
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