Policy · Financial Services

InsuranceDekho gets composite broking licence from IRDAI

By Startup Enthusiast · 29 July 2024

What they do

InsuranceDekho lets users compare and buy vehicle, health, life and other policies

It secured a composite insurance broking licence from IRDAI, enabling reinsurance services

The company processed about Rs 3,300 crore in premiums last year and aims for Rs 5,000 crore

InsuranceDekho has secured a composite insurance broking licence from the Insurance Regulatory and Development Authority of India (IRDAI).
The licence allows InsuranceDekho to offer reinsurance services to its clients.
Reinsurance is insurance for insurance companies, helping them manage risk by transferring parts of their policies to other insurers.
The company plans to use technology and data analytics to place reinsurance at competitive prices.
InsuranceDekho is an online marketplace where users can compare and buy third-party vehicle, health, life, and other insurance policies.
It partners with 48 insurance companies and offers over 630 insurance products across motor, health, life, fire, and marine categories.
The company processed approximately Rs 3,300 crore in premiums in the last financial year.
It aims to increase the premium processed to Rs 5,000 crore within the next year.

The licence marks a significant expansion of InsuranceDekho's business into the reinsurance segment.
Reinsurance is a high-value, specialised area typically dominated by large brokers and global firms.
By using technology and data analytics, InsuranceDekho hopes to offer more competitive pricing and faster service in reinsurance.
The move could help InsuranceDekho diversify its revenue streams beyond retail insurance distribution.

InsuranceDekho is an online insurance marketplace that lets users compare and buy car, bike, health, term, and other insurance policies.
It partners with 48 insurance companies including ICICI Lombard, HDFC ERGO, IFFCO Tokio, Bajaj General, Digit, and Acko.
The platform offers over 630 insurance products across motor, health, life, fire, and marine categories.
It has a presence in over 1,500 regions, covering 98% of Indian pin codes.
Over 90% of its premium revenue comes from tier II and beyond regions.
The company processed about Rs 3,300 crore in premiums last financial year.
It claims over 17 million customers and a 4.7 rating on Google.
Policy issuance is done in 5 minutes with a dedicated support team available Mon-Sat 10 AM-7 PM.
It also runs an affiliate program that allows individuals to earn income with zero investment and little training.

InsuranceDekho plans to use technology and data analytics to place reinsurance at competitive prices.
It aims to increase the premium processed to Rs 5,000 crore within the next year.

Product: An online insurance platform for comparing and buying policies across major categories
Customers: Consumers buying insurance, with insurers and distribution partners paying for access and distribution
How it makes money: Earns commissions and distribution revenue from policies sold through its platform and partner network
What sets it apart: Large AI-enabled distribution network with nationwide partner coverage and a broad insurer base
Operations: Operates through digital partners and point-of-sale agents across India