PB Fintech explores options to become an insurer

PB Fintech, which operates insurance and credit aggregator platforms like PolicyBazaar and PaisaBazaar, is looking at bringing some significant diversification into its business lines. As per conversations with multiple sources, PB Fintech, which has been in the business of insurance aggregation so far, is exploring options to enter the insurance manufacturing market. Insurance manufacturers refers to life, general and reinsurance companies. Currently PB Fintech’s insurance aggregation platform brings life and general insurance products from various life, general and health insurance companies on its platforms, lets customers compare prices and features of the various products and directs purchasing of these products. Entering insurance manufacturing market would mean having its own life, general products.

As per sources, PB Fintech is looking to enter the insurance manufacturing market starting with Business-to-Business segment which is the reinsurance space. Sources also add that the insurance aggregator has also had informal conversations with the insurance regulator- IRDAI on understanding the reinsurance market and its business foray. The company has also been working with working with legal experts on its reinsurance business foray.

According to sources, the company is also looking at entering the general insurance and life insurance market but work on that is only expected to start at a later stage.