Policybazaar for Enterprise, a business-to-business department of Policybazaar.com, has initiated its reinsurance companies in Sri Lanka, Qatar, Oman and the United Arab Emirates (UAE), in accordance with a press launch posted on Zawya.
The transfer seeks to bridge capability gaps within the insurance coverage sectors of those areas by leveraging a technology-centric reinsurance mannequin.
The reinsurance companies are based on a “digital-first” infrastructure that comes with information analytics, actuarial experience and expertise in insurance coverage distribution.
The platform is designed to facilitate each facultative and treaty reinsurance options, addressing a spectrum of dangers together with property, marine, legal responsibility, cyber and people linked to local weather change.
The growth is a part of the corporate’s purpose to develop a reinsurance community throughout the Asian and Center Japanese markets, the report stated.
Policybazaar co-founder Tarun Mathur stated: “At Policybazaar for Enterprise, we’ve got constructed a reinsurance platform with that very premise: a digital-first ecosystem that reduces friction, supplies transparency in placements and provides insurers the flexibility to make sooner, better-informed selections.
“Sri Lanka, Qatar, Oman and the UAE are all markets the place insurers are bold, the place innovation is welcome and the place effectivity gaps stay. Our position is to face shoulder to shoulder with these insurers – serving to them switch danger in a manner that’s fashionable, data-led and globally related. This isn’t simply an entry into 4 new geographies; it’s the begin of constructing a pan-Asian reinsurance community with expertise at its core.”
Earlier this month, Policybazaar insurance coverage, a subsidiary of PB Fintech, was fined Rs50m ($570,000) by the Insurance coverage Regulatory and Growth Authority of India (IRDAI) for non-compliance with particular regulatory directives.
This penalty adopted an inspection carried out on 1–5 June 2020. In February final 12 months, Policybazaar obtained IRDAI authorisation to perform as a composite insurance coverage dealer, thereby extending its portfolio to incorporate reinsurance choices.
