Policybazaar India with offices in the UAE (Under PB Fintech) is quickly expanding its share of revenue from its new business lines as it diversifies from just being a consumer-focussed online insurance distribution platform.
This number has gone up 137% from Rs 154 crore in the fourth quarter of last year. In the last quarter, PBFintech reported an overall operational revenue of Rs 869 crore, up 60% from Rs 540 crore in the year prior. From around 28% of its overall revenue coming from its new initiatives, Policybazaar has now pushed the share to 42% in one year.
According to PB Fintech the new initiatives at Policybazaar are doing good business with overall losses in this segment having come down to Rs. 36crore in the last quarter from around Rs 90 crore in the fourth quarter of last year.
Policybazaar started three major lines under the new initiatives: PB Partners, PB Corporate and its business in the Gulf. The first two business lines opened up after the insurance intermediary received the insurance broking license from Insurance Regulator and Development Authority of India (IRDAI) in 2021. Under PB Partners, Policybazaar works with a network of physical agents. Under the corporate business, it sells B2B insurance products and offers employer-employee insurance cover too.
During its recent investor call after its fourth quarter earnings, PBFintech said that it gets around 34% of its non-motor business from its agent network that covers around 15,000 pin codes in the country (India).
Policybazaar co-founder Yashish Dahiya had pointed out on the call that currently the businesses are operating at a margin of negative 1%, almost breaking even from negative 51% at its peak. PBFintech said in a recent statement that 4,000 companies have taken employee insurance and around 25,000 firms have taken some kind of insurance product from it.
