Policybazaar for Business, a business-to-business branch of Policybazaar.com, has initiated its reinsurance services in Sri Lanka, Qatar, Oman and the United Arab Emirates (UAE), according to a press release posted on Zawya.
The move seeks to bridge capacity gaps in the insurance sectors of these regions by leveraging a technology-centric reinsurance model.
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The reinsurance services are founded on a “digital-first” infrastructure that incorporates data analytics, actuarial expertise and experience in insurance distribution.
The platform is designed to facilitate both facultative and treaty reinsurance solutions, addressing a spectrum of risks including property, marine, liability, cyber and those linked to climate change.
The expansion is part of the company’s aim to develop a reinsurance network across the Asian and Middle Eastern markets, the report said.
Policybazaar co-founder Tarun Mathur said: “At Policybazaar for Business, we have built a reinsurance platform with that very premise: a digital-first ecosystem that reduces friction, provides transparency in placements and gives insurers the ability to make faster, better-informed decisions.
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By GlobalData“Sri Lanka, Qatar, Oman and the UAE are all markets where insurers are ambitious, where innovation is welcome and where efficiency gaps remain. Our role is to stand shoulder to shoulder with these insurers – helping them transfer risk in a way that is modern, data-led and globally connected. This is not just an entry into four new geographies; it is the start of building a pan-Asian reinsurance network with technology at its core.”
Earlier this month, Policybazaar insurance, a subsidiary of PB Fintech, was fined Rs50m ($570,000) by the Insurance Regulatory and Development Authority of India (IRDAI) for non-compliance with specific regulatory directives.
This penalty followed an inspection carried out on 1–5 June 2020. In February last year, Policybazaar obtained IRDAI authorisation to function as a composite insurance broker, thereby extending its portfolio to include reinsurance offerings.
