PB Fintech (PolicyBazaar) founder Yashish Dahiya discussed a potential regulatory move toward closed/tied insurance distribution architecture and its business impact, including disclosure of profit figures and possible…
PB Fintech (PolicyBazaar) founder Yashish Dahiya discussed a potential regulatory move toward closed/tied insurance distribution architecture and its business impact, including disclosure of profit figures and possible revenue hit.
- Last year profit
- 670 crore rupees
- Last year sales
- 30,000 crore rupees
- Interest income component
- 380 crore rupees
- Cash book size
- 5,000 crore rupee
- Actual operating profit
- less than 300 crore rupees
Heard on business television between 09:41:41 - 09:44:41 IST.
- Dahiya argued that reducing customer choice in insurance distribution favors large insurers by preserving market opacity and profits.
- He disclosed that PolicyBazaar made 670 crore rupees profit on 30,000 crore rupees of sales last year, of which 380 crore was interest income from a 5,000 crore rupee cash book, making actual operating profit under 300 crore rupees, less than 1% of sales.
- He said more than 2,000 investors had contacted him since the regulatory development, and estimated revenue could fall to 60-70% of current levels, with job losses among junior employees.
- He said the company would fully align with the regulator's guidance before making any strategic changes, and is considering becoming a health insurance manufacturer or a commission-free platform, among other options.
- He argued closed architecture is not right for health insurance because claims settlement would become difficult without independent brokers.
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