In a major defense of its business model amid the current regulatory scrutiny, PB Fintech Chairman and Group CEO Yashish Dahiya revealed that the insurance aggregator successfully intervened to get 11,156 rejected health insurance claims reconsidered and paid out over the past year.
Speaking in an exclusive interview with NDTV Profit on Monday, Oct. 5, Dahiya framed the claim recoveries as tangible proof of the platform's customer advocacy, arguing that real consumer value will continue to shield the company's financial future even as the sector prepares for sweeping regulatory shifts.
"In health insurance, last year 11,156 claims were rejected from our books. We got them reconsidered and paid. That is clearly customer value," Dahiya said. "As long as you add value, you will have space out there. I am more than confident that the business will do well from a financial perspective,'' he added.
Addressing the Insurance Regulatory and Development Authority of India's (IRDAI) latest consultation paper-which proposes curbs on distribution commissions and stricter checks on insurance practices, Dahiya expressed support for the regulator's direction. He dismissed assertions that the regulatory draft is aimed at penalizing aggregators, emphasizing that the paper is focused squarely on curbing mis-selling across the industry.
Dahiya acknowledged that mis-selling has long been a persistent industry problem, particularly in health insurance and savings-oriented insurance products. However, he admitted to feeling hurt by allegations suggesting that Policybazaar does not act in the consumer's best interest.
According to Dahiya, friction in the market often stems from legacy players resisting transparent product comparisons, noting that large insurance companies frequently complain about being evaluated side-by-side on an open platform.
PB Fintech market share
PB Fintech, which commands a 30% market share in the health insurance segment, intends to further ramp up claim support and settlement assistance to reinforce customer trust. Looking at the operational and financial implications of the proposed reforms, Dahiya downplayed fears of an existential disruption, asserting that at least 70% of PB Fintech's business will remain insulated from the proposed changes.
He maintained that the company will raise no contentions regarding the regulator's policy choices, adding that PB Fintech is even evaluating a structural shift toward becoming a commission-free platform if necessary. Confident in the platform's resilience, Dahiya maintained that Policybazaar has navigated regulatory transitions in the past and is positioned to emerge even stronger once the revised guidelines take effect.
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