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Ai Will Transform Insurance Claims, Paisabazaar’s Debt Broking Foray: Pb Fintech Q4fy26

Read the Q4 FY26 investor presentation of PB Fintech here

PB Fintech, which operates the insurance marketplace Policybazaar, plans to offer maternity coverage, gym and wellness perks, and outpatient department (OPD) benefits to policyholders who have not filed a single claim in the last 10 years but are stuck with paying expensive premiums.

The company will pass these costs onto customers who have claimed on an insurance policy they bought from Policybazaar at least once, said chairman and Group CEO Yashish Dahiya during the Q4 FY26 earnings call.

“Somewhere, we have to sweeten the deal for young people who are coming in and getting nothing. We have to bring regulator claimers into participation. It can be in terms of co-pay or tiered networks, various things. Without their participation, the cost will become unsustainable for the industry,” Dahiya said.

Only five out of 100 people who bought an insurance policy from Policybazaar a decade ago have claimed for subsidence on their insurance more than once, as per the management.

While 8-10 odd customers have filed for a claim once, the remaining 85, which represent 67% of all insurance policies, have not made a single claim in the last 10 years.

AI crucial for risk pricing in insurance: Dahiya further stated that AI’s biggest use case, not just at the Policybazaar level but for the broader insurance industry, is going to be risk, not efficiency. Contrary to popular belief, the insurance business is not about distribution, it’s actually about claims; it’s about the cost of claims and underwriting, he said.

“But, how do we identify those five before they claim? Because that’s appropriate pricing. And of course, AI is going to help in that big time. At the point of claim, identifying whether a claim is right or not, I think that’s the immediate and most critical use case of AI,” said the PB Fintech co-founder.

Revenue from the insurance vertical surged 48% to Rs 1,126 crore in Q4 FY26, compared to Rs 762 crore in the year-ago quarter.

PB Fintech’s healthcare playbook: Sharing details on the company’s plans for the healthcare space, Dahiya said that PB Healthcare is looking to expand its integrated hospital network. The company already operates a hospital in Noida. The facility is clocking a profit of Rs 20-30 crore on an operating revenue of about Rs 150 crore, according to the management.

A second facility is coming up in Gurgaon, which is expected to kick off operations by the end of this month. The insurtech firm is also looking to acquire hospitals outside Delhi.

Overall, PB Fintech aims to build an ecosystem of 500-600 hospitals. While the company plans to acquire a few of them and operate under the PB Health brand, others will support PB Care Plus health insurance plans, offering coverage of Rs 5 lakh per year, and other value-added benefits such as free health checkup once every year and up to 10% discount on premium renewals.

PB Health is looking to raise fresh capital to fuel its expansion. Without disclosing any details, Dahiya said the company is already in late-stage discussions with some investors. PB Fintech may also consider investing additional capital in its healthcare unit, subject to board approval.

“They are in late-stage conversations. Should they come to PB Fintech, Pb Fintech will consider it. We will think about it, but it has not come to PB Fintech yet. It may, it may not. But PB Fintech has the right to invest up to its pro-rate up, which it can decide,” said Dahiya.

Paisabazaar forays into debt broking: Paisabazaar is transitioning from being an entirely lending business to a broader engagement platform. The company has received a stock broking licence from the Securities and Exchange Board of India (SEBI) to operate as a stockbroker. The licence will allow the company to offer stock broking services for the debt segment on the NSE, including trading in fixed-income instruments like corporate bonds, government securities, and treasury bills. However, it cannot offer equity or futures and options (F&O) trading.

“The stock broking licence is a prerequisite for acquiring a bond licence. Bonds, I think, is a very good consumer product, very efficient and a good fixed-return product that consumers like,” said Santosh Agarwal, CEO of Paisabazaar, during the earnings call.

The debt stock broking licence adds another revenue stream for the company. Earlier this year, the company received the final approval from the Reserve Bank of India (RBI) to operate as a payment aggregator.

Revenue from the credit business rose a modest 7% year-on-year to Rs 123 crore in Q4 FY26, while disbursals grew 11% YoY to Rs 2,630 Cr in the core online segment.

Meanwhile, new initiatives, including PB Partners, PB for Business, PB UAE, and PB Connect, continued their growth momentum. Revenue from this vertical rose 29% to Rs 813 crore in Q4 FY26, compared with Rs 631 crore in the corresponding quarter last year. The company’s insurance broking arm, PB Partners, expanded to over 4.5 lakh insurance advisors across 19,000 pin codes, compared to 4 lakh in the preceding December quarter.

Key Financial Metrics (Q4 FY26)

Insurance Premium: Jumped 4.8X to Rs 9,217 crore
Operating Revenue: Jumped 37% to Rs 2,061 crore
Net Profit: Surged 54% YoY to Rs 261 crore

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Ai Will Transform Insurance Claims, Paisabazaar’s Debt Broking Foray: Pb Fintech Q4fy26

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