We’ve probably bought insurance through Policy Bazaar at some point, right? On the market, this online Indian insurance aggregator has swept all before it, establishing a new standard of thinking regarding funding, the driving of sales, and customer service arrangements. Starting in 2008, PolicyBazaar demonstrated that even small enterprises can become powerful and gain favour even under scornful circumstances. The enthrallingly successful life work of PolicyBazaar insurance as well as the marketing tactics it has followed have turned it into a trendsetter in the industry. Stay tuned for the secrets!
PolicyBazaar Highlights
Attribute | Details |
Startup Name | PolicyBazaar |
Headquarters | Gurugram |
Sector | Fintech |
Founders | Yashish Dahiya, Alok Bansal, Manjoy Sharma, Tarun Mathur and Avaneesh Nirjar |
Founded | 2008 |
Valuation | $7.27 billion |
Website | policybazaar.com |
About PolicyBazaar
PolicyBazaar, founded in 2008, transformed the insurance environment in India. What began as a tool for comparing rates of insurance coverage has progressed to become the nation’s marketplace, where it provides a one-stop shop for all that matters.
PolicyBazaar Insurance has a wide variety of plans to help ensure your future with simplicity and peace of mind. Through policy comparisons, painless cancellations, renewals, and claims support, PolicyBazaar has grown at dazzling speed to address all requirements. It’s more than just a sales floor it’s your partner of choice for building the future with your approachable solutions.
PolicyBazaar – How does it work?
Having over 250 plans from 50 leading insurance companies, it is your single source for all things insurance – life, health, auto, travel, and group coverage. With the platform, insurance comparison and purchase are very easy, and there is no reason to get agitated.
And that’s not all! PolicyBazaar released a mobile user-friendly app for Android and iOS in 2015. Besides, the search and purchase, it provides useful features such as a hospital and garage search, insurance premium calculator, instant renewal, and claim assistance. Digital insurance services made easy, right at your fingertips!
PolicyBazaar Business & Revenue Model
PolicyBazaar.com is the go-to online insurance platform for hassle-free comparison! Not only does it combine several insurers into a single entity, it gives you the opportunity to investigate and compare policies in a matter of seconds. On policy, health, or car insurance, Policybazaar helps you arrive at informed decisions by providing all relevant information about policy price, features, and terms and conditions.
Operating on both B2C and B2B models, PolicyBazaar partners with leading insurance brokers to gather up-to-date information, ensuring that you’re always in the know. And the best part? It’s completely free for customers to use—no hidden charges!
Through providing a useful source of leads for the insurers, ad income, and policy sales. In the early years, most of its income (85%) came from lead generation and advertising. PolicyBazaar insurance guarantees you get the best price, simplifies and makes shopping easy, and opens up a vast selection of options, suitable for your requirements. Fast forward to the present day and the vast majority of its revenue (85%) comes from e-commerce and policy direct sales, transforming it into a powerful force in insurance!
PolicyBazaar Founders and Team
Born in June 2008, PolicyBazaar was the brainchild of a dynamic team of visionaries: Yashish Dahiya, Alok Bansal, Avaneesh Nirjar, Tarun Mathur, Manoj Sharma, and Sharat Dhall. Accomplished by their visionary spirit, they traversed to change the insurance world by making life easier and more accessible for all!
Yashish Dahiya: Yashish Dahiya, the founder of PolicyBazaar and PaisaBazaar, is a seasoned entrepreneur, Bachelors from IIT Delhi, IIM Ahmedabad and INSEAD. He’s previously excelled at Bain & Company and ebookers.com.
Sarbvir Singh: Sarbvir Singh, the chief executive of PolicyBazaar, has a long track record of experience in leading companies such as Citigroup, JP Morgan and Emerson. A founder of Hercules Capital, his life is founded on dynamic leadership!
Alok Bansal: PolicyBazaar and IIM Kolkata co-founder Alok Bansal, career spanning Mahindra, iGate and First Europa, brings financial strategy expertise, together with visionary leadership and innovative thinking.
Avaneesh Nirjar: Avaneesh Nirjar (PolicyBazaar co-founder), by combining IIT Kharagpur intellect with BIT business nous, utilizing deep experience from Marico, AT&T, GE Capital and global initiatives, is transforming insurance.
Tarun Mathur:Tarun Mathur, co-founder CBO of PolicyBazaar, is a rare combination of technocratic insight coupled with management stature. An IGNOU BIT grad, he’s honed skills at HeroITES FE Global Technology, shaping industry innovations!
Manoj Sharma: Manoj Sharma, a dynamic co-founder of PolicyBazaar and Finance Director, is an ICAI graduate with a long and illustrious career in Ericsson, Fiamm Minda, First Europa and Anand Nishikawa.
Sharat Dhall: Sharat Dhall, COO of PolicyBazaar, combines management capability Gathered from Yatra, Expedia, and TripAdvisor, with advisory experience at CreditEnable, generating innovation in the travel, e-commerce, and financial worlds.
PolicyBazaar’s 5,000 strong team is ready to scale! Yashish Dahiya announced in 2019 an expansion of the team to 6,000 to achieve customer support excellence. The future holds in store even greater dynamic changes as this dynamic generation continues to flourish to even greater levels!
PolicyBazaar Key Features
The leading online insurance marketplace in India, Policybazaar, is redefining how one protects one’s valuables. Compare, select, and buy life, health, or car insurance effortlessly—all under one roof. Understand the key selling points that make Policybazaar your preferred choice!
Digital Insurance Marketplace: An experience-driven, whole-solution-based online insurance platform intended to give users an intuitive, comprehensive, and easy-to-use platform to help users compare insurance plans. Through the use of tools that enable them to compare across a number of solutions from a variety, of vendors, at the same time, consumers are empowered to easily and rapidly compare price, coverage, and features, allowing them to choose the appropriate solution based on their own needs.
Clarity and Empowerment through Education: Give and make comprehensive, free-to-use information regarding insurance products, including policy terms and conditions, in order that these facts help consumers make informed decisions. This method guarantees, that they will be in a position take confident, well-grounded decisions and will avoid the errors made by mis-selling.
Comprehensive Product Portfolio: There is extensive selection of insurance solutions, encompassing life, health, motor, and general insurance, designed to meet the diverse needs of our customers and ensure they’re fully covered for every eventuality, with comprehensive insurance comparison to help find the best options..
Choosing a Tech-Forward Approach: By harnessing cutting-edge technology, PolicyBazaar simplify the buying journey. Based on analyzing customer data to delivering individualized recommendations, it guarantees a personalised experience every session. Internet payment options without break are added convenience, and shopping process is unimpeded and effortless.
Policybazaar growth is not only a question of an open air insurance platform but also a question of providing you with the optimal direction to float in the ocean of choice and allowing you to discover the ideal protection according to your needs.
PolicyBazaar Competitors
PolicyBazaar navigates a highly competitive landscape, facing off against several key industry players in the dynamic insurance aggregator market, including:.
BankBazaar: BankBazaar is the universal digital engine for all matters finance, from insurance and loans to credit cards. It enables to make better financial decisions anytime, anywhere.
EasyPolicy: EasyPolicy is an all-online marketplace for comparison where users can compare and buy different insurance policies, such as life, health, car, etc., and make the right choices of coverage he/she requires.
CoverFox: CoverFox is the one stop shop (hub) for insurance, that allows to swiftly match and buy motor, health, travel and other insurance policies online, resulting in peace of mind in just a few clicks.
PolicyAdvisor: PolicyAdvisor is your digital insurance guide, offering tailored life, health, and investment-linked plans. Get your personalized suggestions and browsing options on various types of insurance and peace of mind on your future.
CreditMantri: CreditMantri does not stop to credit services, but brings customized insurance solutions to let customers compare and choose the right insurance, as required by their individual financial situation and needs.
Policybazaar growth has been fuelled by its competitors, whom it is provoking to offer simple, intuitive interfaces for comparison and purchase of insurance plans, generating fierce competition in the developing insurance aggregator market.
PolicyBazaar Awards and Achievements
The company has received a number of highly acclaimed prestigious awards, acclaimed for its innovative business model, customer orientation (the customer as the highest value), and unique marketing (the power of marketing), for which it is granted a good image as an industry leader.
- IAMAI Indian Digital Awards for the best financial website – 2013-2014
- Frost and Sullivan Customer Value Leadership Award – 2014
- Award for Best Mobile App Consumer Finance by GSF Mobile Appies – 2015
- Exchange4media Golden Mikes Award – 2015
- DMAi Asia ECHO Awards – 2015
- CMO Asia Awards – 2015
- BAM Award – 2015
- Iconic IDC Insight Awards – 2015
- Exchange4media BFSI Marketing Awards -2023
The awards of PolicyBazaar — A mirror image to their never stopping striving for best practices and amazing work across the space
Future plans of PolicyBazaar
PolicyBazaar is just gearing to consolidate its hold as the number one in the insurtech space with ambitious steps for the future! Their plan is to raise premiums, expand membership, and make money. Digital insurance services form the bedrock of their innovation, full of promising new products and next-generation technologies.There is innovation at the heart, and exciting new products and next generation technologies should be in store, all of which will help to drive customer satisfaction. Moreover, the goal of their gaze is also international growth from the expansion of PolicyBazaar beyond India in the years to come.
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Conclusion
PolicyBazaar is at the cusp of changing the insurtech landscape with a paradigm-shaping vision for the future! Emphasizing improvement of underwriting premiums, expansion of membership, and increase of revenue, their grand aspirations are poised to stir the industry. Innovation is their driver, and the state-of-the-art products and next-step technologies that exist on the market are instrumental to the change in customer satisfaction.
But that’s not all! PolicyBazaar is looking at the global horizons, extending their footprint from India to other international markets in the future. PolicyBazaar insurance is changing the business through the application of the latest technological advancements and a customer-focused philosophy leading to exceptional, rapid growth and a global footprint. With the view that the time is ripe for this company to turn out to be the unchallenged market leader in the insurance field, the future is full of unrealized potential for innovation. The world is watching – big things are indeed on the horizon!
Frequently Asked Questions
What is the reason for the success of PolicyBazaar?
Policybazaar works with leading insurance companies to give real-time information about prices or costs, benefits or coverage. Users are able to browse, browse and buy insurance from more than 40 issuers through his/her website or app.
What is the valuation of PolicyBazaar?
As of November 2021, market capitalization of the company PolicyBazaar reached $7.27 billion and the company is one of the leaders in the digital age of insurance and financial services.
Who is PolicyBazaar’s CEO?
Sarbvir Singh is the innovative chairman of PolicyBazaar, driving the company with innovative solutions in the digital health insurance market and transforming the way people discover and buy insurance over the internet.
What is the revenue margin of PolicyBazaar?
The company reached a remarkable revenue target of Rs 957 crore in FY21, which is a strong testimony to such robust growth along with the strategic approach in a dynamic market environment.
How is the health insurance of PolicyBazaar?
Policybazaar health insurance provides a customized plan including hospitalization, surgery, daycare and other treatment. Through the premium flexibility, it provides prompt cashless treatment or medical cost reimbursements.