With about 10m unique customers and 400,000 monthly transactions, PolicyBazaar.com (PolicyBazaar) is India’s largest digital insurance platform.
Founded in 2008, PolicyBazaar has grown to become India’s most trusted insurance marketplace. It has led the change in how Indians perceive and buy insurance, while staying true to three primary objectives:
- Raising awareness that insurance offers protection.
- Creating customer-centric products, and using technology to improve customer experience by making the process of buying insurance quicker and more seamless.
- Making digital the preferred channel for insurance products.
Currently, PolicyBazaar’s portfolio contributes to 25% of India’s life cover, 7% of retail health business, 6% of motor insurance, and 1.5% of two-wheeler insurance.
This growth trajectory has been achieved because the company has earned the trust of its customers, who view it not only as a portal that facilitates the comparison and sale of insurance products, but also as a trusted adviser. This is evidenced by the 30,000 queries relating to insurance products that it receives on a daily basis.
In 2018, PolicyBazaar developed an industry-first initiative called Self-Inspection which enables it to facilitate the ease of buying and renewing motor insurance online, eliminate the need for physical video inspection of vehicles, reduce renewal time of lapsed motor insurance policies from a few days to a matter of hours, and enhance customer engagement.
Since its launch, it has led to an increase in lapsed insurance renewable, with a 96% growth in lapsed insurance policy revenue, and an increase of about 51% in overall motor insurance conversions. It has also helped to increase the renewal of relapsed policies from 50% to 80%, and facilitated the purchase of nearly 30,000 policies.
Furthermore, it has significantly reduced consumer complaints from an average of five a day to just one a day. PolicyBazaar has backing from a host of investors including the likes of Soft Bank, InfoEdge (Naukri.com), Temasek, Tiger Global Management, True North, Premji Invest, besides investments from other PE funds and family offices.