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Know About policy bazaar ( Financial technology company )

                           
           FINANCIAL TECHNOLOGY COMPANY

               BY  DIVAKAR KUMAR PANDAY 

    Policybazaar is an Indian insurance aggregator and a global financial technology startup.
  • ABOUT COMPANY :
      Website : https://www.policybazaar.co

       CEO: Yashish Dahiya

        Founded: June 2008

        Headquarters location: Gurugram
  
      Founders: Yashish Dahiya, Alok Bansal, Avaneesh Nirjar
PolicyBazaar is India’s leading aggregator and marketplace of insurance products. Established in 2008, the company initially compared the prices of insurance policies and provided insurance-related information but now it not only assists customers in buying insurance policies but also provides assistance for cancellation/renewal of policies and even claim settlements.

What is PolicyBazaar:

PolicyBazaar is the marketplace for all your insurance needs. It provides life insurance, health insurance, motor insurance, travel insurance, group insurance, etc. The company offers more than 250 insurance plans and around 50 insurance brands on its platform. The platform is designed such that the visitors can easily compare the insurance plans and buy plans as per personal insurance needs.
The company is constantly adding new features and technology to make the customer experience smoother. The company introduced 'my account' feature some time back. Through PolicyBazaar 'My Account' feature, customers can easily download a policy, raise a ticket, ask for clarification, and upgrade policies. The company introduced a self-inspection video feature for the revival of lapsed motor insurance.

 They also adopted Amazon Polly and developed an in-house AI chatbot - PBee to improve customer satisfaction.

 In 2015, their app was launched. The app is available for both Android and iOS platforms. A customer can not only search, compare and buy insurance through the PolicyBazaar app, but also take advantage of interesting features like hospital locator, garage locator, insurance premium calculator, instant renewal of insurance policies, claim assistance, and more.
PolicyBazaar - The Idea and Starting Up:

 The idea for starting up has its seed sowed in an incident of insurance mis-selling that Yashish Dahiya once faced.

 "I was going through some of the financials with my father and few things looked dubious. On deeper inspection, my father had been cheated of a few lakh rupees by insurance agents. The transactions looked clean on the face of it but the reality emerged when I looked in closely. This got me thinking about how people are getting duped hence came into being PolicyBazaar. We started PolicyBazaar with just 14 hardworking individuals", said Yashish Dahiya, founder and owner.

 PolicyBazaar - Revenue Model:

 PolicyBazaar makes money by leads generation for the insurers, advertising, and policy sales. Till 2011, 85% of it's revenue came from lead generation and advertising while the rest 15% came from policy sales. Now, 85% of the revenue comes from e-commerce or policy sales.

PolicyBazaar - Competitors:

BankBazaar, CoverFox, EasyPolicy, PolicyAdvisor, Acko and InsurancePandit are some major competitors of PolicyBazaar.

PolicyBazaar - Business Partners:

The startup has reputed companies from car insurance, health insurance, life insurance, corporate insurance, and the travel insurance sectors as its business partners.

Aegon Life, Aviva Life Insurance, Bajaj Allianz, Cigna, Edelweiss Tokio Life, HDFC Ergo, DHFL Pramerica Life Insurance, HDFC Life, ICICI Prudential, Liberty General Insurance, Cholamandalam General Insurance, PNB Metlife, Max Life, Royal Sundaram General Insurance, SBI Life Insurance, TATA AIG, Future Generali, IFFCO-TOKIO General Insurance, Apollo Munich Health Insurance, Religare Health Insurance, Start Health, and Allied Insurance, and IDBI Federal Life Insurance are some of the partners of PolicyBazaar.

Some other partners include Reliance Life Insurance, Aditya Birla Capital, TATA AIA Life, Shriram Life/ General Insurance, Bharti AXA, National Insurance, New India Assurance, Universal Sompo General Insurance, Reliance General Insurance, Bajaj Allianz, Canara HSBC OBC Life Insurance, Max Bupa, Oriental insurance, Raheja QBE, SBI General Insurance, and United India Insurance.




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