Policybazaar is an insurance comparison platform & also the online insurance subsidiary of PB Fintech, which also owns a credit marketplace known as Paisabazaar.
What does Policybazaar Solve?
There was a lack of clearity and transparency in the insurance industry in 2008 led people to buy whatever agents or banks sold them.
How Policybazaar Gained Popularity?
Policybazaar's ‘Ullu Mat Bano’ campaign in 2011 was a huge success in creating brand awareness.
Converting Traffic into Customers
Policybazaar sold 83%of policies to customers who searched for the brand or visited the website.
Target Customers at Each Funnel Stage
They offered different tools like premium calculators, comparison, and customer support to help people make informed decisions.
How Policybazaar Benefits Insurers?
Policybazaar’s policies have a lower claim ratio than average.Insurers can acquire customers at lower acquisition costs.
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How Policybazaar Benefits Insurers?
Policy renewal rates are higher, resulting in profit for insurers. So, they offer customised products for customers at better prices.
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How Policybazaar Makes Money?
Policybazaar is getting 30% commission on life insurance policies in the first year. The average commission of all policies is 7-10%.
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How Policybazaar Makes Money?
Policybazaar provides sales, post-sales services, account management, and premium collection to insurers.
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How Policybazaar Makes Money?
From the performance based incentives depend on higher sales, lower claims, & higher renewals, etc.
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How Will Policybazaar Grow Further?
The insurance market in India is still underpenetrated. As more people transact online, Policybazaar is well placed to acquire them.
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How Will Policybazaar Grow Further?
Increasing brand awareness.Creating a platform for SME & corporate clients.More efficiency in technology & better use of data.
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How Will Policybazaar Grow Further?
Physical retail outlets for those customers who don't trust online processes.Creating a platforms for independent insurance sellers.International operations like UAE.