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Indian insurance aggregator and global provider of financial technology, Policybazaar is situated in Gurgaon. Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar launched the business in June 2008. Users can compare insurance plans and other financial services from top insurance firms on a digital platform that it offers, including a website and an app. The business, which has already expanded into the United Arab Emirates, is the biggest insurance aggregator in India.
PolicyBazaar Company Highlights:
|Yashish Dahiya, Alok Bansal and Avaneesh Nirjar
PolicyBazaar is a fintech startup and insurance aggregator that enables customers to evaluate financial services from major insurance firms based on factors including cost, value, and salient features. By offering information on a variety of financial goods, including medical, term life, travel, auto, low-cost ULIPs, and other investment products, its insurance comparison portal and mobile application enables users to evaluate and analyse financial products.
The user is presented with a variety of possibilities for the desired insurance package based on his or her input. There are specialised sections like “knowledge.policybazaar” and “ask.policybazaar” to make it easier for users to understand the items. Customer inquiries are addressed under these segments, and consumers are informed about new insurance products and trends.
Indian insurance aggregator and international financial technology firm Policybazaar. The most prominent division of PB Fintech Ltd. is called Policybazaar. From a website that compared insurance prices to one that sold insurance, Policybazaar has evolved.
The business asserts that it processes over 7% of India’s retail health insurance and close to 25% of the country’s life insurance. The Business Model of Policy Bazaar includes its SWOT Analysis, SWOT Analysis of its competitors, its revenue model, and many other things.
All forms of insurance products may be found in one place online at Policybazaar. To assist consumers in selecting the finest insurance policies, it has knowledge and skills in the insurance industry.
PolicyBazaar Founder and Team
Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar created Policybazaar.com in June 2008.
PolicyBazaar Startup Story
Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar established Policybazaar.com in June 2008 as an insurance comparison website. The Indian insurance market at the time was still opaque, and agents sold the majority of policies. Customers could first choose from a variety of insurance policies on the website Policybazaar. It started out as a website that compared prices and served as a resource for information on insurance and insurance programmes. The website subsequently developed into an insurance policy marketplace. The Policybazaar app was made available to iOS and Android users in 2015.
With effect from December 2019, Sarbvir Singh was appointed CEO in February 2020, and Yashish Dahiya was named group CEO in his place. Announcing plans to open 100 offline locations across India in June 2021, Policybazaar received the insurance broking licence from IRDAI. The business also gave up its online aggregator licence.
PolicyBazaar Mission and Vision
In order to introduce openness to the insurance industry, Policybazaar was established in 2008. The company’s founders intended to rethink insurance, so they started by streamlining all of the plan-related information, putting an end to the pervasive mis-selling, and avoiding policy lapses.
PolicyBazaar Name, Tagline, and Logo
PolicyBazaar Business Model
The startup’s founders set out to reinvent insurance, so they began by streamlining all of the plan-related information, putting a stop to the widespread mis-selling, and avoiding policy lapses. To increase customer happiness, PolicyBazaar has embraced Amazon Polly and created an internal AI chatbot called PBee.
The distinctive value proposition of PolicyBazaar is the simplification of the insurance policy purchase procedure and the comparison of various market-available programmes. It evaluates various items based on their costs, qualities, and main advantages. As an online aggregator for insurance policies, Policybazaar equips its users with factual information that in fact aids in purchasing decisions.
The company operates in a way where they have agreements with insurance brokers that enable them to obtain information directly from the insurers for the advantage of the customer, such as pricing, benefit, insurance coverage, etc.
PolicyBazaar Revenue Model
Advertising, policy sales, and lead generation are how PolicyBazaar makes money. When insurance products are purchased through the PolicyBazaar Portal, PolicyBazaar receives a commission from the Insurers. Earning a fee from the insurers based on insurance policies sold through the PolicyBazaar portal is the basis of the website’s business model (Commission Model).
Users of PolicyBazaar can easily evaluate insurance policies provided by various insurers online and purchase the policy (straight from the platform) that best suits their needs. Additionally, PolicyBazaar receives a commission from each insurer that sells an insurance policy through the portal, which is how it makes money.
Revenue from activities at PolicyBazaar increased 79.5 percent to Rs 2,558 crore in FY23 from Rs 1,425 crore in FY22. The company also succeeded in reducing losses by 41.4% to Rs 488 crore in FY23 from Rs 833 crore in FY22.
PolicyBazaar Products and Services
From a website that compared insurance prices to one that sold insurance, Policybazaar has evolved. The business asserts that it processes over 7% of India’s retail health insurance and close to 25% of the country’s life insurance. Life insurance, health insurance, auto insurance, travel insurance, and other types of insurance are all available through Policybazaar.
Through partnerships with insurance providers, Policybazaar.com is able to obtain data from insurers directly, including information on price, benefit, insurance coverage, and other factors. Users can shop for insurance coverage from more than 40 insurance companies using the Policybazaar website or mobile app. As business partners, Policybazaar works with organisations that provide travel, health, life, corporate, and automobile insurance.
Policybazaar’s insurance online aggregation operations are governed by the Insurance Regulatory and Development Authority of India. The Insurance Online Aggregator Regulations, 2017, permit the business to operate as an insurance web aggregator.
PolicyBazaar Funding and Investors
Since its launch in 2008, Policybazaar.com has raised $366 million in seven rounds of investment. Midway through 2008, Policybazaar received a $30 crore (US$6.9 million) startup investment from Info Edge, the company that owns the online employment marketplace Naukri.com. In May 2011, Policybazaar received a venture round investment from Intel Capital and Info Edge totaling 60 crore (US$12.86 million).
Intel Capital and Inventus Capital Partners contributed $9 million to Policybazaar’s Series A funding round. In April 2013, Policybazaar’s third round of fundraising netted them $5 million. Along with Intel Capital and Info Edge, Inventus Capital Partners spearheaded this Series B investment. Policybazaar.com received $20 million in capital from previous investors, including Tiger Global Management, in a Series C round in May 2014.
Premji Invest, the personal investment company run by Wipro chairman Azim Premji, contributed over $40 million to Policybazaar’s Series D round of funding in April 2015. Steadview Capital and ABG Capital both invested in the Series D. In its Series E funding round, Policybazaar raised US$77 million. At least three new investors participated in this round, including True North and IDG Venture Partners, who served as the round’s leaders. Additionally, according to a number of media sources, Boston-based asset management company Wellington Management Group made an investment in the internet insurance aggregator.
In June 2018, Policybazaar completed its series F fundraising, raising a total of US$238 million. With its US$150 million investment, Tokyo-based Softbank Group’s Vision fund spearheaded the round and acquired a 15% share in ETechAces Marketing and Consulting, the parent company of Policybazaar. Through a special purpose vehicle, Info Edge invested $45 million in the company as part of the Series F investment, thereby increasing its ownership from 9 percent to 13 percent. In July 2020, Softbank made an additional $130 million investment to raise its ownership to 15%, valuing Policybazaar at about US$1.5 billion.
PB Fintech Ltd, the organisation that owns Policybazaar, had its initial public offering (IPO) in November 2021 and raised 5,625 crore (US$700 million). On November 15, 2021, shares of PB Fintech Ltd. started trading on the Bombay Stock Exchange and National Stock Exchange.
List of investors –
- SoftBank Group (15.76%)
- Info Edge (India) Limited (14.56%)
- SVF Python II (Cayman) (9.5%)
- Tencent (9.16%)
- Claymore Investment (6.26%)
- Tiger Global Management
- Falcon Edge
- Alpha Wave
- Chiratae Ventures
- Inventus Capital Partners
- Premji Invest
- Ribbit Capital
- Steadview Capital Management
- Temasek Holdings
- True North traces
- Wellington Management Company
10,001–50,000 people are employed by PolicyBazaar in India.
PolicyBazaar Challenges Faced
Other online insurance marketplaces including Coverfox, BankBazaar, and CompareFirst compete with Policybazaar. These marketplaces compete with Policybazaar in the market and provide services that are comparable to those of Policybazaar. The risk of fraud at Policybazaar includes bogus insurance claims and identity theft allegations. Both policyholders and Policybazaar itself may suffer losses as a result of this.
This is the second acquisition made by PB Fintech since the business listed in November 2021, and it was carried out through the subsidiary Docprime Technologies. A majority share in the Gurugram-based lending marketplace MyLoanCare was purchased by PB Fintech for Rs 40.41 crore in December 2021, according to the announcement.
In just one year, Policybazaar has increased the percentage of new projects’ revenue from about 28 percent to 42 percent.
There is no details of it.
Policy Bazaar continues to hold the majority of the market share for digital insurance, but other companies are still competing for a piece of the action. Here is a list of a few of Policy Bazaar’s rivals:
PolicyBazaar Awards and Achievements
- Best financial website of 2015 according to IAMAI Indian Digital Awards.
- GSF Mobile Appies 2015 Best Consumer Finance Mobile App Award.
- Golden Mikes Award for Exchange4media in 2015.
- 2015 CMO Asia Awards.
- BAM Award for 2015.
- 2015 Iconic IDC Insight Award for Excellence in Operations.
- BML Munjal Award for Emerging Stars, 2017.
- The Digital Insurer Global Livefest Award is the 2018 Insurance Innovation Award.
- The 2018 IAMAI India Digital Awards for Best Insurance Tech.
- the 2018 India PR & Communications Awards for Best Marketing & PR Campaigns.
- Drivers of Digital’s Best Content in Online PR Campaign winner of the 2018 Inkspell Awards.
- The Economic Times awarded Silver its Best Consumer Awareness Campaign. The 2019 Brand Equity Kaleido Award.
- Fintech’s top bank is Financial Express’s Best Bank for 2019.
- Leading Fintech Innovator in India – KPMG-H2 Ventures Report.
PolicyBazaar Future Plan
There is no details of it etc.
What does PolicyBazaar do?
Life insurance, health insurance, auto insurance, travel insurance, and other types of insurance are all available through Policybazaar. Through partnerships with insurance providers, Policybazaar.com is able to obtain data from insurers directly, including information on price, benefit, insurance coverage, and other factors.
When was PolicyBazaar founded?
It was established in 2008.
Who is the founder of PolicyBazaar Corporation?
Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar started it.
Who is the CEO of PolicyBazaar Corporation?
Yashish Dahiya serves as the organization’s CEO.
Who are the main competitors of PolicyBazaar?
The competitors of Policy bazaar:
Acko General Insurance and Coverfox Insurance Broking Private Limited were sued for trademark infringement by Policybazaar in the early months of 2019. The Insurance Regulatory and Development Authority of India (IRDAI) fined Policybazaar 24 lakh (US$30,000) in May 2021 for breaking rules pertaining to SMS advertising.
On July 25, 2022, Policybazaar announced that there had been a data breach that had exposed over 50 million user records. According to Cyberx9, they discovered what appeared to be “planned backdoor vulnerabilities” that “did not get repaired until 7 days even though it would take roughly an hour to fix them.”