What impressed the offline transition of Policybazaar?
Policybazaar has at all times been a buyer channel, we wished to achieve as many shoppers as doable on-line. The concept is to be of assist the buyer wherever he/she is. We will likely be a digital-only firm, however it’s not essential that buyer acquisition occurs solely on-line. While on-line providers are readily accepted in Tier 1 cities, with regards to Tier 2 and Tier 3 cities, reassurance is required. Insurance itself is a fancy product, and all our clients deserve a touchpoint the place they will go, make clear their doubts, go for service, and so on. We need to arrange expertise facilities throughout the nation which can be found to clients, which is the broad concept.
How is Policybazaar making certain buyer security in an period of cyber hacking?
Policybazaar has state-of-the-art tools for buyer security. Information could be very delicate, particularly on the insurance coverage facet. We do so much analytics round the place the shopper is coming from, how many individuals have visited from the identical IP (tackle), what cost mechanisms are getting used, and so on to verify there isn’t a one getting into our methods who shouldn’t be alleged to. On the appliance facet, we’ve an internet utility firewall. We use the very best and costliest merchandise to maintain our database secure. Our tech crew is likely one of the most acknowledged groups within the nation.
With an increasing number of on-line companies mushrooming, how does Policybazaar plan to face out from the competitors?
When we sit within the boardroom and determine what to do and what to not do, we put the shopper first. That has saved us in superb stead all through. A variety of our competitor corporations got here and died their pure dying as a result of they have been a fly-by-night operation. We’re not a fly-by-night operation, we’re right here to remain, even 50 years therefore. For us it’s not a money-making the proposition, it’s to get an increasing number of individuals to belief us, to construct higher merchandise.
Talking about merchandise, you’ve got launched SME and MSME platforms. What drove this new launch and why now?
SMEs and even massive corporates have been shopping for group insurance coverage even earlier than Policybazaar existed, and it was completed a sure method by brokers. While increasing the merchandise we make sure that it’s the workers who should be seemed into and brought care of. We perceive what a retail buyer is like, what a person buyer is like. We realised that 65% of healthcare prices lie outdoors of insurance coverage, so can we’ve complete wellness candy that we are able to provide with out group merchandise. If one is on the lookout for a complete bundle for an worker advantages bundle, then we’re the fellows. For instance, in the course of the lockdown individuals had taken to Yoga, then we consulted medical doctors and different specialists. Following their suggestions, we put these merchandise in our insurance coverage plan together with our insurer companions. Doing this complete course of on an app is extraordinarily accepted. We additionally need to be obtainable to the workers, we don’t need them to be depending on the HR of their firm. We now have an apps solely proposition the place claims, discovering hospitals, and so on are in a single place. 68% of the workers are participating with that app.
Can you inform us about some merchandise Policybazaar is engaged on which is able to profit the shoppers?
There are totally different merchandise on totally different sides. The greatest success story for us is on the retail-health facet the place we’ve launched a one-crore product. We realised the medical insurance sector is under-covered and beneath secured, and we realized clients need a big cowl. Keeping that in thoughts we make merchandise catering to say a wholesome or an unhealthy buyer. Similarly, we’ve a product for shopkeepers, the place they will be sure that the stock or content material of their retailers are ensured. More and extra such merchandise are coming into being.
What is subsequent on the playing cards for Policybazaar?
In the longer term, no two neighbors may have the identical form of insurance coverage. We will go an increasing number of into information and app which is able to facilitate extra buyer interplay. It will allow higher customization, moderately than shopping for one thing off the shelf. We will likely be catering to particular person merchandise to particular person clients. We additionally look to have a big a part of the market share, with very very new age merchandise.