||The neutrality of this article is disputed. (August 2011)|
|Founder||Yashish Dahiya, Alok Bansal|
|Services||Insurance comparison services|
|Slogan||Stop. Compare. Save.|
Policybazaar.com is India's leading web aggregator for insurance. Policybazaar.com specializes in enabling the consumer to make a comparative analysis of the insurance products on the basis of price, quality and key benefits. Started with a team of three first-time entrepreneurs, today it has a 1,500+-strong team providing insurance solutions to Indian consumers. The Internet and Mobile Association of India awarded Policybazaar.com as the best financial website in the country. In 2014, Frost and Sullivan recognized Policybazaar for its customer-centric approach, by awarding it the "Customer Value Leadership Award."
Established in the latter part of 2008, the e-commerce firm celebrated its sixth anniversary in 2014. "There is immense potential in insurance in India as current penetration is really low," said Yashish Dahiya, co-founder and CEO of the firm. Current estimates indicate that just four out of every 100 Indians hold a life insurance policy.
Dahiya set up Policybazaar with Avaneesh Nirjar and Alok Bansal - all three first generation entrepreneurs - to make insurance purchase easy in the country. Prior to setting up the company, they chased their dreams in the corporate world and worked in companies including First Europa, a global online insurance broker and ebookers Plc, a travel business. "When I set up ebookers Plc, a travel business which employed 2,000 people across 13 countries in Europe, it was almost an entrepreneurial project," said Dahiya.
The trigger to set up the insurance portal was the low penetration, which in turn throws up significant opportunities as more people are now looking to buy risk cover at discounted rates. Typically discounts for customers are drawn from lower processing costs. Online automated loan and insurance processing is 70% cheaper than selling through a physical bank branch - these cost savings are shared with the customer.
Apart from Info Edge (India), Intel Capital, Tiger Global Management, Inventus Capital Partners and Ribbit Capital have invested in PolicyBazaar.com over multiple rounds of funding. PolicyBazaar raised Rs 119 crore (20 million dollars) in the Series C round of funding in mid 2014, has a post money valuation of approximately 100 million dollars.
Present and future
The company has a headcount of around 1500 people. It has 5 million registered users who are interested in finding out information related to financial products such as loans and insurance options. The users search through 2-3 pages per visit on an average. Since July, Policybazaar.com has rolled out many campaigns on TV and has also tried the radio route. PolicyBazaar has appointed Lowe Lintas as its advertising agency. The company is expected to post profits in 2014-15.