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Oct 72 min read

Policy Bazaar

Updated: Oct 11

Policybazaar is a B2C insurance aggregator, founded in 2008 by Yashish Dahiya and Alok Bansal. PolicyBazaar is India’s leading online insurance aggregator, providing a platform where users can compare and purchase a wide range of insurance products from various insurers. Founded with the aim of simplifying insurance buying, PolicyBazaar offers comprehensive solutions for life, health, motor, and travel insurance, among others. The platform focuses on helping consumers make informed decisions by offering transparent comparisons of policy features, premiums, and benefits. PolicyBazaar has grown into a trusted source for millions of customers, making the insurance selection and buying process easier and more convenient. The company achieved a valuation of $3.38 billion in 2018. 





Problem

PolicyBazaar addresses the difficulties consumers face in navigating the traditional insurance market in India, which is often marked by a lack of transparency, complex policy terms, and cumbersome purchasing processes. Customers struggle to compare different insurance products, understand the nuances of coverage, and make informed decisions, leading to confusion, misinformed choices, or avoidance of insurance altogether.


Policy bazaar Solution

PolicyBazaar offers an online platform that simplifies the insurance buying process by allowing users to compare a wide range of insurance policies from various providers in one place. It provides detailed information on policy features, premiums, coverage options, and terms in a transparent and user-friendly manner. By digitizing and streamlining the process, PolicyBazaar enables customers to easily understand, select, and purchase insurance policies that best fit their needs, enhancing accessibility and fostering informed decision-making in the insurance sector.


Initial Users & Marketing Hack

Policybazaar used digital marketing, TV ads, and tie-ups with insurance companies to drive initial traffic, focusing on convenience and transparency.


Policy bazaar Offerings

  • Life Insurance: Term life, whole life, and investment-linked insurance plans.

  • Health Insurance: Comprehensive health policies, critical illness coverage, and family floater plans.

  • Motor Insurance: Car and bike insurance, including third-party liability and own damage policies.

  • Travel Insurance: International and domestic travel insurance covering medical emergencies, trip cancellations, and baggage loss.

  • Home Insurance: Policies covering home structure and contents against natural disasters, theft, and fire.

  • Accident Insurance: Personal accident coverage for accidental death, disability, and hospitalization.

  • Investment Products: Unit-linked insurance plans (ULIPs) and other investment-linked insurance products.

  • Corporate Insurance: Group health insurance and other policies for businesses.

  • Insurance Comparison Tool: Easy comparison of premiums, features, and policy benefits across insurers.

  • Claims Assistance: Support for policyholders in filing and managing insurance claims.


Website


Linkedin page


Founder’s profiles

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