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Car Policy Bazaar India – It is recommended to insure yourself against unexpected and unusual life events. The whole idea of an insurance policy is to financially deal with unexpected losses. Insurance helps manage risk and cash flow uncertainty. It is also considered as a good investment avenue.
However, agents selling insurance do not offer options that fully cover consumers. Knowingly or unknowingly they hide important information related to policies from people. In many cases these agents sell irrelevant policies only for their profit and commission instead of prioritizing the demands of the customers. Due to the lack of transparency in the insurance industry, a large portion of the savings fund goes to the employee’s wallet. These factors make customers reluctant to buy insurance from agents.
Car Policy Bazaar India
In 2008 Yash Dahiya started PolicyBazaar – India’s largest platform to analyze, compare and buy insurance based on cost, quality and other key aspects to bring transparency and accountability to the Indian insurance policy sector. PolicyBazaar became a Unicorn on June 26, 2018, becoming India’s second Unicorn of 2018. Check out the success story of India’s leading insurance company!
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PolicyBazaar is India’s leading aggregator and marketplace for insurance products. Founded in 2008, the company initially engaged in comparing insurance rates and providing information about the insurance industry. The company grew rapidly and expanded to other horizons. Apart from an insurance market, the company is now expanding its policy cancellation/extension support and claims settlement.
Policy Bazaar is a marketplace for all your insurance related needs. It offers life insurance, health insurance, car insurance, travel insurance, group insurance etc. The company offers more than 250 insurance plans and around 50 insurance brands on its platform. The platform is designed to enable travelers to easily compare and buy insurance plans that suit their needs.
The company is constantly adding new features and technologies to improve the user experience. Some time ago, the “My Account” feature was introduced for the same reason. Through PolicyBazaar’s ‘My Account’ feature, customers can easily download policies, get tickets, request clarifications and upgrade policies. PolicyBazaar has also launched a video self-check feature to revive lapsed auto insurance policies.
PolicyBazaar launched its mobile app in 2015. The app is available for Android and iOS platforms. Customers can not only search, compare and buy insurance through the Policy Bazaar app, but also get hospital locator, garage locator, insurance premium calculator, instant policy renewal, claims and much more.
Policybazaar (@policybazaar) / X
According to NASSCOM, the Fintech market in India is expected to reach $2.4 billion by 2021. India’s insurance industry is expected to reach $280 billion by 2021. However, a large section of the Indian population does not have any form of insurance. Overall insurance penetration, i.e. The premium as a percentage of GDP in 2017 was only 3.69%. Therefore, India still has a large insurance market.
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Yashish Dahiya, founder of PolicyBazaar, holds a BA in Engineering from IIT Delhi (1994), a Post Graduate Diploma in Management from IIM Ahmedabad (1996) and an MBA from INSEAD (2001). Shortly thereafter, he joined Bain & Company as a consultant. He then became Managing Director (UK) of ebookers.com. In 2005, he founded First Europa, a global online insurance broker, where he was responsible for leading the global expansion and managing the company’s operations across 9 geographic regions. He is also a national swimmer and triathlete.
PolicyBazaar founder and former CEO Yashish Dahiya is also an investor and founder of paisabazaar.com. PaisaBazaar offers term deposits and loans at your fingertips.
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Yashish served as the CEO of PolicyBazaar from its inception till February 2020. In February 2020, Sarbvir Singh was appointed CEO of PolicyBazaar and Yashish took over as CEO of the larger PolicyBazaar Group.
Sarbvir Singh, CEO of PolicyBazaar, was a Managing Partner at WaterBridge Ventures before joining PolicyBazaar. An alumnus of IIT Delhi and IIM Ahmedabad, Sarboor has extensive experience working with companies like Emerson Electric, Citibank, HomeShop18, Network18 and JP Morgan Private Equity Group. He co-founded Hercules Capital, a firm that invests corporate and private client funds in the Indian stock market. Serbvir left Hercules Capital in 2006.
Alok Bansal, co-founder and director of PolicyBazaar, is an alumnus of IIM Kolkata. Prior to PolicyBazaar, he held the positions of CFO at First Europe, Senior Head – Corp Strategy at Mahindra & Mahindra and Business Head at iGate Global Solutions.
PolicyBazaar co-founder Avaneesh Nirjar is an IIT Kharagpur alumnus. He holds an MBA from Birla Institute of Technology. Prior to PolicyBazaar, he worked for Marco Industries, AT&T India, GE Capital International Services, HeroITES, Cendant ISO and First Europa.
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Co-Founder and CBO PolicyBazaar, Tarun Mathur has a BIT from IGNOU after which he joined other co-founders before co-founding PolicyBazaar in 2008 as Group Head Workforce Management and FE Global Technology Head at HeroITES.
Manoj Sharma, also known as the other co-founder, who serves as the CFO of Policy Bazaar, is an alumnus of the Institute of Chartered Accountants of India. Ericsson Indian Pvt. After a short time. Ltd, Sharma Fyam Manda Automotive Pvt. Ltd. Over time, he joined several other companies, including First Europe and Ananda Nishikawa.
Sharat Dhal is the Chief Operating Officer of Policy Bazaar. Before joining PolicyBazaar, Sharat Yatra Online Pvt. I worked as COO. Was Head of Business at Hindustan Lever Limited, VP E-Commerce at Indiatimes.com, Managing Director (India) of Expedia and Managing Director (India) of TripAdvisor. He also serves on the advisory board of CreditEnable, a global credit insights and technology solutions company.
According to LinkedIn, the PolicyBazaar team consists of approximately 5,000 employees. As Policy Bazaar owner Yashish Dahiya confirmed in 2019, Policy Bazaar plans to create 2,500 new jobs, resulting in a workforce of around 6,000. The recruitment will be mainly for customer support function within the company.
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PolicyBazaar’s largest shareholder is Softbank, which owns more than 15% of the company founded by Yashish Dahiya and Alok Bansal. Makeshift, Infoedge and Tencent are other important players. Company founder and group CEO Yushesh Dahiya also held over 4% stake in Policy Bazaar. Of this, Dahiya decided to sell 37, 69, 471 shares on June 6, 2022. The announcement led to a sharp fall in the share price in the BSE filing. Shares of PolicyBazaar’s parent company PB Fintech are up 13% since June 7, 2022. Yashish Dahiya PB Fintech’s ownership has increased over time and could rise to 5.98% by October.
Softbank’s shares, representing a 2.54% stake in the company, traded at an average price of Rs 762.8 per share in the parallel market. As reported on August 10, 2023, sales totaled Rs 871.2 crore.
The idea of starting the policy market took root from an insurance mis-selling incident that Yashish Dahiya once faced.
“I was doing some financial matters with my father and only a few things seemed suspicious. On closer inspection, my father’s insurance agents have defrauded me of lakhs of rupees. The point seemed obvious, but the truth was revealed. ” . When I looked closely, it made me think about how people go astray, so we started PolicyBazaar with 14 hardworking people,” said Yashish Dahiya. Founder and Owner of PolicyBazaar.PolicyBazaar – Name, Tagline and logo
How To Check Car Policy Status
The company logo showcases the company brand “Policy Bazaar” and is an interesting play on words. Here, dotcom is marked with a blue circle with a “com” in the script. The company also cleverly incorporated the company slogan “Compete. Buy. Save” into its logo.
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PolicyBazaar.com is an insurance aggregator website that helps consumers research and compare features of various insurance policies. This enables them to make informed decisions regarding policy choices. You can see the business model of PolicyBazaar, an insurance aggregator that works on both B2C and B2B models.
The Company has tied up with insurance brokers to obtain information such as costs, benefits, insurance coverage directly from customers for comparison purposes. The customer then selects the best option based on the information provided. Users are not charged anything for this service.
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Insurance companies make policy bazaar money by advertising and selling policies. By 2011, 85% of them
