PolicyBazaar

Policybazaar is an Indian insurance aggregator and a global financial technology company based in Gurgaon, India. The company was founded in June 2008 by Yashish Dahiya,[1] Alok Bansal[2] and Avaneesh Nirjar.[3] It provides a digital platform - website and app - where users compare financial services from major insurance companies. The company is India's largest insurance aggregator,[4] and has expanded its operations to the United Arab Emirates.[5][6][7]

Policybazaar
TypePrivate
IndustryFinancial technology
FoundedJune 2008
FoundersYashish Dahiya
Alok Bansal
Avaneesh Nirjar
HeadquartersGurgaon, Haryana,
India
Number of employees
10,001+
Websitepolicybazaar.com

History

Policybazaar.com started out as an insurance comparison website.[8] It was founded in June 2008 by Yashish Dahiya, Alok Bansal and Avaneesh Nirjar with a focus on the insurance sector.[7][9] At that time, the Indian insurance industry still lacked transparency and policies were mostly sold through agents.[6] Policybazaar changed that largely by listing the details of multiple insurance policies for customers to choose from.[6][10] It began as a price-comparison website,[6] and an information portal for learning about insurance and insurance programs. The aim was to provide Indian insurance buyers with an online platform to compare and buy a policy plan. The website subsequently expanded to becoming a marketplace for insurance policies. Policybazaar has also launched a Telugu website to help users to research and buy online in their native language.[11]

Policybazaar has moved from a policy price comparison website to an insurance selling operation. The company claims to process nearly 25% of India's life insurance and over 7% of the country's retail health cover.[6]

Policybazaar provides all types of insurance plans like life insurance, health insurance, motor insurance, travel insurance as well as group plans. The platform is designed to make comparing and buying insurance plans as per individual choice.

In 2015, Policybazaar launched its app[12] for Android and iOS users.

Policybazaar has also adopted Amazon Polly and developed in-house AI chatbot PBee[13] to improve customer satisfaction in 2018.

In February 2020, Sarbvir Singh was appointed CEO effective December 2019 while Yashish Dahiya took over the role of group CEO.[14]

Investments

Policybazaar.com has so far raised US$366 million in 7 rounds of funding since its inception in 2008.[15]

Info Edge, which runs the online job portal Naukri.com, invested ₹20 crore (about US$2.78 Million) as the seed fund in Policybazaar back in mid 2008.[8] Intel Capital and Info Edge invested Rs 60 crore (US$8.3 million) into Policybazaar in May 2011 as part of the venture round.[16][17]

Policybazaar raised US$9 million from Intel Capital and Inventus Capital Partners in its series A investment round.[8] Policybazaar raised US$5 million in its third round of funding in April 2013. This Series B investment was led by Inventus Capital Partners along with Info Edge and Intel Capital.[18][19][20] In May 2014, Policybazaar.com raised $20 million (₹119 crore) in a Series C round of funding from existing investors including Tiger Global Management.[20]

Policybazaar raised around $40 million in its Series D round of funding in April 2015 from Premji Invest, the personal investment vehicle of Wipro chairman Azim Premji. The Series D also attracted money from Steadview Capital and ABG Capital.[21][22] Policybazaar raised US$77 million in its Series E funding round. This was led by At least three new investors including True North and IDG Venture Partners invested in this round. Also, several media reports claimed that Boston-based asset management firm Wellington Management Group invested the online insurance aggregator.[23]

Policybazaar raised a total of US$238 million in June 2018 in its series F funding. Tokyo-based Softbank Group’s Vision fund led the round with its US$150 million investment that gave it a 15% stake in the parent company of Policybazaar - ETechAces Marketing and Consulting. The Series F investment saw Naukri.com owner Info Edge put in $45 million in the company through a special purpose vehicle, effectively lifting its stake to 13% from 9%.[24]

Investors

Business model

Policybazaar.com has tie-ups with insurance companies that help it procure information such as price, benefit, insurance cover etc. directly from the insurers. Users can use the Policybazaar website or app to research, compare and buy insurance policies from over 40 insurance providers. Policybazaar has companies, who offer car insurance, health insurance, life insurance, corporate insurance and travel insurance, as its business partners.

Insurance Regulatory And Development Authority of India regulates the insurance web aggregation business of Policybazaar. The company is registered as an insurance web aggregator under the Insurance Web Aggregator Regulations, 2017.[29]

Awards
  • IAMAI Indian Digital Awards for best financial website 2015[30]
  • Award for Best Mobile App Consumer Finance in 2015 by GSF Mobile Appies[31]
  • Exchange4media Golden Mikes Award 2015[32]
  • DMAi Asia ECHO Awards 2015[33]
  • CMO Asia Awards 2015[34]
  • BAM Award 2015[35]
  • Excellence in Operations - Iconic IDC Insight Award 2015[36]
  • Emerging Star Award - BML Munjal Award 2017[37]
  • Insurance Innovation Award 2018 - The Digital Insurer Global Livefest Award[38]
  • Best Insurance Tech - IAMAI India Digital Awards 2018[39]
  • Best Marketing & PR Campaigns - India PR & Communications Awards 2018[40]
  • Best Content in Online PR Campaign - Drivers of Digital - Inkspell Awards 2018[41]
  • Best Consumer Awareness Campaign - Silver -Economic Times Brand Equity Kaleido Award 2019[42]
  • Best bank in Fintech - Financial Express Best Bank 2019[43]
  • Leading Fintech Innovator in India - KPMG-H2 Ventures Report[44]

Trademark Protection Issue

Policybazaar in early 2019 tried to protect its intellectual property and filed a case against insurance company Acko General Insurance Company and Coverfox Insurance Broking Private Limited for trademark infringement.[45][46]

References
  1. Menon, Rashmi (1 August 2018). "Yashish Dahiya's success mantra: Running, swimming help him stay unbiased at work". The Economic Times. Retrieved 22 October 2019.
  2. www.bloomberg.com https://www.bloomberg.com/profile/person/20472655. Retrieved 22 October 2019. Missing or empty |title= (help)
  3. "Online Insurance Company PolicyBazaar Gears Up To Explore Healthcare Tech And Services Market". Inc42 Media. 12 March 2018. Retrieved 22 October 2019.
  4. "IRDA Could Stifle Online Insurance Aggregators". Forbes India. Retrieved 22 October 2019.
  5. ANI (24 September 2018). "Policybazaar Group forays into UAE insurance and lending market". Business Standard India. Retrieved 22 October 2019.
  6. U N, Sushma (27 June 2018). "India's newest unicorn is disrupting a 200-year-old industry". Quartz. Retrieved 18 July 2018.
  7. Chatterjee, Paramita (18 August 2017). "Policybazaar: The best policy". Forbes India. Retrieved 18 July 2018.
  8. "For PolicyBazaar, health care's the best policy". Forbes India. Retrieved 22 October 2019.
  9. Chatterjee, Paramita (11 July 2011). "Policybazaar, Gurgaon based start-up offers buyers opportunity to compare and choose insurance policies". The Economic Times. Retrieved 18 July 2018.
  10. Russell, Jon (25 June 2018). "India's PolicyBazaar raises $200M led by SoftBank's Vision Fund". TechCrunch. Retrieved 18 July 2018.
  11. "Policybazaar.com launches Telugu website to help bike users". 3 September 2018. Retrieved 17 May 2019.
  12. "Policybazaar.com Launches Mobile App for Consumers". PitchOnnet. 5 February 2015. Retrieved 22 October 2019.
  13. {{Cite web|url=https://coverager.com/policybazaar-launches-chatbot-using-googles-dialogflow/|title=PolicyBazaar Launches Chatbot Using Google's Dialogflow|date=2017-11-21|website=Coverager - Insurance news and insights|language=en|access-date=2019-10-22}}
  14. {{Cite web|url=https://inc42.com/buzz/policybazaar-rejig-sarbvir-singh-replaces-cofounder-yashish-dahiya-as-ceo/amp/|title = PolicyBazaar Rejig: Sarbvir Singh Is New CEO; Cofounder Yashish Dahiya Named Group CEO|date=2020-02-20|website=Inc42|language=en|access-date=2020-02-22}}
  15. "PolicyBazaar raises $200 million in funding round led by SoftBank, enters the unicorn club". www.businesstoday.in. Retrieved 22 October 2019.
  16. Gooptu, Biswarup (8 April 2013). "Policybazaar raises $5 million from Inventus Capital, Info Edge and Intel Capital". The Economic Times. Retrieved 22 October 2019.
  17. "PolicyBazaar Success Story - Founder, Business Model, Funding, Team, News". StartupTalky - Your Entrepreneurial Journey Starts Here!. 29 July 2019. Retrieved 22 October 2019.
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  19. Gooptu, Biswarup (8 April 2013). "Policybazaar raises $5 million from Inventus Capital, Info Edge and Intel Capital". The Economic Times. Retrieved 22 October 2019.
  20. "Tiger Global invests $20M in Series C in online insurance policy aggregator PolicyBazaar". Techcircle. 26 May 2014. Retrieved 22 October 2019.
  21. "PolicyBazaar raises around $40M in Series D round led by PremjiInvest". VCCircle. 14 April 2015. Retrieved 22 October 2019.
  22. vishalsingh1691 (15 April 2015). "PolicyBazaar Gets $40 Mn In Series D From PremJiInvest, Steadview, ABG Capital & Existing Investors". Inc42 Media. Retrieved 22 October 2019.
  23. "Policybazaar raises $77 mn in Series E funding". VCCircle. 13 October 2017. Retrieved 22 October 2019.
  24. Gooptu, Biswarup (26 June 2018). "PolicyBazaar raises over $22238 million in SoftBank-led round". The Economic Times. Retrieved 22 October 2019.
  25. "Portfolio". Chiratae Ventures. Retrieved 22 October 2019.
  26. inventus@1432 (12 June 2018). "Inventus Capital India | Early-Stage Venture Capital Firm | Inventus Capital India | Early-Stage Venture Capital". Retrieved 22 October 2019.
  27. "Ribbit Capital". Ribbit Capital. 5 October 2015. Retrieved 22 October 2019.
  28. "True North, IDG Ventures may pump $20 mn into PolicyBazaar". VCCircle. 4 September 2017. Retrieved 22 October 2019.
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  31. "GSF Announces "Mobile Appies" Awards, Platform For Recognizing Best Mobile Apps". Inc42 Media. 12 February 2015. Retrieved 23 October 2019.
  32. "HUL, Madison Media, O&M, Radio City win big at Golden Mikes 2015 - Exchange4media". Indian Advertising Media & Marketing News – exchange4media. Retrieved 23 October 2019.
  33. "PolicyBazaar Success Story - Founder, Business Model, Funding, Team, News". StartupTalky - Your Entrepreneurial Journey Starts Here!. 29 July 2019. Retrieved 23 October 2019.
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  35. "Indian Conventions Awards". Retrieved 23 October 2019.
  36. ANI (21 August 2018). "HDFC Life Launches New Click 2 Protect 3D Plus". Business Standard India. Retrieved 23 October 2019.
  37. "BML MUNJAL AWARDS". www.bmlmunjalawards.com. Retrieved 23 October 2019.
  38. "Insurance Innovation Winners". TDI Livefest 2018. Retrieved 23 October 2019.
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  40. "E4M events winners list". e4mevents.com. Retrieved 23 October 2019.
  41. "Dod 2018". DOD Awards. Retrieved 23 October 2019.
  42. www.ETBrandEquity.com. "Kaleido Awards | ET BrandEquity". ETBrandEquity.com. Retrieved 23 October 2019.
  43. "FE Best Banks Awards: Celebrating the very best of banking". The Financial Express. 10 January 2019. Retrieved 23 October 2019.
  44. https://home.kpmg/content/dam/kpmg/at/pdf/presse/fintech100-2018-report.pdf
  45. "Court Slaps INR 10 Lakh Fine On PolicyBazaar In Trademark Infringement Case Against Acko". Inc42 Media. 5 June 2019. Retrieved 23 October 2019.
  46. "HC imposes Rs 10 lakh cost on Policybazaar for concealing facts to obtain interim order". The Economic Times. 4 June 2019. Retrieved 23 October 2019.
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