Policybazaar.com Completes a Decade of Success
India’s leading Insurtech brand, Policybazaar.com celebrated its 10-year anniversary by holding a special event, “UnBeat10” for its existing and previous employees. The event brought together the founding team on one stage sharing their special stories of Policybazaar.com’s decade-long journey and a live band performance to conclude the evening.
The Founding Team Members of Policybazaar at 10th Year Celebration
To mark the historic milestone, the company announced that it will create 2,500 more jobs in FY19, taking its employee strength to 6,000 people. Growing 100% Y-o-Y Policybazaar.com is aiming to underwrite premium worth Rs. 10,000 crore, expand its unique customer base to 1 crore and increase its revenue to Rs. 1,500 crore by 2020.
The company has added more than 1.15 lakh square feet of space across five new offices this financial year, taking its entire office space area to 2.5 lakh square feet across nine buildings in Sector 44, Gurgaon. The facilities are located within a 10-minute walking distance from HUDA City Centre, Gurgaon’s biggest metro station.
“It’s been a long and challenging journey to make it to the 10th year. We effectively started with 14 hardworking individuals,” said Yashish Dahiya, Co-Founder & CEO, Policybazaar.com, talking about how it all began for the company. “We always believed in doing things at the right time to stay ahead in the highly competitive market. During these last 10 years, our passions for technology, commitment of each individual employee; and their distinctive competencies have been the driving force to build a successful venture. We are hopeful for the similar success and dedication by employees in the new ventures of the Group.”
Speaking on the occasion, Alok Bansal, Co-Founder and CFO, Policybazaar.com, said, “Over the years we have acquired a huge customer base having unique needs. This presents a challenge and an opportunity for us because sustaining the momentum will be a critical factor for fuelling further growth for us and we clearly appreciate that customer acquisition and retention will be based on solving their problems quickly and efficiently.”
For Policybazaar.com, the new jobs will be mainly in the customer support function, where it expects to add 2,200 roles, while the rest of the jobs would be distributed across corporate and tech functions. New employees in the customer support function will be expected to advise and help consumers in understanding various insurance products such as life, health and motor, and managing their buying experience.
Policybazaar.com is India’s largest insurance marketplace. It has backing from a host of investors including the likes of Soft Bank, InfoEdge (Naukri.com), Temasek, Tiger Global Management, True North, Premji Invest, besides investments from other PE funds and family offices. The portal started with a purpose to educate people on insurance products and has had a significant influence on how insurance is bought in India. It has helped in driving penetration of pure life insurance, health insurance, and such products which were barely bought earlier.
From receiving traffic of 180,000 visitors in 2008, Policybazaar.com has come a long way and today hosts over 100 million visitors yearly and records sale of nearly 300,000 transactions a month. Currently, Policybazaar.com accounts for nearly 25% of India’s life cover, and over 7% of India’s retail health business. It accounts for roughly half of all internet based insurance purchase in the country and is more than doubling annually.
We have received several accolades in India and globally. The most noteworthy being recognized as India’s top and world’s leading “Fin Tech Innovator” by the Global consultancy firm, KPMG and venture capital fund, H2 Ventures for 2015 & 2016. It has won a range of awards in the last couple of years, many of them consecutively. These include The Financial Express “Best Fintech Marketplace”, Internet & Mobile Association of India (IAMAI) Digital India Award for “Best Financial Website” & “Most Innovating Insurance Service”, IDC Iconic Award for “Tech Implementation leading to Operational Excellence”, to name a few.
Policybazaar.com’s new Twitter handle for media personnel is live now.
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