Policybazaar.com to Foray into Healthcare & Tech Services
Policybazaar.com (twitter handle: @policybazaar), India’s largest insurance website and comparison portal, is planning to foray into the Healthcare Technology and Services space. The new platform will provide consumers with easy, online and free access to PolicyBazaar’s empanelled top-notch doctors and medical consultants.
To begin with, the company intends to partner with 100 hospitals and 20,000 doctors, diagnostic centres, and clinics by the end of March 2019. The healthcare vertical also plans to offer a huge array of healthcare services, which includes in-hospital concierge services for its health insurance customers. By doing this, Policybazaar.com wants to be with its customers at the moment of truth, which is at the time of claims.
Speaking about the new business entity, Yashish Dahiya, Co-founder & CEO, Policybazaar.com, said, “Our foray into the healthcare services space is in sync with the vision of expanding the social security net of India. With this venture, we seek to fulfill the need of providing quality and affordable healthcare of the burgeoning population at large by connecting the consumers with our in-house medical practitioners. The new portal will facilitate the creation of an inclusive healthcare system, which will eventually offer customized options for in-patient department insurance based on detailed analysis undertaken after studying consumer healthcare habits and patient’s interactions with the doctors.”
In the long run, PolicyBazaar.com wants to offer its customers a better and personalized claim and in-hospital experience. Policybazaar is also going to work with insurers to create a new category of health insurance for Out-patient expenses (OPD) and provide free online medical consultation to consumers over phone and chat. Policybazaar.com is in discussions with insurance companies to offer a first of its kind OPD insurance product.
The company aims to offer 5 million OPD consultations by next FY.
PolicyBazaar.com is India’s largest insurance marketplace. It has backing from a host of investors including the likes of Temasek, Tiger Global Management, True North, InfoEdge (Naukri.com), 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 200,000 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.
The company has 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, including The Financial Express “Best Fintech Marketplace”, The Economic Times “Best Corporate Brand”, Internet & Mobile Association of India (IAMAI) “Best Financial Website” for two years, and BML Munjal Award for “Excellence in Learning & Development” among the most notable ones in the last couple of years.