Kolkata, Nov 30 (IEBusiness) Policybazaar has set a target to sell eleven lakh vehicle insurance policies this
financial year, according to Sajja Praveen Chowdary, the Head of Motor Insurance department at PolicyBazaar.com, the largest online insurance aggregator in the country.
Under him, the motor insurance vertical has gone through a major technological transformation in terms of developing first-of-its-kind solutions for the industry.
Here is an exclusive tete-a-tete:
Q1. Policybazaar had set a target to sell 11 lakh vehicle insurance policies this financial year. How close are you to the target?
Policybazaar.com is on target as of date. Last year, the aggregate number of such policies sold online was around 12 lakh and Policybazaar’s sales were around 5.7 lakh.
Q2. Tell us about your self-video cashless claims feature. How successful it has been? How many customers have benefitted from this feature?
We launched a self-video cashless claims feature 2 months back. The initial numbers are encouraging, with nearly 15 per cent of claims cases adopting this feature. We expect the adoption to beyond 90 per cent in the next 3months, as more public awareness around this feature gathers.
Q3. Has Digital India drive helped you in increasing your client base?
Push towards digitization has led to greater understanding of how internet functions among people. This coupled with an increasing smartphone user base has certainly contributed to our growth story to some extent. More than client acquisition it is allowing us to cement our place in the industry as a reliable source of information on insurance as searches have gone up manifold. Thus, while the sales have been growing constantly year-on-year prior to the digital push, visitors on our platform have seen a multi-fold increase.
Q4. Policybazaar had launched an AI pilot to shorten the damage assessment period. Is this feature already functional?
This is in works on the back end where the system is also assessing the case and the executive is also assessing the same. We expect this assessment to be completely AI-driven over the next three months.
Q5. Is there anything new that customers can expect from Policybazaar in the next financial?
We are looking at simplifying the processes for customers and ease the process of buying insurance, which includes a faster turnaround on claims as well. Emerging technologies like blockchain, progressive dialler, text-to-speech, Artificial Intelligence etc. will be integrated on a larger scale, which will cumulatively improve customer centricity overall. On the product side, insurers are constantly taking feedback from us on the response of consumers to their products and improve their offerings accordingly. Thus, consumers will find new and better-packaged products on our site.
Q6. What is your share in the online motor insurance market?
Around 2.2 cr private cars are expected to be insured by Industry this FY, and 19 lakh would be online. Out of 19 lakh, we expect nearly 60 per cent of the motor insurance purchases made through Policybazaar.