– Sayani Paul, PGP-1, BKFS
Remember those days when you had to rely on the unscrupulous insurance agent who would come knocking at your door? You would welcome her into your home apprehensively only to witness yet another sales pitch aimed at making you buy a policy that would get her a handsome commission. Of course, commission may not have always been her first priority, but we can certainly say that she possessed the discretion of not revealing all the facts so as to make her job easier. Well, times have changed!
Policybazaar, an insurance aggregator, has stepped into the market to the utter dismay of all the hopeful insurance agents. It has brought with it a digital platform through which one can search for a suitable insurance policy as per her needs, compare the various products in the market, and act objectively. Since its inception in 2008, Policybazaar has revolutionized the insurance industry. Presently, it accounts for nearly 25% of life cover and over 7% of the retail health insurance business in India. Furthermore, it boasts an annual website viewership of 100 million and nearly 30,000 transactions per month. If that weren’t impressive enough, it was also the only inter consumer start-up to report a net profit in the previous financial year.
With such impressive numbers and a strategy-centric growth, Policybazaar has managed to raise over $200 million from the Japanese conglomerate SoftBank in the recent Series F funding. Consequently, the company has become the latest addition to the highly sophisticated “Unicorn Club”, and mind you, the only company in its sector to have achieved such a feat. Although competitors such as Bankbazar, Coverfox and Easypolicy play along similar lines, neither has been able to maintain its position and attract the attention of global investors.
In an age where internet-based companies are struggling to raise funds, the success story of PolicyBazaar is truly awe-inspiring and commendable. Such companies not only strengthen the economy of our nation but also serve to inspire the countless budding entrepreneurs who are on the lookout for some much-needed motivation.
May the Unicorns keep rising!