IS POLICY BAZAAR A BOOM IN THE INSURANCE INDUSTRY?
Abstract
Author(s): Kirti S. Pradhan
The insurance industry in India holds a major market share. With an annual premium income of 14.8 trillion dollar (approx) this industry contributes a major sum to the economy of the Nation. The Pr oblem in the late 2007s started when there was a boom in the number of insurance companies across various domains. The customers then faced the issue of picking one option among the various available to insure their assets & valuables, also with a rise in many fraudulent companies that made their way into the system it became even more difficult for the customers to trust a certain brand without raising an eyebrow. In 2008, two entrepreneurs Yashish Dahiya & Alok Bansal started Policy Bazaar, an online portal that let the registered users compare insurance policies offered by different institutions in that domain. The thought that went behind was to make the insurance system more reliable and efficient yet keeping in mind the rates and returns that were offered. In 5 years time policy Bazaar has successfully raised 70 million dollar through funding. The website gained popularity among the corporates and attracted many loyal customers. My Findings Include: The factors that stand out in making the startup a success and its impact on the customers. Factors that make the website unique: The website offers tools that help one calculate the return, pension interest, list of insurance companies to choose from, term plans, investment options, cancellation support. Impact on customers: It offers a one touch solution that saves time, enhances investor’s knowledge, offers insurance options to choose from, tools to calculate best optimum plan for the customer, paved new avenues for investors.
