Policybazaar, one of Indias leading insurance brokers, has become a household name over the past 15 years. The brand has revolutionized how retail insurance is bought and has become synonymous with trust and transparency among consumers. Around two years ago, the company decided to bring their expertise to India’s Business Insurance market. In this short span, the brand has built Indias fastest-growing corporate insurance business. Policybazaar used this period to amp up its corporate insurance prowess with advisory-led services and cutting-edge technology. This has led to the launch of ‘Policybazaar for Business’, the brand’s way of making a bigger commitment to its corporate insurance customers.
The need gap
Business Insurance penetration in India is very low, merely 15%. This is symbolic of a huge need gap for India’s 6.3 crore businesses. In the post-COVID world, the need for a business to protect itself as well as its employees against eventualities is undeniable. Keeping this in mind, the brand has worked closely with its clients to further enhance its expertise and technology. This has led to the formation of its new brand, “Policybazaar for Business”.
The USP: What makes us the gamechangers
At the core, advisory-led services, digitalization, and consumer-centric processes will drive our mission of adequately insuring each Indian business. Policybazaar for Business is armed with a dedicated advisory board that comprises industry stalwarts with decades of experience across General Insurance & Life Insurance Industries. Their invaluable expertise is set to revolutionize the ecosystem, enabling Policybazaar to curate the best solutions for businesses of all types. This move is in line with the brand’s larger goal of empowering businesses of all sizes, industries, geographies, and risk profiles through technological innovation.
“Corporates are the drivers of the Indian economy and every company needs to have adequate insurance coverage. The world is becoming increasingly complex and expertise is needed to evaluate risks and recommend solutions. Policybazaar for Business will take upon this role and thus empower Indian businesses to deal with all kinds of uncertainties,” said Sarbvir Singh, Joint Group CEO of Policybazaar for Business.
The offerings: Our diverse palette of products
Policybazaar for Business offers a comprehensive range of business insurance products across multiple categories. These are offered in partnership with 51 insurers and their wellness partners. The offerings include employee benefits, liability, property, engineering, marine & transit and many more. Group Health Insurance is the flagship product in the employee benefits category. The company’s Employee Health Insurance initiatives with its insurer partners are instrumental in protecting over 1 million employed individuals in the country.
Corporate Insurance Market Share by Type, Nov 2022
Sajja Praveen Chowdary, Head, Policybazaar for Business, added, “Policybazaar for Business is the natural next step we needed to take on the corporate and SME front. The past two years have witnessed tremendous growth in business insurance. The new identity is our way of making our commitment to the clients ever stronger than before.”
Policybazaar for Business is committed to providing the best insurance solutions to businesses nationwide. The platforms state-of-the-art insurance technology and partnerships with leading insurers make it the go-to platform for companies seeking insurance coverage.
For more information on Policybazaar for Business and its offerings, visit the Policybazaar official website sme.policybazaar.com.
About Policybazaar for Business
Policybazaar is the flagship platform of PB Fintech Ltd. & is one of India’s largest online platform for insurance. PB Fintech launched Policybazaar in 2008 to respond to Consumers’ need for more awareness, choice, and transparency and create a consumer-pull-based, provider-neutral model for insurance distribution. After becoming a household name and a default online destination in retail insurance, Policybazaar launched corporate insurance products through its insurance partners in 2021. The brand’s vision is to enable corporates, startups and SMEs across the country, through business insurance products, thereby, making them more resilient in the face of adversities and unforeseen risks.
Today, Policybazaar has serviced more than 25000 corporates and is relentless in its endeavour to empower corporates through accurate risk analysis and mapping the right solutions. Some of the big names from the industry who have placed their trust in Policybazaar include Axis Bank, Byju’s, Cars 24, Colliers, Delhivery, FICCI, NSDL, IRIS Software, Spinny, Quess Corp, Yatra and many more.