PolicyBazaar is India’s leading aggregator and marketplace of insurance products. Established in 2008, PolicyBazaar initially just compared the prices of insurance policies and provided insurance related information. Now, PolicyBazaar not only assists customers in buying insurance policies, but also provides assistance for cancellation/renewal of policies and even claim settlement. PoicyBazaar is the marketplace for all insurance needs. It provides every thing from, life insurance, health insurance, motor insurance and other insurance like travel insurance and group insurance etc. The company offers more than 250 insurance plans and around 50 insurance brands on its platform. T he platform is designed in a way that the visitors can easily compare the insurance plans and buy plans as per personal insurance needs. The company is constantly adding new features and technology to make customer experience smoother. PolicyBazaar introduced 'my account' feature some times back. Through PolicyBazaar's 'My Account' feature, customers can easily download a policy, raise a ticket, ask for clarification and upgrade policies. The company introduced self inspection video feature for revival of lapsed motor insurance. PolicyBazaar also adopted Amazon Polly and developed in-house AI chatbot - PBee to improve customer satisfaction. In 2015, PolicyBazaar app was launched. The app is available for android and iOS platform. A customer can not only search, compare and buy insurance through the PolicyBazaar app, but there are also interesting features like hospital locator, garage locator, insurance premium calculator, instant renewal of insurance policies, claim assistance and more.

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THE JOURNEY BEHIND THE SHINNING OF ONLINE
INSURANCE AGGREGATOR POLICYBAZAAR
VARUN KESAVAN, RESEARCH SCHOLAR, E – MAIL ID – varunkesavan@yahoo.com
INTRODUCTION
PolicyBazaar is India’s leading aggregator and marketplace of insurance
products. Established in 2008, PolicyBazaar initially just compared the prices of
insurance policies and provided insurance related information. Now, PolicyBazaar not
only assists customers in buying insurance policies, but also provides assistance for
cancellation/renewal of policies and even claim settlement.
PoicyBazaar is the marketplace for all insurance needs. It provides every thing from, life
insurance, health insurance, motor insurance and other insurance like travel insurance
and group insurance etc. The company offers more than 250 insurance plans and
around 50 insurance brands on its platform. T

2. 2
he platform is designed in a way that the visitors can easily compare the insurance plans
and buy plans as per personal insurance needs.
The company is constantly adding new features and technology to make customer
experience smoother. PolicyBazaar introduced 'my account' feature some times back.
Through PolicyBazaar's 'My Account' feature, customers can easily download a policy,
raise a ticket, ask for clarification and upgrade policies. The company introduced self
inspection video feature for revival of lapsed motor insurance.
PolicyBazaar also adopted Amazon Polly and developed in-house AI chatbot - PBee to
improve customer satisfaction.
In 2015, PolicyBazaar app was launched. The app is available for android and iOS
platform. A customer can not only search, compare and buy insurance through the
PolicyBazaar app, but there are also interesting features like hospital locator, garage
locator, insurance premium calculator, instant renewal of insurance policies, claim
assistance and more.

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THE ESSENCE BEHIND NAMING THE BRAND AS
POLICYBAZAAR
As the platform is a market for Policy, so it is named PolicyBazaar.
PolicyBazaar's punch line is, "Insurance Compare Kiya?". The unique comparative
system boosts credibility by empowering customers with comparative and accurate
information.
THE MODUS OPERANDI OF POLICYBAZAAR
PolicyBazaar.com is an aggregator website, which helps customers research and
compare the features of different insurance policies within a category, hence enabling
them to make an informed choice.
The company has tied up with insurance brokers which help them procure information
such as price, benefit, insurance cover etc directly from the insurers for the customer to
compare. Based on the information provided, the customer then chooses the best option.
It doesn't charge customers anything for this service.
PolicyBazaar makes money by generating leads for the insurers, advertising and policy
sales. Till 2011, 85% of PolicyBazaar's revenue came from lead generation and
advertising and the rest 15% came from policy sales. Now, 85% comes from e-commerce
or policy sales.

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THE INITIAL CHALLENGES FACED BY POLICYBAZAAR
According to PolicyBazaar, customer inertia is one of the biggest challenges faced
by PolicyBazaar. Many people are still habituated to buy insurance from insurance
agents. It takes effort to convince this category of people to buy insurance online.
According to PolicyBazaar, the other challenge is that in India most people view
insurance just as a tax saving tool. They fail to see the larger picture that insurance
means much more than tax saving. As such, most insurance sales happen during January
- March.