We all definitely plan to buy insurance at some point in life. Be it life insurance, health insurance, or car insurance, in today’s world, it is very important to have insurance. Insurance acts as a safety net for us who financially protects us and our families. In India, people are very cautious when it comes to life and don’t take a risk when their families are involved. Hence the policy market of India is huge and people are very perceptive towards it.
There is one such company in India named PolicyBazaar that gives a lot of information about different insurances. Since its inception, PolicyBazaar has served millions of customers and it was all possible because of the marketing that the company focused on. Know more about the marketing strategies of PolicyBazaar in this article.
The giant insurance aggregator PolicyBazaar is a platform where people can get tools to see which insurance policies and products seem the best fit for them. Found in 2008, the company has marked a staggering growth when it comes to the traffic generated and the number of people using the platform to buy insurance tools and products.
It has become a one-stop destination website for all the insurance-related queries and problems for Indian Consumers. PolicyBazaar also claims to be 100% reliable and secure when it comes to its business and the services that they provide.
Marketing Strategies used by Policybazaar
Huge Level of Television Advertisements:
The company strongly believes in spending on TV advertisements as they see huge potential in the growth of insurance in India. PolicyBazaar has a mission to educate the masses in our country with the knowledge of insurance; the need for it and its benefits and that is where they believe that televisions can do justice. Mostly the targeted channel genre for advertisements is new channels and film channels as the target audience spends most of their time watching these channels.
Partnering at IPL:
In India, cricket and IPL sensation are beyond par. Advertising and partnering with something this huge is itself a great marketing strategy. PolicyBazaar always had confidence in IPL and felt that it could help them in increasing their reach and it actually did.
In 2020 the online insurance aggregator partnered with IPL and featured Akshay Kumar as their brand ambassador. The company believes that IPL and television have helped build the credibility around the brand which has, in turn, helped them to convert leads into actual buyers.
Post Covid-19 Pandemic:
PolicyBazaar was a little fortunate when it came to the Covid-19 pandemic since their business got expanded. After the health crisis have aroused to the peak, people become very cautious about their lives. Hence PolicyBazaar was able to get huge business as many people realized the importance of life insurance and health insurance.
With just a few days of the lockdowns imposed by the government, people started buying plans from PolicyBazaar and that is when they saw a surge in their business. Looking at these situations, PolicyBazaar started to advertise and market their brand in a way where they talked about the importance of getting yourself insured in such challenging times.
Policybazaar has been growing exponentially. They handle millions of customer queries every month over phone calls. To reduce this workload they adopted Amazon Polly which is an efficient text-to-speech solution that helps in voice broadcasting, critical voice alerts, and inbound calls.
With the help of Amazon Polly, the company was able to shift the lengthy phone calls to pre-defined responses to customer queries. It enabled PolicyBazaar to send focused answers to the customers and enhanced their experience.
Also, the company developed a chatbot – PBee, with the help of Artificial Intelligence, which helped and supported the customers with their general queries. This helped the company to give instant responses to their customers and increased their operational efficiency. This resulted in greater satisfaction and the ratings increased from 60% to 85% with better output.
When PolicyBazaar was started, it was a lead generation company. Earlier whenever they get people who were interested in the insurance products they used to pass the information to partners. As time passed they realized that they should move towards aggregation and that is where they started picking up business. Their operations solely revolve around how they engage with their customers as the consumers have different needs and choices when it comes to insurance products.
PolicyBazaar is a marketplace where the customers can compare the different insurance products and evaluate and analyze the worth of each product. And that is how PolicyBazaar markets its business by assisting the consumers in getting information about various insurance products and along with that gives them the freedom to choose wisely.
Who is the CEO of Policybazaar?
Yashish Dahiya is the CEO and founder of Policybazaar.
Is PolicyBazaar and PaisaBazaar same?
Paisabazaar is a platform that is focused on loans and non-insurance products.
What is the Valuation of Policybazaar?
As of 2020 the valuation of Policybazaar is $1.5bn.
In the industry, if at some point you get stuck with something related to insurance policies or have any queries, then PolicyBazaar is the place where you can get all the solutions. The trustworthy company has helped many people to get the best plans and policies that suit them and would benefit them in the future.
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