“Insurance is something we all know, but it is often ignored. Policy Bazaar is not about providing insurance to consumers. This is an interesting challenge as very few consumers buy. So, it was our mission and aspiration to change the scenario,” said Anurag Batra, Chairman and Editor-in-Chief of BW Businessworld and exchange4media. I attended e4m. D2C Revolution Summit and Awards, 2022.
Singh said: Long before the whole concept of D2C became fashionable, we decided we needed to represent consumers in the industry where it first emerged. I believe the development of Policy Bazaar is due to consumer tracking. The journey is not half over and there is still a long way to go.”
Dr. Batra noted that India’s insurance sector is still developing and less than 4.2% of the population has access to insurance. He asked how Policy Bazaar has used digital technology to increase that percentage. As a D2C brand, he also asked about its goals in Tier II and Tier III cities, where insurance penetration is even lower.
Mr Singh said: The first is consciousness. You need to understand what health insurance or term insurance is. Second, India as a country is highly skeptical. If I ask you for money today and you tell me you’ll get something later, your first reaction is “see you late’’. So, building that trust is a very important factor. So, the challenge is to be there and explain everything to people one-on-one. I think the only medium that can dothat is digital. Because in big cities you can have branches and people. But doing it on an individual level in a small town is never economical.
Dr Batra said three to four years ago insurance seemed like an unlikely category for the digital market. But now it has increased. He asked about other categories digital hasn’t yet touched on a large scale.
One is the distribution part, which many start-ups and people like us do. Another part on the product side is risk. This second part of his is still largely uninfluenced by fintech. The reason is that this part is easily regulated. So, it needs to be regulated. When something is regulated, it requires a certain discipline and mindset. At Policy Bazaar, we focus not only on policy sales, but also on service.