Policybazaar witness an increase in sales of health insurance products

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Policybazaar.com is India’s largest insurance marketplace and a leading insur-tech brand globally. It is the flagship brand of Policybazaar.com Group of companies that possesses fintech brand Paisabazaar.com, Zphin.com, b2b venture, and lending and insurance marketplace in the UAE region. This was started to teach people about insurance products and has a significant amount of influence on how insurance is bought in India. It has helped in making of pure penetration of pure life insurance, health insurance, and other products which were barely bought earlier.

Nearly 25% of India’s life cover for Policybazaar.com account and over 10% of India’s retail health business. It has about half of all Internet-based insurance purchases in the country and is doubling every year. To find out more about the growth of the online insurance business and the planning the strategy of marketing and communication by Policybazaar as a brand in the new normal. Sharat Dhall, the COO of Policybazaar.com was quoted as saying that it was the second season in a row where they have made a sizeable investment in the IPL. They timed the launch of a new campaign featuring their brand ambassador Akshay Kumar, with the beginning of the IPL session. There is a high viewership for cricket in India. It is an event unmissable for advertisers if we look at the BARC rating for the IPL this year.

There has been an increase of insurance business by about 30-40% due to the adoption of health insurance across industry players, with certain players adopting more than the others. It has been clear that this increase in business would play out extremely well for providers with robust digital distribution and convenient access. Health insurance has definitely taken the front seat in the return-based instruments, both from the perspective of investing in healthcare finance and access to quality healthcare. In the future time period, this could make health insurance transform from “pull” to “push” product. Health insurance is handling many situations and problems that are caused by the pandemic.

 

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