Let’s face it: Indian Insurance Industry seems to have woken up to the power of technological innovations, over the years. All thanks to the revolutionary vision and unfaltering ambition of Yashish Dahiya, Co-founder and CEO, PolicyBazaar, Indian Insurance industry has now started getting a real taste of the cutting-edge technology. Perhaps it’s only because of a customer-oriented start-up like PolicyBazaar.com that saw an opportunity to do insurance in a smarter, faster, and better way. PolicyBazaar, with its innovative thinking and product development, has obviated the need for ‘human element’ in insurance and it uses digital touch-points to handle claims and allied customer services. Fast-forward to today, and with Yashish Dahiya at the helm, PolicyBazaar.com has made a significant turnaround.
PolicyBazaar began its operation with a simple lead generation model with its primary focus on giving useful information to the potential customers. The information collected by the company was then passed on to the insurance partners. But after a careful analysis, the company found that insurance seekers not just wanted to compare various insurance products, but also wanted to buy it, without having to wait for insurance advisors to contact them. This is what forced Yashish Dahiya to think of a business model that could help customers to compare, buy and save, all under one roof. Yashish’s decision was perhaps the turning point, not just for PolicyBazaar, but for the entire insurance industry.
PolicyBazaar has brought a revolution in the Indian online insurance market while promoting transparency between the buyer and seller! The company has successfully crafted a platform to make insurance feel more attainable, affordable, manageable and sustainable. Often dubbed as the “Google of all insurance policies”, today, PolicyBazaar.com has become India’s biggest insurance policy aggregator that aims at simplifying the buying process to help people to the maximum. PolicyBazaar’s sheer ability to manage the customer problems helps people save money, time and most importantly assists them in purchasing what is actually needed.
Currently, PolicyBazaar enjoys a 50% market share in the online insurance industry by facilitating close to 300,000 transactions every month from over 50 insurance brands. The overall business operations of PolicyBazaar are growing at 100% Year-on-Year growth with the customer handling crossing 100 million mark and monthly transactions soaring at 300,000 levels. A living proof that insurance in India has started transforming, the company sees over 1 crore happy customers buying insurance policies online through PolicyBazaar by the end of 2020.
PolicyBazaar is the first company in the entire insurance sector to introduce the concept of ‘My Account’. Within a few months of its launch, the feature has received a tremendous response with over 70 percent of customers visiting ‘My Account’ for various services. Some of the prominent services available under the ‘My Account’ include downloading a policy, raising a ticket, asking for clarification and asking for further enhancement on policy. PolicyBazaar is one of the very few companies in the insurance industry that follow an open architecture marketplace to allow comparison of various policies and enable the consumer to actually evaluate and analyse the benefits of offered products.
Of the many advancements that PolicyBazaar has made in the last ten years, ‘Pay-per-use’ motor insurance remains an important element. The product is dedicated to consumers who seldom use their vehicles as it eliminates the need of having annual car insurance.
In the last few years, the number of average transactions in a month grew drastically from 120,000 to 250,000 and the total customer queries answered over the phone crossed 100 million. In order to meet this pace, PolicyBazaar has adopted Amazon Polly, a text-to-speech (TTS) solution. Amazon Polly is generally used for voice broadcasting, critical voice alerts, and inbound calls. The customers receive pre-defined responses to their queries like ‘Documentation is pending’ or ‘something was wrong with your uploads.’ With Amazon Polly, the system at PolicyBazaar well identifies the customers and generates a voice call that resolves their queries on a personal basis within a small time period.
Since the introduction of Amazon Polly, PolicyBazaar has successfully answered over 150,000 calls and around 80% of the total answered calls were made using PB Connect. Given the amazing response of the customers, the company intends to grow the use of Amazon Polly on IVR calls by over 10X in the next few months.
At PolicyBazaar, it is always about going an extra mile to attain complete customer satisfaction by solving every possible query of the customers. To attain this in a swift and efficient manner, PolicyBazaar has developed an in-house AI chatbot, PBee – a specialized, customized, and standardized customer support system for all general queries made by customers. The customer care executives at PolicyBazaar receive over 20,000 queries each day and PBee has been specifically designed to meet this huge demand. Moreover, the software is designed in such a manner that it can even provide insurance quotes to the customers after analysing their specific requirements in details.
PBee has significantly reduced the total response time from 25-30 seconds to around 5-7 seconds approximately. The chatbot has resulted in a more efficient workforce, enhanced customer experience, and decreased time spent on customer handling.
Self-Video Cashless Claims
The latest addition to PolicyBazaar’s kitty of innovations is the self-video cashless claims feature that makes claims processing and settlement process much easier and faster. Currently, the feature is only available on PolicyBazaar’s official app and with this feature the customers can easily overcome the hassle of physical inspection for claims. All you need to do as a customer is self-upload a video through the app for evaluation of damages on your vehicle. By eliminating the human element in the inspection process, the feature significantly improves on the effectiveness and efficiency of the process.
The customers can also enjoy constant real-time updates on the progress of their claims made through the ‘my account’ section on the PolicyBazaar website or App. To evaluate the effectiveness of the process, the company is currently running a pilot on Artificial Intelligence (AI) to assess the approximate estimate of the damage and the cost of repairs.
Understanding What Our Customers Want
Need identification remains an integral part of operations at PolicyBazaar. By using big data, the company is able to attain a holistic and granular view of the information. Moreover, analytics also plays a great role in assessing the small quantum of data. Initially, on the basis of the demographic profile and product recommendation, segmentation is analysed. Further, individual behaviour of the potential consumers on the website is evaluated to study their search patterns. Finally, segmentation is carried out depending upon the customer’s CRM activities like email and SMS. The insights of procured data are used to recommend the right product and add-ons to a customer.
PolicyBazaar never believes in boundaries and this is the key reason why the company keeps on experimenting with different products to develop innovative services for the customers. In the next few years, the company plans to expand its operations and keep its primary focus on customer-oriented product innovations. Currently, PolicyBazaar plans to fuse both Amazon Polly and PBee to generate maximum benefits for its business. Another next big thing for the company is to build first of its kind voice bot platform, PBee Talk – a feature that will be using Amazon Polly for handling the entire post-sales process. The feature will enable the associated customers to speak to customer care executives directly and get answers to their queries on status of the new policy bought, claims support actions and much more.
The amalgamation of text to speech and speech to text feature will be a perfect combination for customers with literacy challenges or who are visually impaired. Most importantly, within a few months of implementation of this service, over 90% of the calls will be answered using the Amazon Polly TTS service. With this, the call center executives will only focus on activities that bring revenue and add value to the company. Creating bigger and better OPD products and products that allow people to cover their pre-existing diseases in a medical cover remains yet another important agenda of the company.
PolicyBazaar well understands the fact that in order to continue serving as the industry leader in the era of globalisation, and privatisation, the adaption of new and innovative products remains the key.
Headline- Know About: New Age Innovations Powering Policybazaar.com’s growth
Spokesperson- Ashish Gupta, CEO- docprime.com and CTO- Policybazaar.com
Yashish Dahiya, Co-founder and CEO, Policybazaar.com group of companies
Alok Bansal, Co-Founder & CFO, Policybazaar.com Group of Companies
Ashish Gupta, CEO- docprime.com and CTO- Policybazaar.com
Tarun Mathur, Chief Business Officer- General Insurance, Policybazaar.com
Head Office- Gurugram, India