The Indian success startup PolicyBazaar group is now entering UAE. The UAE market will have now a new competitor and the company will be launching as PolicyBazaar.ae. Just quick information, the headquarters of this company is in Gurugram. According to some research held, this business is the world’s leading company and India’s biggest insurance company. Expanding the business and taking to another level will be a milestone for the company. Nearly a decade old journey is going to achieve new heights. Now the new hub to serve by PolicyBazaar will be UAE. The co-founder of PolicyBazaar added some thoughts and gave some insights about the expectations and the journey that they had. The main goal of taking it to UAE is to form a strong tech platform through which consumers can choose from different options and get whatever they want, basically giving users full control over what they want. If you are looking for an online shopping platform, PlugnPoint is the one that offers you the best.
Yashish Dahiya and Alok Bansal are both the co-founder of this rising business. While Yashish is the CEO and Alok Bansal is the chief founding officer. They started this journey which led them to the founders of India’s number one business, back in 2008. The first and short term goal was to set up and provide India with a platform that offers them easy and convenience of buying insurance, online. Then they added the features that provided the ease of access and options to choose from. In 2008 the most number of visitors the site “PolicyBazaar” has was 180,000. Since then it has been growing hugely. Now it is said that they get around 150 million views on the website per year and the sale records show that the monthly sales are somewhat around 0.3 million. This was determined by the number of transactions that are performed in a month on the website.
As of now 25 percent of the Indian population which is insured is covered by PolicyBazaar’s online website. This was just the numbers for life insurances, let alone that, the retail health business is giving 7 percent of its share. Because the business is increasing so all the numbers double annually, hence taking the business to new heights. The CEO of PolicyBazaar added that the business spreading in India and the rise helped in choosing UAE as the next stop and the first international market to explore. He also told that the initial sales were totally out of expectations, we were not expecting that much sales.
Obviously, they are running a business for a long time now and know that every market is unique and has its own rules by which we might also have to amend and turn our business models. There is no one approach that will fit every market and make huge business, this factor and making changes according to the market are some of the reasons why we are where we are today. We are willing and ready to learn the trends of this new market and adapt accordingly. They are also planning to expand the business by offering more products and offer than before. Because the main goal is to expand and adapt than what is better than adding more and offering more to our users. The consumer-centric approach toward business is important in solving issues. One of the trends is that consumers and customers are moving towards mobile shopping and browsing, read more about it.
Since we have started this business the customer data that we had for all that time has helped a lot in forming the solutions to most of the problems and that is how we offer value to our users. Gupta added that PolicyBazaar is the business confidence will grow and in the next five years and we will be in the same international market and targeting users that international companies are targeting. They have raised $238 million in June this year and an estimate of one billion was set after they concluded the F Series. The estimate and funds were including the seed funding, but the company has raised more than over $375 million. The company is well organized and maintained in terms of financial issues. Fundraising is not currently the main focus but while we are expanding our business on a larger scale this possibility can’t and should not be ruled out.
The vice chairman added that; according to our experiences in all these recent years since we are in business, has taught us that strong business model is an important part of any business but so is the team. For many people, the team is not so important but it is not true, not according to our experiences. In the case of PolicyBazaar, both were equally important and these both combined led us from being one single entity to up and running multiple businesses. Our beliefs are strong and reinforce and we expect, on the least, similar success in UAE.