How became a huge brand in insurance aggregator space?, an online insurance web aggregator company which provides free quotes and comparison related to motor, health, life, child and many other insurance related products. Users can go ahead, select, and then buy the insurance.

Founder Naval Goel was a part of the corporate team of AIG, New York. During an assignment in Wall Street, is when he started comparing the Indian market with developed markets and decided that an online insurance portal would make sense for India.

He left his job and came back to India to setup In an interaction with team Bizztor, Navel shared their success sauce.

What is Different About PolicyX?

As a founder, I face this question a lot. What do you guys do and what is different about you?

Frankly at the time of starting-up I had no clue. I wanted to learn and implement a lot of new things but the sheer amount of complexity in this business choked my entire bandwidth. But thankfully this question kept on coming back and got me to thinking again.

So one day, I actually had a long and deep thought on what we actually do and why do we do it.

I realised that we are doing a great thing by selling insurance. This is a product which is used in tough times. What better way to serve people than to provide a helping hand at the time of distress.

Insurance helps your family financially at the time of death, it helps you get out of the hospital bed quickly when you are sick, it helps repair your car when you meet with an accident, it helps your children get better education through saving plans, it helps your family survive if there is a critical illness. It is a noble product. It is amazing how easy it is to get claims and come out of financial troubles if you have insurance.

That is when it hit me hard. I told myself, that if we are in insurance, we better make sure that we do it right. We sell the right product in the right manner. No matter what, we will tell you the truth about what is covered and what is not.

We understand that it is a complex product and that you will not have the time or know-how to read the fine prints of the product you choose. We make sure that we guide you while buying the policy and more importantly, while getting the claim.

And all of this we do honestly by constantly improving our processes and internal systems so that we reach to a point where a single claim is not rejected.

The Story Behind The Brand:

Our goal is simple: Not a single grievance, not a single claim rejection, not a single surprise element at the time of claim. We will struggle hard to get there no matter what.

 This is what brand stands for. We want to be the guys you can trust when it comes to insurance purchase. The logo of has 3 colors and a person with a ring around him. The ring signifies protection and colors signifies vibrancy and happiness.

We want our customers to always be protected and will make sure that at the time of need, we stand by their side and do everything possible thing to make them happy and joyful at least financially using the most noble product – Insurance. 

So have we been successful? I would say yes to an extent but not 100%. We have more than 85% persistency rates which is unheard of in the industry. However there are situations where we would have ideally wanted to be better.

We work with multiple insurance companies and are not always able to guarantee the customer experience that we would ideally like to. For example, if someone wants to cancel his policy in the free look period, the person expects immediate refund of his premium but we are bound to wait till the time insurance company settles the amount.

There are other such situations where customer expectations are high but since Insurance is highly regulated, certain things have to be done as per the guidelines. However, it is our goal to see each one of our customers always smiling and we promise we will go to any length to achieve that.

 Customer focus, sharp communication through all digital mediums, technology driven internal processes and customer centric approach has made a huge brand that people can trust.

Future Plans:

Our vision is to become the most trusted and respected brand for insurance purchase.

We want to be able to genuinely help people purchase the best plans using technology and expertise. We want to offer our customers world class support and help them throughout the cycle of the policy from purchase to claims.

Transparency, artificial intelligence, data analytics engine etc are some of the things we are working on to get more insights about the customers and help them make better decisions.

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