Saturday, July 13, 2024

One Year since Brand Launch, Policybazaar for Business Records 40% Overall Premium Growth

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Policybazaar for Business (PBFB)*, just one year after its launch, announces its achievements in reshaping the landscape of business insurance in India. In the past year, PBFB has demonstrated an exceptional growth trajectory, with a staggering 40% surge in overall revenue from its suite of tailored insurance products. PBFBs success is further exemplified by its partnerships with over 40 leading insurance companies, ensuring access to a comprehensive range of insurance solutions meticulously designed to safeguard businesses interests.

The brand has a rapidly expanding client base exceeding 25,000, including industry giants such as Axis, Delhivery, Quess Corp, Info Edge, Cars24, Saxo Group, Manipal Cigna, Spinny, IGT, Mahindra DIE, Celebi, and JM Baxi. These partnerships reflect PBFB’s ability to cater to businesses of all sizes, from startups to established corporations. Notably, PBFB has witnessed significant transaction growth in specialized areas such as Marine (44%), Liability (34%), Property (59%), and Engineering (75%).

In the realm of Group Health Insurance (GHI), PBFB operates with a sharp focus on efficiency and inclusivity. Plans for startups offer up to 65% cost savings and flexible coverage, accommodating non-traditional family structures like live-in partners and siblings.

Sarbvir Singh, Chairman and CEO, PB Fintech, said, “Just one year back, we had set out on a journey to ensure that every Indian business, regardless of its size, gets comprehensive insurance coverage. The idea was to help our country’s small businesses to grow fearlessly. The remarkable growth and partnerships achieved in this short span reaffirm our commitment to innovation and excellence.”

Sajja Praveen Chowdary, Head, Policybazaar for Business

Sajja Praveen Chowdary, Head of Policybazaar for Business, added, “Even beyond the growth metrics, PBFB maintains commendable renewal persistence rates across various lines of business, underscoring its commitment to long-term partnerships and client satisfaction. We look forward to many more milestones.”

PBFBs strategic decisions are guided by an esteemed advisory board comprising industry luminaries such as Shri Ajit Kumar, Shri Dinesh Waghela, Shri S Nagaraj, and Shri A V Rao, whose collective expertise shapes the platforms trajectory. The impact of PBFBs services transcends geographical boundaries, with top cities across India including Mumbai, Gurgaon, Bengaluru, Delhi, Noida, Chennai, Pune, and Hyderabad emerging as key hubs for its diverse lines of business.

As Policybazaar for Business celebrates its inaugural year, it reaffirms its dedication to revolutionizing the insurance landscape for businesses, driven by innovation, integrity, and unparalleled customer service.

*”Policybazaar for Business” is a brand under Policybazaar Insurance Brokers Private Limited.

About Policybazaar for Business

Policybazaar is the flagship platform of PB Fintech Ltd. & is one of India’s largest online insurance platforms. PB Fintech launched Policybazaar in 2008 to respond to Consumers’ need for more awareness, choice, and transparency and create a consumer-pull-based, provider-neutral model for insurance distribution. After becoming a household name and a default online destination in retail insurance, Policybazaar launched corporate insurance products through its insurance partners in 2021. The brand’s vision is to enable corporates, startups and SMEs across the country, through business insurance products, thereby, making them more resilient in the face of adversities and unforeseen risks.

Today, Policybazaar has serviced more than 25,000 corporates and is relentless in its endeavour to empower corporates through accurate risk analysis and mapping the right solutions. Some of the big names from the industry who have placed their trust in Policybazaar include Axis Bank, Byju’s, Cars24, Colliers, Delhivery, FICCI, NSDL, IRIS Software, Quess Corp, Yatra and many more.

(The above press release has been provided by NewsVoir.)

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