PolicyBachat.com is a Whole New Life to Insurance Aggregation in India
August 18, 2014 - Hyderabad, Andhra Pradesh, India
PolicyBachat.com designs, builds and deploys market leading online insurance platforms with solutions that are scalable, flexible and robust with a focus on finding the lowest, most appropriate insurance rates for consumers.
“At the core of every line of code, and behind the design and configuration of our hosting platform is our commitment to ensure data integrity, thus enabling our customers to effectively compare, select and purchase life, health, car, travel or general insurance through our website PolicyBachat.com,” said Policy Bachat CEO Srinu Kalyan.
Unlike most of its competitors, PolicyBachat.com does not sell insurance, is not a licensed broker or agent, and is not owned in whole or in part by an insurance company, agent or brokerage. This allows PolicyBachat.com to assume an unbiased approach when providing insurance quotes. “Our prime motive is to assist consumers to make the best and the most affordable choice of policies through comparison and consultation.”
“With more than 100 million internet users in India, and with more and more turning to online insurance, it is estimated that the online insurance industry will grow twenty times by 2020. This calls for apt processes, techniques, technology and customer service,” Kalyan said.
Kalyan’s comment was based on a recent study published by the Economic Times which found that online life insurance sales are expected to grow to 3 to 5 percent of the individual annualized new business premium by 2020, and non-life insurance sales are expected to grow to 15 to 20 percent of non-life retail business. This means that the online insurance sales market in India will be around Rs. 3,500 to Rs. 6,000 crore for life insurance and around Rs. 11,000 to 15,000 crore for non-life insurance. A total of Rs. 15,000-20,000 crore, up by over 20 times.
Research further shows that online insurance is expected to follow the growth trajectory of online travel in the next 2 to 3 years to come. “This has been clearly demonstrated with European markets that have paved the way for such growth. Online insurance started with aggregation model and now 70 percent of auto insurance in most European countries is sold online. The industry expects similar trends here in products life term insurance and car insurance over the next 2 to3 years,” Kalyan said.
PolicyBachat shines a new light on how consumers will shop for car, health, life and travel insurance. “Our innovative approach to insurance means customers can take advantage of affordable rates, great discounts, and helpful product features available on our website”. Among its many features, PolicyBachat.com presents its customers with a user-friendly interface, easy-to-understand proposal form, certified insurance consultants and convenient payment options.
“PolicyBachat.com is blazing a trail with our fresh, efficient and futuristic approach to insurance, showing consumers what buying and managing insurance should really feel like.” PolicyBachat.com successfully blends industry knowledge, experience and innovation to offer easy, accessible insurance. “With years of industry experience we bring to the table, we provide consumers with a simple, honest, and unique one-stop insurance experience,” Kalyan adds.
An IRDA approved company, PolicyBachat.com, was started as an initiative of Deztination insurance Solutions Pvt. Ltd. in February of 2014, and is liaised with top Indian private insurance providers like Iffco Tokyo, Aegon Religare, Future Generali, HDFC Ergo, Star Health Insurance, Bharati Axa, Bajaj Allianz and L and T Insurance.
Designed to effectively provide insurance solutions to nationwide consumers, services also include the option to view and change policies online 24/7 through excellent support staff available via e-mail, or by phone.
PolicyBachat.com invests in technology platforms to ensure that its systems have among the highest uptime and fastest response times in the industry, and after a successful test run for six consecutive months, PolicyBachat.com takes its expertise to the next level by going official.
For more information on how to effectively save on insurance, visit policybachat.com.
Source: Business Wire India