This startup not just provides insurance information but will stand by you as a trusted advisor while you claim.
17th, September 2017 - FinTech
Startups in Insurance sector are adopting new business model to succeed in the business. The emergence of technology helped the insurance broking industry to reach the target audience by a single click on the internet and choose a vide varieties of services to opt. PolicyX is an insurance broking startup which making a huge dent in the industry through providing good services to the customer.
Naval Goel an MBA graduate from IIFT, A Chartered Financial Analyst from CFAI, and an FRM Certified professional from Global Association of Risk Professionals, landed his dream job in AIG New York, as a part of their corporate team. It did not take long for him to realize his passion for entrepreneurship and a gap in the insurance market, where mis-selling is rampant provided the much needed opportunity. It seemed like a good starting point as he aspired to put his expertise to use for Indian customers. There were companies that were operating by showing various policies and comparing them, but when it came to claims, they were not of much help. Goel’s aim was not only to deliver right information but also benefit the customer throughout the process, by being their trusted advisor. Having access to right information empowers customers in choosing policies that fit their needs. In a market where sellers are in a constant pressure to push their policies, there is a need to provide buyers with the right information for them to make an informed decision. Goel’s dream of entrepreneurship and his passion to serve Indian customers gave shape to PolicyX.
The entire foundation of PolicyX is based on easing the task of customers in buying policy and guiding them in claim processes. The website is compatible enough to provide instant and free quotes to customers with easy navigation. It has a dedicated claims support team that helps them in speedy claim settlement from insurance companies. PolicyX works with more than 24-25 insurance companies and have very deep level partnership with 4-5 of them. With over 50,000 + customers, more than 2 million quotes that have been served, and more than 5 million customers visiting the portal annually, PolicyX is in a sure path to success.
The Brand PolicyX
PolicyX in terms of a brand is something of value which our clients can Trust. “We not only provide the comparison among different policies, but we believe in delivering a Trusted Advice to our customers. Mis-selling in insurance is rampant in India due to lack of adequate information and transparency. We help by providing the right information and make it easily accessible through the online portal.”
With Focused analytics based digital marketing campaigns, multi-channel approach, AI based recommendations, strong cross-sell strategy, and a gamut of multi-product, multi-company plans, PolicyX is marching into the future with a concrete plan to increase its customer base. Goel and his team are working harder every day for a stronger product portfolio and DA based marketing engine to expand their services.
The number of lives covered under Health Insurance policies during 2015-16 was 36 crore which is approximately 30 per cent of India's total population. The number has seen an increase every subsequent year as 28.80 crore people had the policy in the previous fiscal.
During April 2015 to March 2016 period, the life insurance industry recorded a new premium income of Rs 1.38 trillion (US$ 20.54 billion), indicating a growth rate of 22.5 per cent. The general insurance industry recorded a 12 per cent growth in Gross Direct Premium underwritten in April 2016 at Rs 105.25 billion (US$ 1.55 billion). The life insurance industry reported 9 per cent increase in overall annual premium equivalent in April-November 2016.
The country’s insurance market is expected to quadruple in size over the next 10 years from its current size of US$ 60 billion. During this period, the life insurance market is slated to cross US$ 160 billion. The Indian insurance market is a huge business opportunity waiting to be harnessed. India currently accounts for less than 1.5 per cent of the world’s total insurance premiums and about 2 per cent of the world’s life insurance premiums despite being the second most populous nation. The country is the fifteenth largest insurance market in the world in terms of premium volume, and has the potential to grow exponentially in the coming years.
India’s insurable population is anticipated to touch 750 million in 2020, with life expectancy reaching 74 years. Furthermore, life insurance is projected to comprise 35 per cent of total savings by the end of this decade, as against 26 per cent in 2009-10.
We wish Goel and PolicyX good luck for his future endeavors and hope they bring more innovation into the Indian markets.
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