Policybazaar To Focus More On Services And Claims: Sarbvir Singh

Policybazaar.com is focussing on giving a holistic experience to its customers by improving its services and claims along with sales. In the last 12 years of its journey, the company has become a market leader in selling insurance online but now the focus has shifted beyond sales, according to Policybazaar.com CEO Sarbvir Singh.

“Our first part of the journey was sales, now our focus is sales, service, and claims. We are now trying to become a neo-insurance company where we are not using our capital, we are not using underwriting that our insurance partners do but we are doing everything else,” Singh said during Startup Impact Summit 2020 by WHub.

The session, Unicorn Talk: Insuring one-third of the World, was  moderated by Shanti Mohan, Co-Founder, and CEO of LetsVenture. 

He said, “I look at business from two perspectives — buying a product and using it. Policybazaar has done a great job from buying perspective. Insurance is an intangible product. An average person can not understand what is written in the policy. The real issue comes when you need something from the insurance company, maybe a certificate or a claim. That is the moment of truth.” 

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He said, you have to be present for the consumer at every stage. And, we are focusing on making a holistic experience for them by providing a seamless service, which will eventually help in developing an ecosystem. 

Our contact center agents are driving this exceptional experience for customers and we believe in rewarding our best performers to motivate them.

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“We are clear that rewarding agents has to be merit driven. This year, we are running a plan where 25-50 of our best agents could win houses. People will get two-bedroom apartments in Gurgaon or wherever they choose as a reward for their performance,” Singh added.  

Policybazaar wants to change the connotation of agents. He said, “we tell them that you can build a business with us and we will reward you in a manner that nobody would have thought because you are generating value for us”.

(Article edited by: Sunny Lamba)

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