The tech twist: Policybazaar’s CTO unravels the journey of insuring India’s Tier-II and Tier-III Cities

At the prestigious Akamai Digital India Leadership Summit, a platform illuminating the nation's technological frontiers, Policybazaar's Chief Technical Officer, Saurabh Tiwari, took center stage. The spotlight of this event was not just on Policybazaar's technological prowess, but on its remarkable journey towards narrowing the insurance gap, particularly in India's Tier-II and Tier-III cities.

One of the pressing issues that India faces in its healthcare sector is the substantial out-of-pocket expenditure by individuals. In a country where a major portion of healthcare spending falls on the shoulders of individuals, the need to bridge this gap becomes increasingly critical, especially in the less explored Tier-II and Tier-III cities. It's a challenge that requires innovative solutions, and Policybazaar has risen to the occasion by leveraging cutting-edge technology.

During the summit, Saurabh Tiwari shed light on how Policybazaar's diligent efforts are driving impactful change. By harnessing the power of technology, Policybazaar has been able to address some of the key challenges hindering widespread insurance adoption in these cities.

Voice Analytics: In a nation that boasts of diverse languages and dialects, Policybazaar has harnessed the potential of voice analytics to break down language barriers. This ensures that individuals from every corner of the country can easily understand and access insurance information, making the process more inclusive and accessible.

Fraud Prevention: Fraudulent practices have long plagued the insurance industry. Policybazaar's tech-driven approach includes robust mechanisms to detect and prevent fraudulent activities. By minimizing these malpractices, Policybazaar ensures that genuine policyholders reap the benefits they deserve.

PB Meet: Recognizing the value of personal connections, Policybazaar has introduced PB Meet, a platform that bridges the gap between customers and insurance experts. This personalized approach provides a human touch even in the digital age, making insurance decisions more informed and tailored to individual needs.

Enhanced Risk Assessment: Technology has enabled Policybazaar to refine risk assessment processes, allowing for more accurate pricing and coverage determination. This ensures that individuals receive insurance plans that truly align with their unique requirements and circumstances.