Policybazaar.ae Becomes Destination for All Online Insurance & Financial Needs in UAE
Article by Neeraj Gupta. CEO at Policybazaar.ae
Founded in 2008 and touted as the “Google of all Insurance searches”, Policybazaar.com is India’s foremost insurance aggregator and a leading fintech player simplifying the Insurance buying process for customers globally. Policybazaar.com facilitates product comparisons of 50+ insurance brands and over 450 insurance plans on its platform.
Policybazaar.com since inception has been working towards translating various insurance policies into transparent informative structures to ensure the end users understand them well and are able to drive more value for the money when they invest in these products. On Policybazaar.com a user can research and compare multiple insurance products to make the correct the choice..
Armed with an arsenal of digital capabilities and technology, in 2018 we chose UAE and Middle East as our first international market for expansion. The 3 year old Policybazaar.ae started by providing users to compare, save and buy motor insurance and then gradually forayed into banking products (loans & cards). In Jan’19 we launched health insurance products and Life insurance in Jan’20 on Policybazaar.ae. Policybazaar.ae is the first aggregator in the UAE market to both focus and provide a digital journey for Term Insurance.
We work cohesively with the regional insurers to build customised offerings for our customers to ensure that the premiums offered to them are the lowest in the market. We have been continuously evolving our underwriting platform and a example of the same is the recently launched tele- underwriting, a first in the UAE.
As over 27 percent of the total population of the UAE consists of Indian ex-pats i.e. around 3,42,000 Indians, this factor helped us to flourish here the same way we did in India due to our beta phase – market understating from our heritage and dot com business.
Policybazaar.ae, today powers it’s banking and insurance search engine with 35_ insurance & banking partners and offers visibility to over 350 + products offered by them. In the short period of 3 years we have become a name synonymous with both innovation and offering digital first products which have been built around what benefits the customers the most. Our focus is to educate more and more customers on the necessity of insurance products and offer them adequate financial protection against Death, Disease, and Disability at premiums that are as low as 7AED/month.
With our steady focus to show stellar innovation, execution, and relentlessness in establishing ourselves as the market leader we have sold sum assured worth $100m through our term life insurance products and we intend to scale this figure to $1bn in the months coming ahead. We have recently started with our brand campaigns on outdoor and radio and over the next 12-18 months we will focus on building the brand to become the de-facto platform for financial services.
Over time we look forward to disrupting the SME Insurance space as believe there is a lot of room for innovation there. We are committed to launch new age products for the insurance and banking sector and enable customers to complete everything digitally from researching to buying to servicing. As a brand, we continue to focus on listening to our customers and providing the best products with the best prices and 7 days a week customer support. In the next couple of years, we will aim to strengthen our UAE presence and look at expanding in the region.
