PolicyBoss: Enhancing the Overall Efficiency of the Insurance Sector through Tech Integration & Vast PoSP Network
Varun Kaushik
Executive VP & Head - Marketing
Based in Pune, PolicyBoss was incepted in 2008 with the vision to revolutionize the insurance buying experience for the Indian customers. Today, the company has created a niche for itself in the industry through its exquisite service portfolio, profound industry experience and most importantly, its prowess in adopting cutting-edge techno-logical advancements to enhance the overall insurance process. As another feather to its crown, PolicyBoss has holds the reputation of being the first insurance company in India to offer live brokerage for every search on quote screen and instant commissions for its POSPs.
"As an insurtech broker, we are constantly finding new ways to simplify the Indian customer's insurance experience coupled with our hands-on consultative approach. Our key focus will be to advise with a data-driven approach and continue to align PolicyBoss' operations and offerings with customer needs and industry standards. Our goal at PolicyBoss is aligned with the regulator's goal of achieving insurance for all by 2047", says Varun Kaushik, Executive VP & Head Marketing, PolicyBoss.
Diverse Service Portfolio
As a full-fledged insurance company, PolicyBoss offers a plethora of services that include bike, car & commercial vehicle insurance, health insurance, life insurance, personal accident insurance and travel insurance from over 40 insurance providers. Additionally, the company also has a separate portfolio of offerings for Corporates, Businesses and SMEs that include Employee Benefits(GMC, GPA, Group Life), Liability covers and more. To further simplify the life of its customers as well as
PoSPs, PolicyBoss utilizes latest tech advancements such as online platforms and mobile apps to streamline the entire insurance process for all the stakeholders.
"At PolicyBoss, we are driven by the mantra Comparison + Advisory + Convenience = Us. By leveraging technology, we strive to elevate the overall experience of the insurance ecosystem. Pairing our solutions with insurance advisory powered by technology innovations, we make sure to provide the right kind of insurance solutions for every type of requirement, be it a retail customer or a company. We are dedicated to creating an ecosystem that changes the perception of insurance by providing customers with simple, transparent, and hassle-free interactions supported by a robust technology framework", adds Varun.
Empowering Customers & PoSPs through Tech Integration
Envisioning to improve the overall efficiency of the entire insurance ecosystem, PolicyBoss strives to solve the pain points of both its customers and the PoSPs. Thus, the company makes sure that every PoSP in its partner network has easy access to sales-aid tools, quality learning, automated backend processes and productivity boosting functionalities. Unlike other insuretech companies that only serve as a medium to sift through various insurance options, PolicyBoss also advices its customers on which type of insurance policy would best suit their requirements. This has been a key differential factor for the company to be positioned as the most sough-after choice for diverse insurance needs.
Strongly believing PoSPs to be the drivers of growth for insurance penetration in the country, PolicyBoss is building the country's largest PoSP network. Additionally, the company is also promoting PoSP as a potential career option by create opportunities for individuals, including millennials, homemakers, and retired professionals, to pursue a career as insurance PoSPs. PolicyBoss has also built a transaction layer within its process to facilitate transaction and exchange between its partner POSPs, employees and policyholders, paving way for everyone in the insurance space to earn money in a secure manner.
"We are dedicated to establishing a strong presence in India's insurance market and forming strategic partnerships that enhance the experience for both agents and customers. Along with our hands-on consultative approach, we utilize technology to enhance the customer experience by providing simple, transparent and spam-free interactions. We leverage a robust technology framework to facilitate advisory services and seamless comparisons of insurance products. Additionally, our in-house tech and claims team ensures that our offerings are backed by strong expertise and support. Our goal is to help customers opt for the right insurance services through a combination of advisory services and technology", Varun adds.
The Way Forward
As a visionary nextgen insuretech company, PolicyBoss plans to leverage digital channels, data analytics and automation to broaden its customer base, offer more personalization options, enhance service efficiency and maintain a competitive edge in the market in terms of pricing. Additionally, the company plans to make more headwinds in claims processing technology to streamline the entire process, eliminate the need for physical cheque pickups and enable cashless payments. "Going forward, we also want to create an Insurance-led Social Network to connect insurance buyers and sellers with each other without comprising on the 'trust' factor. This would be supported by Engagement Layer resulting in creation of products, opportunities and consumer experiences using data insights and technology", concludes Varun.
"At PolicyBoss, we are driven by the mantra Comparison + Advisory + Convenience = Us. By leveraging technology, we strive to elevate the overall experience of the insurance ecosystem. Pairing our solutions with insurance advisory powered by technology innovations, we make sure to provide the right kind of insurance solutions for every type of requirement, be it a retail customer or a company. We are dedicated to creating an ecosystem that changes the perception of insurance by providing customers with simple, transparent, and hassle-free interactions supported by a robust technology framework", adds Varun.
We are dedicated to establishing a strong presence in India's insurance market & forming strategic partnerships that enhance the experience for both agents & customers
Empowering Customers & PoSPs through Tech Integration
Envisioning to improve the overall efficiency of the entire insurance ecosystem, PolicyBoss strives to solve the pain points of both its customers and the PoSPs. Thus, the company makes sure that every PoSP in its partner network has easy access to sales-aid tools, quality learning, automated backend processes and productivity boosting functionalities. Unlike other insuretech companies that only serve as a medium to sift through various insurance options, PolicyBoss also advices its customers on which type of insurance policy would best suit their requirements. This has been a key differential factor for the company to be positioned as the most sough-after choice for diverse insurance needs.
Strongly believing PoSPs to be the drivers of growth for insurance penetration in the country, PolicyBoss is building the country's largest PoSP network. Additionally, the company is also promoting PoSP as a potential career option by create opportunities for individuals, including millennials, homemakers, and retired professionals, to pursue a career as insurance PoSPs. PolicyBoss has also built a transaction layer within its process to facilitate transaction and exchange between its partner POSPs, employees and policyholders, paving way for everyone in the insurance space to earn money in a secure manner.
"We are dedicated to establishing a strong presence in India's insurance market and forming strategic partnerships that enhance the experience for both agents and customers. Along with our hands-on consultative approach, we utilize technology to enhance the customer experience by providing simple, transparent and spam-free interactions. We leverage a robust technology framework to facilitate advisory services and seamless comparisons of insurance products. Additionally, our in-house tech and claims team ensures that our offerings are backed by strong expertise and support. Our goal is to help customers opt for the right insurance services through a combination of advisory services and technology", Varun adds.
The Way Forward
As a visionary nextgen insuretech company, PolicyBoss plans to leverage digital channels, data analytics and automation to broaden its customer base, offer more personalization options, enhance service efficiency and maintain a competitive edge in the market in terms of pricing. Additionally, the company plans to make more headwinds in claims processing technology to streamline the entire process, eliminate the need for physical cheque pickups and enable cashless payments. "Going forward, we also want to create an Insurance-led Social Network to connect insurance buyers and sellers with each other without comprising on the 'trust' factor. This would be supported by Engagement Layer resulting in creation of products, opportunities and consumer experiences using data insights and technology", concludes Varun.
