PB Fintech, parent company Policy Bazaar And Pisabazar, who started his IPO this week, began his life as an insurance marketer after a bad experience.

Polisbazar was launched in 2008 by Yashish Dahiya, Alok Bansal and Avanesh Nirjar. All three are IIM graduates. Yashish An-IIT is a former student of Deli and INSEAD.

Yashish Dahiya recalls that the unfortunate incident with the insurance broker led to the idea of ​​an insurance market. Insurance policies for the benefit of the father and the agent who sold the policy were sold; It had nothing to do with the client.

“Most of the plans pushed by agents benefit from plans based on the traditional commission. Once sold, these policies are 60 percent more likely to fail, ”Yashish said. Your story Earlier.

Fourteen years later, his experience laid the groundwork for the launch of Policybazaar.com, the largest online platform for insurance, lending products and other financial products.

The first days

As with any startup, the early days of polygamy were fraught with challenges. He began collecting insurance policy information for more than 30 insurance companies. Customers who come to Policybazaar.com can view, compare products and go to the insurance company’s site for the right policy.

The co-founders continued in this way for three years until the first regulation of the insurance regulator, IRDA, braked their advertising revenue.

This order was problematic because under the new rules you could only earn Rs 1,000 a year to promote a product. At that time, the company had a quarterly revenue of 20 million. The new power will bring back more than 90 percent of revenue.

The regulations have resulted in many internal reorganizations within the company. The marketing and call center had to quit, and then the policy bazaar went down to dealing with sales and support for insurance companies.

The turn

However, once the rules were clarified, things changed, and the company improved.

A.D. In 2011, Yashish Policy Bazaar banned the commission from selling commodities on digital products, but at the time it was banned from selling money and advertising revenue, but its customer base grew by more than 5,000 and 100 percent. .

Polisbazar was the first Internet-based platform to sell insurance and credit products to various companies.

Paisabazaar, the company’s credit comparison platform, was launched in 2014. As of March 31, 2021, more than 48 million consumers are registered with the Polisbazar forum. Nearly 9.6 million special consumers have purchased more than 19 million policies from their insurance partners in the 21st fiscal year. Pisa-Bazar is widely used to earn credit points, and as of March 31, 2021, nearly 21.5 million consumers have received credit points.

PB Fintech’s journey was difficult. However, PolicyBazar now has a market share of 93.4 percent in the insurance market. Digital Consumer Credit Market Pisaabazar holds 53.7 percent of the market.

Yashish Polisbazar says there are fair challenges – building trust between consumers, regulators and insurers.

“We had to work hard to make people realize that online shopping is the only way to make a comparison. Without perseverance, no one will succeed and this only quality will guide you through dark nights and difficult days. , They have to persevere, and they have to take their stand, ”Yashish said.

Edited by Teja Lele Desay