Life is surely uncertain. We can’t decide on the events of our life, but instead can be prepared for them. Insurance is just one thing we do to secure certain stages in the lives of our dear ones. But deciding which one to take is an ardent task. To simplify it, PolicyX is helping customers in comparing different insurance policy quotes and products. One of the fastest growing IRDA approved insurance comparison portals; PolicyX envisions becoming the most trusted insurance marketplace.
An Innovative Leader
PolicyX.com, a leading online insurance web aggregator is CEO Naval Goel’s entrepreneurship dream come true. While working with AIG in New York, he noticed a gap in the country within the insurance sector. Indians were purchasing insurance the traditional way there was a lack of technology in providing solutions. Naval could strongly sense a huge potential in this area and ample space for innovation and established PolicyX in 2013.
Naval is an MBA from IIFT, Delhi and also a Chartered Financial Analyst from CFAI, US. An ardent tennis lover, he is also fond of reading and investing in stock markets.
Trustworthy Services
PolicyX.com was founded with an aim to provide consumers with expert guidance in selecting health, life, travel & corporate insurance plans from some of the top insurance providers in the country. It runs complex algorithms to find plans that fit customer requirement, complete with live quotes, dynamic cash flow charts (first in the segment), videos and info-graphics with 0.5 million page visits per month. These technological innovations in its system make a customer’s experience an easy ride.
In its five years run, PolicyX has partnered with almost 25+ top insurance companies. The company considers it’s over two hundred fifty employees as its warriors who represent it across the globe. It has also achieved some major goals:
- It is the only bootstrapped company in top 5 aggregators in India
- It has accomplished a high level of customer satisfaction because of its customer centricity.
- Its platform is the fastest and smoothest amongst competitors on multiple parameters like search results, the speed of website, simplicity, ease of purchase, trust, advisor quality.
- It has achieved the Trust of its loyal customers.
An Evolving Industry
The Insurance Industry has already evolved from the traditional paperwork and human approach to the laptop lifestyle. Insurance is now majorly handled from backend and the rest of the information is offered to the customer through a platform which provides every detail needed at the moment. Be it Cloud Computing or CRM’s, digitization has managed to renovate this ordinary industry into an exciting one. However, there is still a huge gap where technology can still play a major role in changing the entire aspect of this industry.
The most important problem with the insurance industry in India is that it is a highly complex product and most of the products sold in the market are not beneficial for the customers. PolicyX.com offers much-needed transparency in the system by giving the power of choosing the right policy to the customers. They can also compare features and benefits at a click of a button and purchase through an online seamless process.
Technology at Disposal
Technology has enabled transparency, quick customer service; small micro-sized insurance products which would not be possible to sell with high costs of offline distribution. PolicyX is constantly improving its technology to enable better customer service. It is building speech recognition software to enable its experts to guide customers on helping them choose. It is working on AI enabled chatbots for customers to be able to choose the best plans.
Insurance sector will be heavily influenced by technology in the coming years. The future is customer-centric and will be shaped by behavioral science, with social and peer-to-peer networking and smart devices all playing a part.
Insuring the Future
Right now, the team of PolicyX.com is focusing on building trust among customer towards online insurance. It is working towards filling the gap between traditional policy buyers and digitally motivated customers. It is keen to make sure that it provides unbiased and helpful services to its customer. Naval says, “We really want to build the gap with trust and awareness so that we can live in a safe and secure India. For the same, we are planning to come out with several different campaigns with the brand ambassador of PolicyX.com- Mr Virender Sehwag.”
