February 28, 2019
Policybazaar.com, India’s largest insurance comparison portal, has launched an exclusive ‘Cashless Assurance’ feature for its customers to help them with “assured cashless settlements” at the time of claims. The new feature will allow Policybazaar.com customers to opt for cashless approvals on claims across all garages throughout India within a matter of few hours.
Policybazaar – Cashless Assurance Guarantee
Public sector Insurers New India Assurance, The Oriental Insurance and private sector insurers IFFCO Tokio General Insurance and DHFL General Insurance have partnered with Policybazaar.com to offer customers easy access and cashless settlement options through the launch of this new feature.
The cashless service, in the past, has been through select insurer network garages. Now with the launch of this feature on Policybazaar.com, policyholders can avail the service at any garage across the country without having to bear the pain of shelling money from their pocket and then filing for reimbursements of the same.
Commenting on the new initiative, Mr. J K Garg, General Manager, The New India Assurance Co. Ltd. said, "As Market Leaders it is our constant endeavor to provide fast and hassle free claim experience to our customers. We as New India are extremely happy to partner with Policybazaar in this endeavor for providing Cashless settlement option to our customers."
Reacting to this very launch, Mr. Balwant Singh, Director & GM – The Oriental Insurance said, “Policy holder friendly Oriental Insurance is always in pursuit of offering its customers choice, convenience and a superior experience leveraging technology. The customers shall be provided cashless settlement in motor claims through this centralized process/video app. This initiative will facilitate hassle free claim settlement in a very quick time. We appreciate the innovative steps taken by Policybazaar.com which will go a long way in providing a unique experience to the customers and also the insurers.”
Speaking about the newly launched feature Yahish Dahiya, Co-founder & CEO, Policybazaar Group of Companies said, “Policybazaar has been an agent of change in the insurance industry with technology being a key driver for us. We strive to make this new initiative Cashless Assurance, a boon for all policyholders and thereby keep our user’s life hassle-free. Continuing on our journey to humanize our customer’s insurance experience, we have launched this new initiative making it available across all garages pan India.”
For the uninitiated, the new feature of ‘Cashless Assurance’ builds on Policybazaar.com’s Self Video Cashless Claims Feature, launched in September last year. The two major public sector insurers, New India Assurance and United India Insurance, were the first ones to adopt that feature and offer consumers’ settlement of accidental claims via Policybazaar.com app. Policybazaar’s Self Video Cashless Claims Feature has been critically acclaimed globally and has won the – Global Live Fest Digital Insurer – Global Innovation Award and IAMAI – India Digital Summit, Best Insurance Tech of the Year Award recently.
Expansion of Spot Claims Service
In addition to the launch of this new feature, Policybazaar.com’s spot-claims service of 3-day repair assurance along with pickup & drop service, has now been expanded to 20 cities in India including Delhi, Mumbai, Pune, Bengaluru, Chennai, Gurgaon, Ghaziabad, Jaipur, Noida, Faridabad, Kolkata, Ahmedabad, Hyderabad, Chandigarh, Meerut, Bhopal, Dehradun, Raigad, Kanpur, Bhopal, Rohtak, Coimbatore, Jhajjar vs 5-6 cities earlier. The service is expected to be available throughout the country within the next 6 months.
PolicyBazaar.com is India's largest insurance marketplace. It has backing from a host of investors including the likes of Soft Bank, InfoEdge (Naukri.com), Temasek, Tiger Global Management, True North, Premji Invest, besides investments from other PE funds and family offices. The portal started with a purpose to educate people on insurance products and has had a significant influence on how insurance is bought in India. It has helped in driving penetration of pure life insurance, health insurance, and such products which were barely bought earlier.
From receiving traffic of 180,000 visitors in 2008, PolicyBazaar.com has come a long way and today hosts over 100 million visitors yearly and records sale of nearly 300,000 transactions a month. Currently, PolicyBazaar.com accounts for nearly 25% of India’s life cover, and over 7% of India’s retail health business. It accounts for roughly half of all internet based insurance purchase in the country and is more than doubling annually.
We have received several accolades in India and globally. The most noteworthy being recognized as India’s top and world’s leading “Fin Tech Innovator” by the Global consultancy firm, KPMG and venture capital fund, H2 Ventures for 2015 & 2016. It has won a range of awards in the last couple of years, many of them consecutively. These include The Financial Express “Best Fintech Marketplace”, Internet & Mobile Association of India (IAMAI) Digital India Award for “Best Financial Website” & “Most Innovating Insurance Service”, IDC Iconic Award for “Tech Implementation leading to Operational Excellence”, to name a few.