Policybazaar Redefines Employee Health Insurance: Launches Marketplace for Corporates
Policybazaar.com, one of India’s largest insurance marketplace has launched its new Group Health Insurance program for SMEs, MSMEs and Large corporates. It promises to leverage technology and expertise to be able to provide supremely flexible offerings that are customized for companies’ basis their size, location (spread), competition and need. The brand’s focus is to revolutionize corporate insurance in India by offering technology, insurance, and wellness on one single platform.
Sarbvir Singh, CEO – Policybazaar.com
“The need for a food delivery company with 1000 delivery riders is very different from a small corporate that has tech geniuses working from home,” says Sarbvir Singh, CEO – Policybazaar.com. “The one-size-fits-all approach cannot work anymore since businesses, their operations and their wallets are different and complex,” he adds.
Despite being 50% of the health insurance premiums in the country, Group Health Insurance has been an opaque and rigid offering only useful for patients if they are in the hospital. However, to break the clich, Policybazaar has introduced flexi-benefit plans and 27 non-hospitalization features like diagnostics, online doctor consult, Nutrition, Second-Opinion services, Mental Wellness, and training options like Yoga and Personal Training. All this via a simple employee-oriented app! While it may sound too good to be true, reality is that 65% of healthcare expenses in India have been outside of Insurance and this is the strongest attempt to bring it under a single umbrella. Employees can choose health insurance from 10+ insurers and can also customize plans, compare, plug in add-ons like COVID protection, top-ups and term life etc.
“The real difference is that we are attempting to focus our offering towards the employee and not the employer. You can see this from the servicing ability of our app which does not require any intervention from the HR or Administration teams of companies,” says Singh. The platform has a self-service section that helps each employee to understand the cover their employer has provided and an easy claim processing section where an individual can, within 3 clicks be able to launch a claim, find a hospital and decipher the overall expense that may arise.
Breaking the myth that Group Health Insurance is a difficult product, best left to the experts, today Policybazaar gets close to 30,000 enquiries every month to buy Group Health Insurance. This is especially true for SMEs and MSMEs where the workload on HR and Administration does not allow for enough research for an all-encompassing employee health insurance. Using the Policybazaar platform, the employer gets the option to choose from the best and largest Insurance companies in India with plans that fit their need and their pockets. Corporates can now cover their employees starting from Rs 100 per month without compromising on the basic benefits that you get with your Employee Health Insurance.
Given COVID-19, the need of the hour was to re-invent employee benefits and who better than Policybazaar, with more than 10 million insurance customers. With deep-rooted partnerships with Insurance companies and Third-Party Administrators (TPAs), the platform provides instant policies, digital onboarding of employees, real-time policy management for policy administrators and a 100% online claims journey which does not require intervention of the HR/Admin teams of corporates.
Despite being a nascent vertical, Policybazaar already has a marquee list of corporates in its portfolio. This includes Delhi Duty Free, Delhivery, Yatra, Rivigo, Ziploan, Max Bupa Health Insurance, Lenskart, Blue Tokai and Crompton.
“It’s very important for Policybazaar to solve the customers’ needs and deliver a holistic solution for Employee Healthcare. In a nutshell, we have toiled hard to successfully combine the strength of Insurance and Wellness, and offer it on a robust easy-to-use platform,” summed up Singh.
Policybzaar.com is one of India’s largest insurance marketplace. It is the flagship platform of PB Fintech, that owns fintech brand, Paisabazaar.com, and lending & insurance marketplace in the UAE region, Policybazaar.ae. The Policybazaar.com Group has backing from a host of investors including the likes of PE funds and other family offices. Policybazaar.com started with a purpose to educate people on insurance products and with its offerings has addressed the large and highly underpenetrated online insurance markets.