Gurgaon-based ETechAces Marketing and Consulting Pvt. Ltd. (“Policybazaar Group”), the parent company of India’s leading insurtech brand, Policybazaar.com and India’s leading lending marketplace, Paisabazaar.com and newly launched healthtech platform, docprime.com, has now forayed into the UAE market, with the launch of its new venture, Policybazaar.ae, an online financial products marketplace, that would list insurance and lending products on its platform, to begin with.
With Policybazaar.ae, it marks Policybazaar Group’s first overseas venture as an online financial products marketplace, aimed at becoming a one-stop shop for consumers personal finance needs in the UAE market. Policybazaar.ae currently partners with more than 10 partners across lending and insurance categories with 50+ products on offer.
The international expansion marks a milestone moment in the decade-old journey of Policybazaar Group that has shortlisted Dubai to serve as a hub for the UAE operations. The group has appointed Neeraj Gupta as the CEO for its new venture, Policybazaar.ae, in an elevation from his earlier role at the group of leading the motor insurance business for the flagship brand, Policybazaar.com.
The new international set up was initiated in March earlier this year, and has sold over 2,000 policies and underwritten premium worth INR 6 crore (AED 3 million) through its partnership with 10+ insurance partners in the region, during its beta phase.
Commenting on the launch, Yashish Dahiya, Co-founder & CEO, Policybazaar Group, said, “We have been at the forefront of initiating the change in the way India consumes financial products, and the foray into the international market is a momentous occasion for us. Our expansion into the UAE market is based on the same philosophy of developing a strong tech-based platform that makes consumers the king in their ability to choose a gamut of financial products.”
With Policybazaar.ae, PolicyBazaar Group intends to become a one-stop shop for consumer’s personal finance needs in the UAE region. Over the next three years, Policybazaar.ae is looking to build an extensive network of local banking and insurance partners, and underwrite premium worth INR 500 crore (AED 250 million) from the region.
The initial products listed on the platform include motor insurance, travel insurance and soon will have life insurance and lending products added to its product line.
ETechAces is the parent company that holds India’s leading insurtech brand, PolicyBazaar.com, India’s leading lending marketplace, PaisaBazaar.com and newly launched health tech platform, docprime.com. The company has backing from a host of investors including the likes of Softbank, Temasek, Tiger Global Management, True North, InfoEdge (Naukri.com), Premji Invest, besides investments from other PE funds and family offices.
The group’s flagship brand, PolicyBazaar.com 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.
In 2014, Policybazaar group started PaisaBazaar.com, an online financial marketplace for investment and lending products. Today, Paisabazaar.com is India’s largest online financial marketplace for loans and credit cards. It currently partners with more than 75 partners across lending and investment categories with 300+ products on offer. Since its inception in early 2014, the company has marked a staggering growth, and today disburses loans worth Rs. 360 crore in a month to more than 450 cities and towns.
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. In fact, the brand 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.
[Source – Newsvoir]