Policy Bazaar Case Study and Success Story – Most of us have purchased some sort of insurance from Policy Bazaar at some point of time. The online Indian insurance aggregator has grown by leaps and bounds over the last few years, setting an example for other similar portals in terms of funding, marketing campaigns and quality of services.
Founded in the year 2008, Policy Bazaar is a great example of how startups can make it big, despite the obstacles in the path. In this blog post, we will take an in-depth look at the success story and marketing strategies of Policy Bazaar. Let’s begin with the case study!
Policy Bazaar Founders
Policy Bazaar is the brain child of 3 founders – Yasheesh Dahiya, Alok Bansal and Avaneesh Nirjar.
Yasheesh Dahiya holds a B.Tech degree from IIT Delhi, a Post-Graduate Diploma in management from IIM Ahmedabad (1996) and an MBA from INSEAD. Soon after, he joined Bain and Company as a consultant. Following this stint, he became the managing director at ebookers.com. Then, Dahiya became the co-founder of PolicyBazaar and served as its CEO till February 2020.
Co-founder Alok Bansal is a post-graduate from IIM Kolkata. He has held 3 major positions prior to arriving at Policy Bazaar. First, he served as the finance director at First Europa, followed by a stint as the senior Manager – Corp Strategy at Mahindra and Mahindra and business manager at iGate Global Solutions.
The third co-founder, Avaneesh Nirjar, too, is an IIT alumnus. Furthermore, he holds an MBA degree from Birla Institute of Technology. He has worked for a number of notable companies so far including GE Capital International Services, Cendant ISO, First Europa, AT&T India, Marico Industries and Heroites.
The Idea behind Policy Bazaar
In an interview, Yasheesh Dahiya stated that the idea of starting an honest online insurance website came to him when his father was duped of a considerable amount of money by insurance agents. He stated that the transactions looked clean to a layman on the surface, but were rigged to extract funds in a way that the beneficiary didn’t understand. This led Dahiya to come up with an honest and fair online insurance comparison and aggregator website that users could trust without having to call an agent.
Interestingly, Policy Bazaar had only 14 employees at the time of its launch. The team has now grown to over 6,000 employees. In the initial days, it was only a