Policybazaar's Claim Samadhan Diwas Strengthens Customer Trust in Insurance Across India

Gurugram, 04 October 2023: Policybazaar, one of India's leading Insurance Platforms, has launched an innovative program – Claim Samadhan Diwas – to assist customers struggling with unresolved Health Insurance claims. This flagship initiative by the brand allows insurance customers to interact with our insurer partners in person, alongside a Policybazaar Claims Expert, expediting the process of reopening and settling the stuck claim in real time.

In the past year, the Claim Samadhan Diwas has been successfully organized in collaboration with five insurance companies, across Delhi, Mumbai and Chennai. Additionally, multiple virtual events have been organized from time to time to solve stuck customer claims in real time. As part of the claim resolution efforts:

• Overall, 200,000+ customers have been assisted, and claims worth INR 1200 Crores have been settled, further strengthening the faith of policyholders in the insurance ecosystem
   
• On-ground claims teams made over 3000 visits in more than 200 cities, helping customers with documentation in hospitals or their homes
   
• Effectively, 4,000 stuck claims have been reconsidered; and claims worth 24 crores have been settled

In most cases, claims get stuck because of a lack of understanding or documentation on the part of the policyholder. There is a panel of expert doctors and a dedicated claims assistance team that help bridge this gap. 

Sarbvir Singh, Joint Group CEO, PB Fintech, expressed his thoughts on this initiative, stating, "Health Insurance is a fundamental necessity for both urban and rural populations across India. The idea behind Claim Samdhan Diwas is to improve customer trust in the efficacy of Health Insurance. If every happy customer tells their friends and family that their health claim experience was great, we are certain that we will eventually achieve our goal of Har Family Hogi Insured.”

Mohit Aggarwal, a 22-year-old Policybazaar customer from Gurgaon said, “My mother’s Health Insurance claim had been stuck for almost one year, and I was getting no help from anywhere. At the Claim Samadhan Diwas, my relationship manager from Policybazaar helped me submit my documents in line with the protocol - and within 5 minutes, I had received an email saying that my claim was approved. This kind of support can really make a difference to a family’s financial affairs; I can’t be grateful enough.”

Since its inception in 2008, the brand has been at the forefront of transforming the insurance industry into a more customer-centric space. Recognizing that trust is a significant obstacle to the widespread adoption of insurance in India, the company has consistently striven to redefine industry norms. The Claim Samadhan Diwas initiative is in the same direction. 

About Policybazaar (www.policybazaar.com)

Policybazaar.com is one of India's largest insurance marketplaces. It is the flagship platform of PB Fintech, which owns the fintech brand, Paisabazaar.com, and the 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 the purpose to educate people on insurance products and with its offerings has addressed the large and highly underpenetrated online insurance markets.