Policybazaar wins best Insurtech at Asia Insurance Industry Awards

Adding one more laurel to its kitty, Policybazaar.com won the best InsurTech of the year at the 23rd Asia Insurance Industry Awards 2019, held on the sidelines of the 16th Singapore International Reinsurance Conference on October 29. Over 800 entries were received this year where the company won the award for PB-Inspect, its 'self inspection app.’ In addition to it, Policybazaar has been the only Indian winner in the InsurTech category so far. 

PB-Inspect: A path-breaking innovation

Policybazaar.com, India’s largest digital insurance platform, won the award for its industry-first application, which helps consumers to renew lapsed motor insurance policies in a few minutes as compared to a few days, sometimes even weeks. The application is a path-breaking effort by the technology team of the company as it has improved efficiency in the system thereby reducing the cost for insurers and time for consumers.
 

((relatedarticle_1))

Gopalan Srinivasan, Director, National Insurance Academy, also one of the jury member for the award said, “Policybazaar has played a path-breaking role in bringing technology into the insurance space in India with a huge process innovation.” In India, for every 100 renewals, there are roughly around 30 for lapsed policies, and these require physical inspection and documentation of the vehicle, which takes anywhere between two to five working days. Renewal of a policy is a hassle for people living in rural or semi-urban areas, or those on the outskirts of a big city, as at times inspection agents don’t turn up and customers keep waiting endlessly. 

The app was developed keeping in mind the cost, time and effort involved in physical inspection and providing a one-stop service for different insurers. One of the major objectives was to reduce the renewal time from two to five working days to a couple of hours and to do it at the time of customer’s ease. 

Significance of the award 

((quote_1))

Asia Insurance Industry Awards, are organized by Asia Insurance Magazine every year to recognize the talent in the insurance sector. The awards are fully transparent with the judging process independently audited. The panel of judges are the leading names in the industry, composed of a cross-section of the industry including regional and international market leaders, association heads, and regulators. 

For instance, this year, the panel comprised of Alice Vaidyan, Chairman-cum-Managing Director, GIC Re; Angela Kelly, Country Manager, Lloyd’s of London (Asia) Pte Ltd; Edward Moncreiffe, CEO, Hong Kong, HSBC Life, and among others. Seventeen notable insurance champions emerged as winners as they were honoured at the awards. There were many new award winners who were credited with solving industry challenges in mobile and digital technologies.

(cover image credit: Asia Insurance Review)

((newsletter))