CASE STUDY

JBIMS INSURANCE POLICYBAZAAR

POLICYBAZAAR CASE STUDY

ABOUT POLICYBAZAAR.COM:
PolicyBazaar is India's leading online insurance comparison website and is an InfoEdge (Naukri.com), Intel Capital,
Inventus Capital, Tiger Global Management, Ribbit Capital, Steadview Capital and Premji Invest Investee Company. The
company began operations in 2008 as a key force in establishing an informative online financial services platform in India.
Over the last seven years, the company has marked a staggering growth in terms of consumer traffic and number of people
using the platform to buy insurance products to become the destination site for all insurance related queries amongst
Indian consumers.
Today, Policybazaar.com boasts of
Being the single largest insurance distributor (online or offline) in India outside of banks
Over 30 million unique visitors each year
Recording over 40,000 transactions every month
Industry recognition through awards from Internet and Mobile Association of India for Best Financial Website in 2013
& 2014 and Frost & Sullivan for Customer Value Leadership in 2014
The key difference between an agent and PolicyBazaar.com is our motto to empower the consumer. Unlike agents with
tendencies to highlight the selling propositions of a plan but hiding its fine print, we first understand the needs of consumer
and then suggest a gamut of options to choose from. In our consumer research, we find that nearly everyone who is aware
of policybazaar.com has used its services when researching to buy an insurance plan and has benefitted from comparison
and advice.
We are looking to grow 8 times our current size over the next three years.

CASE DETAILS:
While any person who is online or active on mobile, earning and who is capable of purchasing insurance is our TG. Our
focus TG is defined as follows:
(SEC A) 25-40 years - Primarily male, with a mix of working females
Our focus geographies so far have been the top-10 cities that contribute about 70% of our business. Our current penetration
stands at 30% outside the top-10 tier-1 cities. The market outside tier-I cities is still largely under-penetrated, which we
believe has a huge potential for future business as the internet and mobile penetration grows in India. While we have
continued to grow our business in cities outside the tier-I category, there hasnt been a dedicated marketing effort for the
same. Given the huge potential that this market holds, we would like to develop a focused plan to target this market.

CURRENT APPROACH TO BUILD BRAND AWARENESS AND

DRIVE TRAFFIC TO YOUR WEBSITE:
1. Large scale brand awareness through TV, the single largest reach medium in our country. This is supported by other
mediums such as radio and outdoor advertising
2. Targeted digital marketing efforts via pay per click, display and social media campaigns and SEO to interact with the
consumer online
3. CRM is another low-cost channel that we use for business generation

CURRENT TRAFFIC COMPOSITION:

1. 70-75%: Direct + Organic
2. 25-30%: Inorganic
Top 10 cities: Delhi NCR, Mumbai, Bengaluru, Pune, Hyderabad, Chennai, Kolkata, Ahmedabad, Jaipur & Lucknow

POLICYBAZAAR CASE STUDY

OBJECTIVE:
How can we increase our market share in non tier-I or tier-II cities?
Given we want to be seen as an online destination for insurance among consumers nationally, we want to increase this
share by 20% over the next three years.

SPECIFIC DELIVERABLES:
Segmentation of Tier-II financial consumer in India. Determine segmentation criteria and approximate the size of this
segment.
Determine the key drivers for this consumer to shop online insurance products
What are the barriers for this consumer to buy insurance online?
Marketing plan and success metrics: How would you go about targeting the consumer in this segment? Your plan should
include overall communications strategy, promotion mix, recommended media plan and success metrics.

RECOMMENDED METHODOLOGY:
We leave you to choose the best way to gather data (primary or secondary research), how you would present insights and
recommendations. We are looking at both qualitative and quantitative insights, backed by suitable and robust methodology.

EXPECTED OUTCOME:
1. Marketing plan & strategy with timelines
2. Best platform to target the defined audience mentioned above
3. Final submissions are expected to be clear and precise, with recommendations that can be executed in the near future

BUDGET:
Rs 20 cr (approx)

INDUSTRY FACTS - DIGITAL INSURANCE:

Internationally, insurance has one of the highest percentages of consumers using the internet to buy and/ or research
insurance as compared to other product categories. The BCG Global Digital Consumer Sentiment Survey showed that
insurance was amongst the top five product and service categories where respondents had shopped via the internet.
As per the BCG CCCI research in India, in the case of insurance, digital influence is 6 times digital sales in India. While digital
sales are 2%, the underlying digital influence is 12% and the digital footprint is 31% for insurance. BCG estimates that by
2020, three in every four insurance policies would be influenced by digital channels during either the pre-purchase stage,
purchase or renewal stages.
Refer BCG-Google Study 'Insurance @ Digital - 20X by 2020'
http://www.bcgindia.com/documents/file156453.pdf