India’s leading Insurtech brand, PolicyBazaar.com, will create as many as 2,500 additional jobs in FY19 to meet its ambitious target of expanding its unique customer base to 1 crore and increase its revenue to Rs 1,500 crore by 2020. The move comes as the company marks its 10th anniversary and sets its sight on achieving new landmarks. The additional jobs, announced at an event which brought together the founding team on one stage, will the company’s employee strength to 6,000 people.
The company is growing at 100% Y-o-Y and aims to underwrite premium worth Rs 10,000 crore, expand its unique customer base to 1 crore and increase its revenue to Rs 1,500 crore by 2020.
It also has some serious expansion plans for the current as well as new employees. The company has added more than 1.15 lakh square feet of space across five new offices this financial year, taking its entire office space area to 2.5 lakh square feet across nine buildings in Sector 44, Gurgaon.
The Co-founder & CEO of PolicyBazaar.com, Yashish Dahiya, recalled the company’s humble beginnings and stressed on how its acumen for technology and its employees have driven the company’s successes. “It’s been a long and challenging journey to make it to the 10th year. We effectively started with 14 hardworking individuals,” he said.
“We always believed in doing things at the right time to stay ahead in the highly competitive market. During these last 10 years, our passions for technology, the commitment of each individual employee; and their distinctive competencies have been the driving force to build a successful venture. We are hopeful for the similar success and dedication by employees in the new ventures of the Group,” Dahiya added.
PolicyBaazar.com currently has backing from a host of investors like Soft Bank, InfoEdge (Naukri.com), Temasek, Tiger Global Management, True North, Premji Invest, besides investments from other PE funds and family offices.
The company claims to host more than 100 million visitors yearly and records sale of nearly 300,000 transactions a month. It accounts for nearly 25% of India’s life cover, and over 7% of India’s retail health business.
The co-founder and CFO of the company, Alok Bansal, said that sustaining the momentum will be a critical factor for fuelling further growth for the company. “Over the years we have acquired a huge customer base having unique needs. This presents a challenge and an opportunity for us because sustaining the momentum will be a critical factor for fuelling further growth for us and we clearly appreciate that customer acquisition and retention will be based on solving their problems quickly and efficiently,” he said.