PolicyBazaar is confident of maintaining a 30% plus growth rate in the near future on the back of enhanced services, its parent company PB Fintech's co-founder and Executive Vice-Chairman Alok Bansal said.
Talking to NDTV Profit, Bansal said PolicyBazaar's services such as claim support promise, focus on regional languages and physical meetings, as well as dedicated call centre support have helped the company achieve high growth rates in the last three years.
“The promise around the claim support that we have been able to deliver and along with that, the focus on regional languages, the focus on physical meetings along with call centre support that we have been able to achieve over the last three years have resulted in very high growth rate,” he said.
These levers will help PolicyBazaar maintain 30% growth rate in the coming years, Bansal mentioned.
On the scope of the health insurance industry in India, Bansal said there was a gap in the space and, therefore, it was poised to expand.
“In any developed country, you will find that about 30 to 40% of this (insurance claims) is paid by insurance companies. If you look at Indian numbers, we'll see that somewhere between 2% to 3% is paid by the insurance companies,” he said.
“So there's a very big delta in terms of where we could be from a health insurance perspective. Term insurance, again, is very under-penetrated. So there is scope to grow the industry,” the PB Fintech co-founder said.
This scenario can turn beneficial for PolicyBazaar, which can drive the targeted growth of the company, he mentioned.
“It definitely helps Policybazaar because it is sort of the first port of call of customers when they think about protection products,” Bansal said.
“So we remain confident that 30% growth rate is possible till the time we keep on doing what we have been doing and become better and better at delivering this, different parts of the machine,” he added.
PB Fintech shares were up 1.6% during intraday trade on the NSE on Friday and logged a high of Rs 1,713.95 apiece. The stock was trading in green at Rs 1,692 apiece at 2:10 pm, while benchmark Nifty 50 was 0.2% down at 23,158.70 points.
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