A drop of water is worth more than a sack of gold to a thirsty man!
We are so glad that Policy Ensure was a part of ‘Save Water, Save Life’ Marathon Run for a cause at Shri Maheshwari Samaj, Jodhpur!
The event was extremely energized and fun-filled with people full of love & excitement.
We urge you all to save water because water is not infinite and we must do our best to conserve it!
Indian is an ever ever land when it comes to opportunities, putting innovative practices and even to witness evolving preferences for products and services. Just that India has its own peculiar ways of adopting and accepting new business models and the related distribution structures.
What works in a developed country may not work in India in the same format. It surely needs a local tweak with no compromise in quality and credibility of product/service provider.
The insurance business is no exception to the above. It becomes even more significant if the growth plans are really big to penetrate in the hinterlands that are full of business opportunities waiting for someone to crack the code of acceptance!
Times of India in its recent article stated: The unexploited insurance market of rural India, highlighted that at present, life insurance coverage in non metro/rural India is set at a mere 8-10% while less than 20% of the rural population has any form of health insurance. Also, 95% of Indian housing lacks any form of property coverage. India has extensive geographic and economic variations causing the low coverage rates prevail in the country. Additionally, several internal challenges still exist in the country, including distributional challenges like last-mile access, lack of sustainable products, transactional inconvenience, among others.
Policy Ensure, since its inception in 2017, was clear with its strategy to cover the ‘real bharat’ comprising of tier2-3 cities (not rural as of now) when it comes to selling insurance. “The journey however was arduous while building that network” says Pankaj Vashistha, Co-Founder – Policy Ensure.
While we were clear it has to be made with the mindset of reach2each in terms of individuals and households with the seamless connect surpassing infrastructural constraints without losing on human to human (H2H) touch– adds Pankaj.
That’s where his more than three decades of experience (before setting up Policy Ensure) came handy while understanding and building the insurance distribution networks for Policy Ensure.
“The hybrid/blended approach will ensure reach2each. We added digital to physical insurance distribution network to compliment and cover the gap areas arise due to physical access constraints. And it worked!” – told to us by Rahul Mishra, Co-Founder, Policy Ensure
Rahul also comes with more than three decades of experience in business strategy, network building in insurance sector and few other industries.
“There is still so much to do as the markets are really big. Even 300-400% YoY can be easily achievable” shared Rahul
The PHYGITAL model to build insurance distribution network helped Rahul and Pankaj to crack that ‘code of acceptance’ to the full view business opportunities from tier-2-3 cities.
Customers in these cities not only got the never before access to the different insurance options and portfolios (otherwise restricted to only metros or very few growing cities) but also got the ease of getting them with less documentation hassles or physical presence constraints.
As expected, Policy Ensure set the bench mark with the phenomenal growth in less than 5 years covering 6000+ pincodes, covering in 700+ RTOs PAN India and more than 2 Lakhs happy customers under its belt since inception.
“For us the insurance is as good as a social security number while living in smaller cities. We feel secured. No government card can give us this kind of a real peace of mind especially in Covid times. Now the problem of limited options is also solved by Policy Ensure. They even completed the entire process digitally that we could never be able to do by our own. Our time got saved, got the right information and didn’t go thru any hassles”- shared by one their happy customers
Policy Ensure is now all set to witness the next level of growth in 2022 that may go with more than 100% rate on performance metrics reaching deeper into Bharat in their endeavor of making Bhavi Bharat with network of karmath micro insurance entrepreneurs across Bharat.
“It’s not just the insurance you have provided us with. It’s like a social security for us. Better than any government card. Their benefits don’t reach us. And until now it was difficult to trust the insurance companies or their agents for the fake commitments, they have made to us for years- just to sell the policy,” These are the words of one the happy customers of Policy Ensure from a smaller city.
Insurance mis-selling is not something new. The government regulators like IRDAI are working towards curbing it however are not very successful because of geographical constraints and mis representation of information especially in tier 2-3 cities.
“Over the years, insurance is probably the one financial product that has been mis-sold the most. One reason is lack of involvement of the buyer and the other reason is false explanations by the agent.”—Outlook (January 2022)
Policy Ensure took an exhaustive look into this challenging area of concern for non-metro cities and customers to understand the different forms of mis-selling such as forging benefits, exaggerating benefits, misrepresentation of the policy, miscalculating benefits, bundling insurance policies, or false promises of bonus and additional benefits.
Eventually there is a financial loss as the premium paid gets wasted and the features or benefits are of no use to the customer. Sometimes policy sold is not best suited to their requirements, they stop paying for it and the premium paid in the past gets wasted.
It doesn’t stop here. Even the bigger loss is when the beneficiary in the customer’s family who was supposed to get these benefits or sum assured, is left with no support in the long run.
“Policy Ensure would stand out as first preference of the insurance customers if able to address this bigger issue of mis-selling along with relevant reach to every part of real India i.e Bharat” says Rahul M Mishra, Co-founder, Policy Ensure.
That’s where the blend of digital with physical distribution network was done by using PHYGITAL approach.
“This blend brings in the benefits of Insurance aggregator model with complete information availability about insurance products through digital assets and platforms with no ambiguity or mis-representation. At the same time, it added more value by putting a well-connected physical distribution network in place with technology enablement. As we worked towards and envisioned for Policy Ensure to bring the necessary credibility to insurance sector” shared Pankaj Vashistha (PV), Co-Founder, Policy Ensure.
The PHYGITAL approach has enhanced the awareness among buyers in a very friendly way. Customers can get involved in the buying process. They can look at the complete information about different plans in a transparent manner as published. Then there is also a local hand holding available of Policy Ensure team so that the buyers can make the right selection by comparing plans, benefits, Advantages, features and quotes given by different insurers.
“In coming days chances are very high that customer will start seeing insurance as ‘insurance only’ rather treating it as some kind of an investment plan or to buy because of freebies upon purchase of insurance policy”- added PV
Press Release Policy Ensure:
31st March,2022
With the aim of making insurance easier for the non-metro cities, Policy Ensure was started in 2017 by seasoned professionals Rahul M Mishra and Pankaj Vashishtha. The founders bring in more than three decades of individual experience mostly in insurance domain with strong expertise of setting up successful distribution channels while working with big names (prior setting up Policy Ensure) like Reliance General Insurance, IFFCO Tokio and Bajaj Allianz General Insurance.
The idea of Policy Ensure sprang up to address the problem of misleading insurance selling in non-metro cities, due to the lack of awareness of its importance and non-availability of credible infrastructure. To fuel its futuristic outlook of creating a vigorous and credible insurance environment, Policy Ensure has inaugurated its new office premises at Time Tower Sector 28, Gurugram, Haryana.
Through Policy Ensure, the founders have put forth righteous efforts to bridge the insurance gap by providing accessible infrastructure for non-metro cities via its PHYGITAL model, hereby promoting insurance for all sections of society. PHYGITAL is an interesting combination of physical presence on ground complimented with robust technology platform for convenience, transparency and efficiency.
“Our objective is to increase insurance penetration in the country by making insurance easily accessible to all at grassroot level, giving a much-needed real social security which otherwise is a challenge to get in tier 2-3 cities,” said Pankaj.
While Rahul added during the office launch- “Since its inception in 2017, Policy Ensure has taken insurance business to a very large untapped market beyond big cities with the agenda of scaling it up to the next level”. In his words “that’s the reach Policy Ensure has proudly made from India to Bharat”. Hereby going in lines with New India’s vision and mission for BHAVI BHARAT and enabling it with Digital India.
Treading the road to success with strong guiding principles of TRUST, TRANSPARENCY and EFFICIENCY, Policy Ensure has crossed a new milestone of 1 LAC+ customers in this short span and very soon shall be going for the funding in lines with its plan to scale the operations as the market is very big and even bigger insurance needs to be catered.
Some of the insurance partners of Policy Ensure are, HDFC ERGO, TATA AIG, Go Digit, and many more. The insurance provided currently is motor insurance, health Insurance, accidental Insurance, home insurance, Covid-19 insurance and cattle insurance. Policy Ensure is licensed as Hudson Insurance Brokers Pvt Ltd by IRDAI.
For further queries contact:
Policy Ensure,
Hudson Insurance Brokers Pvt Ltd
207, 2nd Floor, Time Tower, Sector 28, Gurugram, Haryana – 122001
Mobile: +916283062011
Email: helpdeskpos@hudsonbroker.in
Fintech, Edtech etc are cluttered or done, investors are now looking at InsurTech as redefined by companies like Policy Ensure
As per google search- Insurtech refers to technological innovations that are created and implemented to improve the efficiency of the insurance industry. Insurtech powers the creation, distribution, and administration of the insurance business.
An Insurtech ecosystem is made up of an integrated and well-orchestrated set of services and technologies to provide consumers with prevention, assistance and emergency services, remedy and monitoring and insurance.
“The global insurtech market size is expected to reach USD 152.43 billion by 2030, registering a CAGR of 51.7% from 2022 to 2030. Shift towards cloud computing.”—Globe Newswire, March, 2022
Covid Times have given a significant attention and importance to tech enabled insurance services. The sector has grown in a big way just like healthcare, digital and essentials goods.
Investment interest in insurtech comes from the venture capital sector, hedge funds and private equity capital, as well as established property/casualty insurers, or “incumbents.”—businessinsurance.com
As an investment portfolio, the sector is still very lucrative if scanned with investor’s eyes.
“For Policy Ensure, we started in 2017 with only seed fund of just a million dollar, today we have a reach at more than 6000 pin codes and a revenue –valuation of 100X. Still there is so much to grow. The market is big and sincere players are very less. We shall be now going for formal phase of funding to fuel in the rapid growth” says Rahul M Mishra, Co-Founder, Policy Ensure.
“We’ve been predicting the pace of investment would continue due to the opportunities to transform the industry. The disruptive technologies in the industry continue to attract interest from investors,” said David Hoffman, Westfield, VP and Research director at Forrester Research Inc.
The investments in Tech firms and startups are preferred by investors these days. However, investors are also critical on the RoI that they eventually get from the time they invest and when they want to make exit.
“That’s where the InsurTech is a righteous option for them. If driven by seasoned industry professionals and not with a typical startup mindset of pumping in money and shall see later the outcomes. The credibility matters a lot in this sector as well as the physical distribution network. The RoI is massive and the numbers are real” as detailed by Pankaj Vashistha, Co-Founder, Policy Ensure.
