Recently, we interacted with Mr. Pankaj Vashistha, Co-founder & CEO, Policy Ensure – a unique platform that has taken insurance business to a new dimension all together paving way to a BHAVI BHARAT, in which not only everyone is insured but also empowerring self-employment in insurance business by harnessing demographic dividend of great India.
Here are the interview highlights:
1. Can you give us an overview of Policy Ensure and the services it offers?
Ans. Policy Ensure is an insurance aggregator-broker based out of Gurgaon that distributes general insurances and intends to level up the insurance focus in India especially in tier 2 & tier 3 cities. Policy Ensure has built up its unique phygital model as compared to the other broker houses, that emphasis mainly on technology driven approaches.
Our company believes that distribution along with a little assistance is important for expanding insurance coverage, and technology functions as a facilitator rather than a primary factor in how business is conducted. We understand the importance of openness in the insurance sector and focus on locating the problems of mistrust & mis-selling that have come to light over the years.
Policy Ensure uses a phygital model, which entails having a physical presence at each area they serve, to accomplish its aims. Customers’ trust is increased and personalized interactions are made possible by this physical presence. The user-friendly technological platform that Policy Ensure offers makes conducting business easier and guarantees openness throughout the insurance transaction.
We combine distribution knowledge, technology facilitation, and transparency with our customers. In order to improve insurance penetration in India and meet the needs of customers in tier 2 and tier 3 cities.
2. How does Policy Ensure differentiate itself from other insurance providers in the market?
Ans. Policy Ensure is different from the other insurance providers in India as we adopt a distribution-driven strategy as compared to other broker houses that focus only on the digital technological approach to business that usually caters to the citizens in tier 1 cities. However, aligning with India’s vision of financial inclusion by 2030. Policy Ensure has created a unique phygital model where physical presence empowers trust and technology provides transparency and better choices.
3. Can you walk us through the process of how Policy Ensure helps customers find the best insurance coverage for their needs?
Ans. One of the main problems the insurance sector faces is mis-selling, which has been addressed by Policy Ensure by streamlining the insurance process for our customers. They must be fully aware of the insurance products they are buying since they are intricate contracts with a range of coverage alternatives.
Technology used by Policy Ensure gives customers a transparent and user-friendly platform. Customers have access to digital contracts using this technology that describes the details of the insurance policy, including coverages and premiums. This enables customers to make informed decisions based on their own requirements and preferences.
4. What kind of insurance policies does Policy Ensure offer? Are there any specific industries or sectors that you specialize in?
Ans. With the aim of making India independent and secured, Policy Ensure has taken an initiative to increase insurance penetration in the country and being a catalyst for the growth of small towns by using the PHYGITAL way. We look at insurance distribution across General insurance specific to motor, health, accidental, cattle and home insurance for the tier 2 & tier 3 market. Keeping in mind the 2015 IRDAI form of licensing, the brand allows tier 2 & tier 3 citizens to become PoSPs and encourage the soft skills of entrepreneur ships for them.
5. How has Policy Ensure adapted to the challenges posed by the COVID-19 pandemic? Have there been any changes in customer behavior or needs that you have had to respond to?
Ans. Policy Ensure has actively responded to these changes by prioritizing customer-centric solutions and leveraging technology to deliver seamless insurance experiences. By adapting swiftly, Policy Ensure has positioned itself as a trusted partner in the new normal, catering to the evolving needs and expectations of customers in India’s insurance market with the help of its POSP partners and sales /customer service team available locally.
6. What are some of the biggest challenges that Policy Ensure faces in the insurance market, and how do you plan to address them?
Ans. The primary challenge that we faced was navigating the regulatory environment of the insurance business that was ongoing in the current insurance ecosystem. It was essential for Policy Ensure to verify compliance with the regulatory standards since the market was so heavily regulated, and doing so required a time-consuming procedure.
However, we were able to overcome the obstacle by following rules and regulations and ensuring everything was done correctly.
The second issue we faced was internet accessibility, especially in tier 1 and tier 2 ranked cities. For their company concept, which blended a physical presence with technology, having a dependable internet connection was essential.
The government’s increased attention on the insurance industry and the expansion of telecom businesses have both increased internet usage, which has benefited us in business operations.
Policy Ensure has been able to establish itself in the market and broaden its reach by overcoming these difficulties.
7. How does Policy Ensure plan to expand and grow its business in the coming years?
Ans. The long-term objective of Policy Ensure is to overtake all other insurance distributors in India. Within the next three years. We intend to grow from 32 sites to 300 locations in the next two years. We are resolute that distribution is essential to any company’s success. In order to build a solid distribution network and broaden our client base, we are concentrating on increasing our physical presence in various locations.
We will keep investing in physical sites all throughout India and prioritizing our distribution approach in order to meet our long-term objectives.
We Strive to efficiently contact clients in several cities and towns by spreading insurance more widely and establish ourselves as the go-to option for insurance distribution.
8 . Finally, what do you think sets Policy Ensure apart from other companies in the insurance industry, and why should customers choose to work with you?
- Customer-Centric Approach: Policy Ensure places utmost importance on customer satisfaction and aims to provide personalized and tailored insurance solutions. The company takes the time to understand each customer’s unique needs and offers comprehensive coverage options that align with their requirements
- Wide Range of Insurance Products: Policy Ensure offers a diverse portfolio of insurance products, ranging from health and life insurance to property and vehicle insurance. This extensive range ensures that customers can find suitable coverage for their specific needs, all under one roof
- Innovative Phygital Distribution Network: Policy Ensure has pioneered the concept of a “Phygital Insurance Distribution Network,” which combines the convenience of digital platforms with the trust of physical presence. This innovative approach provides customers with a seamless and accessible insurance buying experience
- Strong Partnerships: Policy Ensure has forged strategic partnerships with leading insurance companies in India, enabling access to a wide network of insurers and ensuring a robust range of insurance offerings. These partnerships also contribute to the company’s credibility and trustworthiness
- Expertise and Experience: Policy Ensure is backed by a team of experienced insurance professionals who possess in-depth knowledge of the industry. Their expertise allows them to guide customers effectively, offer sound advice, and address any insurance-related queries or concerns
- Transparency and Trust: Policy Ensure operates with utmost transparency, ensuring customers have a clear understanding of policy terms, coverage, and claims processes. The company strives to build trust with customers by providing honest and reliable insurance solutions