Company Name: Policy Bazaar Insurance web Aggregator Private Limited.
One-Liner: “Compare buy save” – Tagline.
WHAT DO THEY DO?
Policy Bazaar is an online platform that aggregates insurance plans and serves as a marketplace for policies.
Policy Bazaar has tied up with insurance companies to provide their customer with information like price, terms, insurance cover, benefits, etc. They have more than 9.394M unique visitors to their website every month.
Policy Bazaar had a growth of 228% in 2017-18.
They sell more than 17,000 policies per month.
In 2018, they had raised $200M as funding from the Japanese based conglomerate, Soft Bank. With this Policy Bazaar became the second Fintech company to enter the unicorn club after Paytm. Policy Bazaar has more than 5000 employees headquartered in Gurgaon, Haryana.
Founders: Yashish Dahiya, Alok Bansal, Avaneesh Nirjar
CEO: Yashish Dahiya.
Desktop/App: Responsive and Mobile friendly Website. App on Google Play and the App Store.
Table Of Contents:
1. The Idea to start Policy Bazaar
4. Early Adaptors
5. Marketing Summary-Today
7. Top growth hacks that have stood out for them
1. The Idea To Start Policy Bazaar
Yashish Dahiya’s first venture was First Europa, a car Insurance comparison service company established in London, 2005, which failed to take off although it served across nine geographical locations. Besides, he had the experience of working with an online travel aggregator. With all these experience he moved to India in 2007-08.
While he was analyzing his father’s financial documents he came to know that his father was not given the full information about his insurance and that his father was cheated by an insurance agent. These suspicious activities lead him to start Policy Bazaar in India with Alok Bansal and Avaneesh Nirjar.
Policy Bazaar has 12 investors with total funding of around $346M.
Their investors are:
i). Intel Capital, May 2011.
ii). Intel Capital and Inventus Capital Partner, March 2013.
iii). Inventus Capital Partner, Info Edge, and Intel Capital, April 2013.
iv). Tiger Global Management, May 2014.
v). PremjiInvest, Tiger Global Management, Ribbit Capital, Steadview Capital, ABG Capital, April 2015.
vi). Temasek, Tiger Global Management, PremjiInvest, Info Edge(India) Ltd and other investors not disclosed, October 2017.
vii). Soft Bank and Info Edge(India), May 2018.
When it comes to business, it is good to have competition. Similarly, Policy Bazaar also has competition.
Here is the list of few competitors of Policy Bazaar:
4. How They Got Their Early Adaptors
i). SEO: Yashish Dahuya says that in the early days they had a digital marketing team dedicated to SEO and content.
ii). Guest Blogging: Yashsish Dahiya did Guest blogging on Livemint at the very start.
iii). Television ads and Featuring on personal finance tv/online shows.
5. Marketing Summary – Today
Top of The Funnel
SEO(Search Engine Optimization):
i). Articles related to the insurance industry.
ii). Text-heavy articles.
iii). Articles with a word count ranging from 500 to 6000.
iv). Policy Bazaar is not consistent with publishing articles.
v). They post 0-13 articles per month. Not consistent.
vi). 55.13% of their traffic comes from organic search.
Types Of Content They Create:
i). Business-Primary Content: Policy Bazaar shares content explaining various benefits of using their services.
They have written articles like “PB Assurance-mediclaims made easy”,Benefits of Buying Insurance Online and many more.
ii). Industry-Based- Secondary Content: Articles on the insurance industry and insurance companies and their benefits. They cover topics like “What type of policies they are selling and what benefits they are providing to the customers”.
Articles such as Best Health Insurance Plans in India, Best Insurance plans in India 2018, Top 10 Benefits of United India Health Insurance can be read on their website.
iii). Interests and Persona-Tertiary Content: Policy bazaar aims at solving customer queries and problems with their content. The articles include tips, criteria to consider, guide or methods.
Articles like How to check Life Insurance policy status online, Tips to Buy and Renew Cigna TTK Health Insurance Online,
Things You Shouldn’t Ignore While Buying Maternity Plans.
i). 11.13% of their traffic comes from paid traffic.
ii). Policy Bazaar has 33 Google PPC keywords.
iii). They have around 307 ads running at any point in time.
iv). They run Text ads, Image ads, and HTML ads.
v). Policy Bazaar has a total of 806 image ads, 2071 HTML ads and, 17456 text Ads running.
vi). The total ads spent on Policy Bazaar range from INR 1.5L-3L per month.
vii). Policy Bazaar runs branded keyword ads, generic keyword and competitors keywords ads.
- They have ads with brand name+main category, which act as a branded keyword ad.
- They run generic keywords ads where they target a particular category of the Insurance sector. Example: Life insurance plan 2019.
- Competitor keyword ads: Policy Bazaar’s competitors are the insurance companies itself, selling their policies directly on their website.
xi). Yashish Dahiya in one of his Youtube video said that Adwords helped them in their starting days. He states how their traffic increased with the use of AdWords.
1.17% of their traffic is from social media. They are active on major social media platforms, but engagement is not that encouraging.
i). Youtube: Channel Name: Policy Bazaar
- Policy Bazaar has 12,475 subscribers on their channel.
- Shares primary, secondary and tertiary videos.
- Primary content- explaining policy bazaar and its benefits.
- Secondary content- explaining the benefits of different types of insurances like SIP, ULIP.
- Tertiary content: Policy Bazaar conducts discussions and events with common people and guides them. They share views regarding current events, eg. women’s day, Holi, etc.
- In social media channels, youtube acts as a major traffic driver.
- They share 7 to 9 video per month.
- It contributes to 43.64% of social traffic to the website.
- There are 405+ videos with 12,000 + subscribers on youtube which explains the benefits of policy bazaar, how to use it, how they can make a profit from Policy Bazaar and so on. Traffic to their website is driven by these videos as well.
- 150,447 followers.
- Facebook contributes to 27.69% of policy bazaar’s social traffic.
- They contribute 5 to 6 posts per day.
- Type of posts: Primary, secondary, tertiary posts.
- Primary content: Shares features of Policy bazaar website like mentioning benefits of “my account” on their website.
- Secondary: Shares 2 to 3 articles from their website.
- Tertiary: Sharing customer feedbacks.
- Sharing videos from their youtube channels.
- They have a Facebook page dedicated to their help desk named as PolicyBazaar Help Desk.
- On their Policy Bazaar HelpDesk page, they share customer feedbacks and features of PolicyBazaar like explaining benefits of “My Account”.
- They contribute one post per day on their help desk page.
- They spend on Facebook Ads to reach their customers on Facebook.
- 12.2k+ followers.
- They tweet 4 to 5 times per day.
- Share content similar to facebook.
- 18,861+ followers.
- They post 4 to 5 times a day.
- It contributes 1.66% to their social traffic.
- Articles from their website.
- New features of the website.
- Employees birthdays, employee awards are shared.
- Events, discussions videos from their youtube channel are shared.
i). 7.39% of Policy Bazaar’s traffic comes from referrals.
ii). They use affiliate marketing.
iii). Platforms used for affiliate marketing:
i). Television ads: Akshay Kumar, the famous Bollywood actor is their brand ambassador 2018-present.
There are Tv commercials featuring Akshay Kumar to generate awareness to the wider population.
ii). They are increasing their expenditure on television ads. HotStar acts as a catalyst to generate awareness among young people about insurance.
iii). Featuring on personal finance shows: Experts from Policy Bazaar attend personal finance shows and answer queries related to insurance industry. They have appeared on ZeeBiz.com, India today, News24, CNBC Awaaz, headlinestoday.
Middle Of The Funnel/Constant Engagement With
i). Visit the website to compare policies.
ii). Submit phone number and email id. They send quotes to our email id.
iii). Compare different policies.
iv). Make a purchase.
v). If we don’t make a purchase we get a sales call, helping us to decide and make a purchase.
Bottom Of The Funnel
i). After buying we get all the information to our e-mail.
ii). Thank you page.
iii). “Thank you” e-mail with purchase details.
6. App(Android and IOS)
i). They have 1M+ app downloads.
ii). Policy Bazaar App is easy to use on the go.
iii). All the purchases are visible under My Account section.
iv). The Funnel for the App works the same as the website.
v). As we install the app, we are asked to create an account.
vi). Compare policies.
vii). Get call from sales team explaining policies.
viii). Make a purchase.
ix). Thank message along with purchase details.
7. Top Growth Hacks That Have Stood Out For Them
Articles: Policy bazaar has a praiseworthy collection of quality content on their website. There is a detailed explanation of each and every category/topic. Every category page has a detailed explanation of their products. Content on their website targets various keywords/age-group related to the Insurance industry.
If you type a search phrase related to insurance; Policy Bazaar appears in the first 3 positions on Google. Their articles are very informative. This attracts traffic to their website and in turn results in the sale.
ii). Policy Bazaar has Call to Action on every page and in their article page.
iii). Television Ads:
The use of television commercials to educate the larger population attracted more people to visit their website. The use of famous comedians like Kapil Sharma and Bollywood actor Akshay Kumar worked well for their digital awareness campaigns.
iv). Customer Service:
At Policy Bazaar they believe that business growth is when they solve customer problems faster and effectively. So, Use of Amazon Polly, a text to speech solution helped them solve their customer queries. This resulted in happy customers.
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