Policybazaar’s Sai Narayan on the next wave of innovation in insurance marketing

The mobile marketing landscape is highly dynamic, characterised by rapid developments, evolving technology, emerging trends, and shifting user behaviour that collectively shape its future course.

For six years, MOBEXX Summit and Awards, Adgully’s flagship event for the mobile industry, has been delving into the intricacies of the mobile marketing landscape and forecasting emerging trends. In its seventh edition, MOBEXX Summit and Awards 2023 turned the spotlight on the most significant disruptions in the mobile marketing space, game-changing innovations, emerging trends, strategies, and some pressing challenges.

MOBEXX Summit and Awards 2023 featured a Fireside Chat on ‘The Future of InsurTech: Insights on the Next Wave of Innovation in Insurance Marketing’, which saw Vivek Saxena, Director - Sales, InMobi, in conversation with Sai Narayan, Chief Marketing Officer, Policybazaar.

At the outset, Vivek Saxena noted how Policybazaar has transformed the entire insurance industry ecosystem, adding buying insurance was a challenging decision in the past, but now people are more interested and invested. He went on to ask Sai Narayan about Policybazaar’s journey, the challenges faced, and the strategies implemented to bring about change and create awareness.

Narayan started with a candid acknowledgement that insurance is “a scary, boring category”. He pointed out that insurance is often perceived as a push product rather than a pull product. Highlighting the challenges, Narayan noted that many individuals, especially first-time buyers, purchase insurance primarily for tax savings, without fully understanding the product’s importance.

According to Narayan, the traditional image of insurance being forced upon individuals is flawed. He outlined Policybazaar’s approach, emphasising the importance of allowing individuals to buy insurance themselves. Narayan also mentioned exclusive features offered by Policybazaar, such as a comparison engine in the initial phases, allowing users to compare policies and make purchases from various providers.

Further addressing the challenges, Narayan identified consumer inertia as the most significant competition for Policybazaar. He explained that people often view insurance as a procrastinated decision, only considering it when there is a potential monetary loss. He cited the peak performance of Policybazaar during the COVID-19 pandemic, when fear was at its height.

Vivek Saxena then asked about how Policybazaar tracks consumer behavioral trends. Narayan responded by stressing on the importance of trust in their category and explained that Policybazaar ensures transparency, even though the premium payment process may be complex. He highlighted the 30-minute claim settlement process and discussed the Samadhan Divas initiative, where rejected health insurance claims are addressed in a collaborative setting.

Narayan also emphasised on the significance of offline services with a human touch in Policybazaar’s model. He said, “Policybazaar’s model is not just about buying online. The company provides an omnichannel experience, allowing individuals to either call consumer care to purchase insurance or book an appointment, both options involving human intervention.”

These are edited excerpts. For the complete Fireside Chat, please watch below:

https://www.youtube.com/watch?v=icgJyaZv9Ws