Gurugram, Haryana: PolicyX.com - one of the most successful bootstrapped online insurance marketplaces is completing 7 years of its existence on 19th November 2020. The company started its operations in 2013 as a single man army and is now a 300+ strong team. It claims to be the most trusted platform for insurance purchase. Most of the company's revenue comes from health insurance while it also deals in term, investment, and car insurance.
During the pandemic, it was hard for companies to run their businesses and plan for their survival. While most companies had adopted a downsizing approach, at the start of the pandemic itself, PolicyX.com pledged not to let go of even a single employee. “Our approach was simple. We did the math and realized that we had 2 options - small cuts for all employees or letting go of about 30% of the workforce. We decided to go with the first option, as none of us would face a job loss. Our employees were mature enough to accept this solution and as things stand now, salaries are back to normal and we haven’t laid off even a single employee. In fact, we have added 30-40 people in the last 2 months,” said Naval Goel, CEO & Founder of PolicyX.com.
PolicyX.com has thrived in the last 7 years with a balanced growth strategy. In a brutal industry where multiple startups have raised 100s of crores, either they have folded up or are facing declining market presence. It is indeed a feat to be able to maintain such a balance.
“Balanced growth, trusted advice, robust technology, repeat customers, high referral rates & top-notch content accuracy are the key factors that differentiate us from others,” says Goel.
“We prioritize stability over growth. When we expand our workforce, we usually stress test for the worst-case scenario so that there is a minimal chance of retrenchment. Our advisors are trained and their goals are aligned to provide the best plans to the customers, instead of going for an option that generates more revenue for the company. Our technology is developed in-house and most of our internal processes are automated. We make use of AI and data analytics to achieve greater marketing efficiency, thereby reducing the cost of acquisition for a customer.
We have more than 88% repeat rates and more than 30% of our customers are through referrals. We make sure to provide accurate, well researched, and curated information through our website. For us, it’s not just about the size of the organization, but also being able to provide best in class services to our customers while providing a symbiotic environment for all the stakeholders," says Goel.
He further added, “Yes, like other companies, it was also hard for us to work during the pandemic. However, with the help of our hard-working team, we managed to move to a work from home model within 2 days and made 2020 a successful year. We are celebrating this work anniversary as a victory over the pandemic."
The company plans to leverage its expertise in health insurance and expand further in it. We aim to double our health insurance premium every year for the next 5 years. Health insurance premium in India has risen from 2,221 Cr. in FY06 to 50,824 Cr. in FY19, implying a CAGR of 27.2%. This is further likely to grow by more than 20% CAGR (over the next decade or so) due to low penetration levels.
Shehnaz Ali Siddiqui (Senior PR & Corporate Communication Officer), “Yes, undoubtedly, it’s a great achievement to be completing 7 years of success during this pandemic. Over these 7 years, we have managed to be on the list of top online insurance aggregators in India, and it is something that motivates us to work even harder so that customers can trust us and rely on our advice. We aim to build on this further and achieve 100% customer satisfaction.”