1st June 2024,Gurugram, India: Policybazaar for Business (PBFB)*, just one year after its launch, announces its achievements in reshaping the landscape of business insurance in India. In the past year, PBFB has demonstrated an exceptional growth trajectory, with a staggering 40% surge in overall revenue from its suite of tailored insurance products. PBFB’s success is further exemplified by its partnerships with over 40 leading insurance companies, ensuring access to a comprehensive range of insurance solutions meticulously designed to safeguard businesses’ interests.
The brand has a rapidly expanding client base exceeding 25,000, including industry giants such as Axis, Delhivery, Quess Corp, Info Edge, Cars24, Saxo Group, Manipal Cigna, Spinny, IGT, Mahindra DIE, Celebi, and JM Baxi. These partnerships reflect PBFB’s ability to cater to businesses of all sizes, from startups to established corporations. Notably, PBFB has witnessed significant transaction growth in specialized areas such as Marine (44%), Liability (34%), Property (59%), and Engineering (75%).
In the realm of Group Health Insurance (GHI), PBFB operates with a sharp focus on efficiency and inclusivity. Plans for startups offer up to 65% cost savings and flexible coverage, accommodating non-traditional family structures like live-in partners and siblings.
Sarbvir Singh, Chairman and CEO, PB Fintech, said, “Just one year back, we had set out on a journey to ensure that every Indian business, regardless of its size, gets comprehensive insurance coverage. The idea was to help our country’s small businesses to grow fearlessly. The remarkable growth and partnerships achieved in this short span reaffirm our commitment to innovation and excellence.”
Sajja Praveen Chowdary, Head, Policybazaar for Business
Sajja Praveen Chowdary, Head of Policybazaar for Business, added, “Even beyond the growth metrics, PBFB maintains commendable renewal persistence rates across various lines of business, underscoring its commitment to long-term partnerships and client satisfaction. We look forward to many more milestones.”
PBFB’s strategic decisions are guided by an esteemed advisory board comprising industry luminaries such as Shri Ajit Kumar, Shri Dinesh Waghela, Shri S Nagaraj, and Shri A V Rao, whose collective expertise shapes the platform’s trajectory. The impact of PBFB’s services transcends geographical boundaries, with top cities across India including Mumbai, Gurgaon, Bengaluru, Delhi, Noida, Chennai, Pune, and Hyderabad emerging as key hubs for its diverse lines of business.
As Policybazaar for Business celebrates its inaugural year, it reaffirms its dedication to revolutionizing the insurance landscape for businesses, driven by innovation, integrity, and unparalleled customer service.