Aims to target 100 million 2-wheeler owners who prefer to browse in their native language
New Delhi: Policybazaar.com, India's leading insurtech brand and largest insurance marketplace, has launched a new multilingual interface designed to help two-wheeler users in the tier-II and tier-III cities to research and buy online in their native language. Policybazaar's two-wheeler platform is now available in six major regional languages -- Hindi, Tamil, Telugu, Kannada, Malayalam and Bengali.
According to industry estimates, nearly 50% of two-wheeler owners in India reside in the regions where these languages are commonly spoken. Through this initiative, Policybazaar.com plans to invest in building a strong diversified user interface that taps into this large target audience, who has high preference to browse in their native language.
A recent KPMG-Google study has found that the internet using native speakers of an Indian language, consider local language content more trustworthy than English content. The study predicts that by 2021, Hindi language internet users will be 38% of the total users browsing online in India and native language browsing will significantly grow.
Speaking about this new initiative, Tarun Mathur, Chief Business Officer -- General Insurance, Policybazaar.com, said, "For any owner of a two-wheeler, to safeguard its vehicle, it's very important to know what kind of insurance are they buying, which we feel will become a lot easier to understand while reading in their native language. This multilingual initiative will not only make motor insurance literature easy to consume for people who are native speakers of an Indian language, but it will also help us penetrate a market where two-wheeler insurance lapses after the first year of purchase, are a big issue."
In the initial phase, the company will be offering multilingual option for its desktop and mobile website users only.
PolicyBazaar.com is India's largest insurance marketplace. It has backing from a host of investors including the likes of Soft Bank, InfoEdge (Naukri.com), Temasek, Tiger Global Management, True North, Premji Invest, besides investments from other PE funds and family offices. The portal started with a purpose to educate people on insurance products and has had a significant influence on how insurance is bought in India. It has helped in driving penetration of pure life insurance, health insurance, and such products which were barely bought earlier.
From receiving traffic of 180,000 visitors in 2008, PolicyBazaar.com has come a long way and today hosts over 100 million visitors yearly and records sale of nearly 300,000 transactions a month. Currently, PolicyBazaar.com accounts for nearly 25% of India's life cover, and over 7% of India's retail health business. It accounts for roughly half of all internet based insurance purchase in the country and is more than doubling annually.
We have received several accolades in India and globally. The most noteworthy being recognized as India's top and world's leading "Fin Tech Innovator" by the Global consultancy firm, KPMG and venture capital fund, H2 Ventures for 2015 & 2016. It has won a range of awards in the last couple of years, many of them consecutively. These include The Financial Express "Best Fintech Marketplace", Internet & Mobile Association of India (IAMAI) Digital India Award for "Best Financial Website" & "Most Innovating Insurance Service", IDC Iconic Award for "Tech Implementation leading to Operational Excellence", to name a few.