PolicyX: Where execution matters more than words
Most ideas are dead even before they are started. – Naval Goel, CEO, PolicyX
In a world full of uncertainty, we need to have a backup (or cover) that protects us and our kith & kin in the unforeseen and unfortunate events. To this end, what could be better than an insurance portal policy? Insurance is the tool that safeguards your family and valuable assets in unpredictable events. Some of the most quintessential insurance plans are life insurance, health insurance, motor vehicle insurance, and travel insurance, etc.
In India, there have been a few popular insurance companies functioning for many decades. But it has been found that with the change in times, it becomes very hard to select the appropriate insurance plan. Customers have been looking for alternatives. Earlier, customers use to invest using traditional ways like taking the help of agents who normally provides biased advice for their own benefit. Such plans might not be sufficient for customers or are at times totally irrelevant, this has created a huge misunderstanding and due to this, customers had started losing trust in insurance policies.
To this end, Gurugram based PolicyX.com has emerged as a dynamic firm taking care of the exact needs of the customers. PolicyX.com is an IRDA approved web insurance aggregator providing a one-stop-shop for various insurance plans to its customers. The company has successfully completed more than 5 years in the insurance industry.
Unbiased advice and start-of-the-art technology is the way to go
The great thing about the firm is that customers can compare different types of insurance policies like health, life, car, travel, etc. and get a free quote and purchase instantly. Not only this, it runs various algorithms and has unique features like plan specific cash flow projection charts, videos, etc. to provide accurate data that helps the customers to make an informed decision.
It provides the best in class products and free support to help people purchase insurance. In an industry where ill-informed selling is rampant, the company is known for ethics, trust, and integrity which is indeed a big thing. PolicyX.com stands by its promise of delivering unbiased, customer-friendly advice and best in class technology to its customers.
It has incorporated many technological innovations in its system like the use of algorithms, chatbots, etc. to make customers journey an easy ride and it is looking to keep on innovating. It has received more than 80% positive feedback which is much better as compared to its biggest competitor having only 50% positive feedback. More than 80% of its business is through repeat purchase and 40% of new business is through customer references.
It is the only bootstrapped company in the top 5 aggregators in India. It has accomplished a high level of customer satisfaction because of its customer-centricity. Its platform is the fastest and smoothest amongst competitors on multiple parameters like search results, the speed of website, simplicity, ease of purchase, trust, advisor quality.
The team of PolicyX.com understands that it is involved in a domain that affects life and it is crucial to provide the right customized advice to people. Since inception, its focus has been on building trust among customers towards online insurance. It is also looking forward to creating awareness among those who still think of insurance as a wastage of money. Complete transparency, unbiased advice, customer support, and integrity are some of the values that are never compromised at PolicyX.com.
Apart from this, the latest cutting edge technology has enabled transparency, quick customer service, small micro sized insurance products which would not be possible to sell with high costs of offline distribution. PolicyX.com is a tech-savvy organization and keeps on adapting the latest technologies in sales, human resources, finance, business development, and marketing.
The credit for building this organization from scratch goes to Naval Goel, Founder & CEO of PolicyX. We asked Mr. Goel what keeps him going and what has he learned from this journey. To which he says, “My biggest learning is that entrepreneurship is tough and you need passion to stick around. You have to get into every little detail to build a successful company. It takes time but if you have the right team and a decent business model, you are bound to succeed.”
In a short span of five years of its operation, the company has achieved some unbelievable and significant achievements.
- Reached 100+ employees within 3 years of launch in 2016 without external funding
- com named one of India’s best InsurTech of the year at the 9th India Digital Awards and 13th India Digital Summit!-2018-IAMAI
- com was in the list of top 10 Most Promising Insurance Startups- a popular business magazine-2018
- It was named amongst 30 best Emerging Fintech Startups by yet another popular magazine-2018
- Reached 200+ employees in 2018
- com featured as one of the leading insurance comparison portals in India by an eminent business magazine-2018
- Named 100 most innovative InsurTech companies in the world!-2018
- Among the top 10 most Recommended Insurance Solution Provider
- Roped in Virender Sehwag as its brand ambassador in 2019
- 300+ employees in 2019
The firm is working with a vision to become the most trusted insurance marketplace. “We want to be able to serve each and every Indian with convenience and choice of best insurance plan suited for him,” concludes Mr. Goel.
Meet the Maven
Naval has expertise in the insurance sector and before venturing into the field of entrepreneurship, Naval had worked with top companies like AIG in New York as a part of their valuation team. He is an MBA from IIFT, Delhi. He is also a Chartered Financial Analyst from CFAI, the US and an FRM Certified professional from Global Association of Risk Professionals, US. He is also an Associate Member of the ‘Indian Institute of Insurance’. He was named the “Most Promising Entrepreneurs of India” by the Economic Times of India.
He is an ardent tennis lover and likes to have a game with his friends whenever he gets time to do so. Apart from that, he is fond of reading and investing in stock markets.