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Insurance is a tricky business. And with so many market providers, it becomes more difficult for the consumers to choose and decide as to which one is the best for them. In 2013, PolicyX.com entered this scenario with the vision to become the most trusted insurance marketplace in the country. Launched by Mr. Naval Goel, PolicyX.com strives to serve every Indian with convenience and choice of best insurance plan suited for them.
Getmore Insight on the Company Profile of PolicyX, Founders of PolicyX, Competitors, Revenue Model, Growth, Challenges Faced, Achievements and many more.
PolicyX.com - Company Highlights
- Startup Name-PolicyX.com - Insurance Web Aggregator Pvt. Ltd.
- Headquarter-Gurgaon, Haryana
- Founder & CEO-Naval Goel
PolicyX.com - About & How It Works?
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 7 years in the insurance industry. Customers can compare different types of insurance policies like health, life, car, travel, etc. and get a free quote and purchase instantly
PolicyX.com provides the consumer with expert guidance in selecting health, life, travel & corporate insurance plans from some of the top insurance providers in the country. It runs complex algorithms to find plans that fit customer requirements, complete with live quotes, dynamic cash flow charts (first in the segment), videos and infographics within seconds, thereby helping them make an informed choice.
In a short span, it has managed to generate trust with more than 0.6 million page visits/month. With the online availability, unbiased quotes and transparent services, policyx.com is helping consumers in choosing the best insurance policy out of all the available options for them. The company has tie-ups with leading insurance companies of India to serve best to the consumers.
The team of PolicyX.com understands that they are in a business that affects life and it is crucial to provide the right customized advice to people. Thus the team has been focusing on building trust among customers towards online insurance.
“Still, many people in India are used to following the traditional way of buying insurance. We need to fill that gap. We are also looking forward to creating awareness among those who still think of insurance as a wastage of money”, said Mr. Naval Goel, Founder, PolicyX.com
Complete transparency, unbiased advice, customer support, and integrity are some of the values that are non-comprisable at PolicyX.com.
PolicyX.com - Founders & Team
Naval Goel is the founder and CEO of PolicyX.com.
Naval Goel - Founder of PolicyX.com
Naval has expertise in the insurance sector and has a professional experience of more than 5+ years in the finance domain. 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.
Naval is an MBA from IIFT, Delhi. He is also a Chartered Financial Analyst from CFAI, 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'.
Naval 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.
PolicyX.com - Work Culture
PolicyX.com is an employee-friendly company with more than 300+ employees. The work culture is really great.
“We are allowing our employees to learn and explore. We work as a team and make sure about their personal growth as well. We do have a proper training team to provide proper guidance in the hour of need.” Added Mr. Naval Goel, Founder, PolicyX.com
PolicyX.com - How It All Started?
Talking about the inception story, entrepreneurship was Naval Goel’s dream from the beginning. While working with AIG in New York, he noticed a gap in the country within the insurance sector. According to him, at that time most of the Indian population was still going the traditional way to purchase insurance.
Because of the lack of technology in the insurance domain where only a few companies were covering the same, Naval could strongly sense a huge potential in this area and ample space for innovation. Then, he decided to seize the opportunity and established PolicyX.com in 2013. And that’s how PolicyX.com was born.
And believe it or not, thorough research and experience in the same domain were enough to validate the idea. Today, it is one of the fastest-growing IRDA approved insurance comparison portals. PolicyX.com helps customers in comparing different insurance policy quotes and products like life, car, health, travel, investment, pension, and business among others.
PolicyX.com - Name, Tagline & Logo
The goal is simple: Not a single grievance, not a single claim rejection, not a single surprise element at the time of claim. PolicyX.com will struggle hard to get there no matter what. This is what the PolicyX.com brand stands for. It wants to be the best so that consumers can trust them when it comes to insurance purchases.
The logo of PolicyX.com has 3 colors and a person with a ring around him. The ring signifies protection and colors signify vibrancy and happiness.
PolicyX.com - Startup Challenges
The most prominent problem with the insurance industry in India is that it is a highly complex product and most of the products sold in the market are not beneficial for the customers. Most policies are sold for either tax benefits or investments and intermediaries have been pushing products where margins are higher.
PolicyX.com offers much-needed transparency in the system by giving the power of choosing the right policy to the customers. They can also compare features and benefits at a click of a button and purchase through an online seamless process.
PolicyX.com - Revenue Model
PolicyX's revenue model is commission based. The company gets paid by the insurance companies when customers purchase policies after comparing from its portal.
PolicyX.com - Competitors
PolicyX's top Competitors are
- Greenlife Insurance
- FundsIndia and many more.
PolicyX.com - Funding
PolicyX.com has not raised any amount (Bootstrapped) till date (2020)
PolicyX.com - Growth
The team of PolicyX.com is focusing on building trust among customers towards online insurance. Still, many people in India are used to following the traditional way of buying insurance.
“We need to fill that gap. We always make sure that we are providing unbiased and helpful services to the customer.” Said Mr. Naval Goel, Founder, PolicyX.com
PolicyX.com - Recognitions & Achievements
Reached 100+ employees within 3 years of launch in 2016 without external funding.
PolicyX.com named one of India's best InsurTech of the year at the 9th India Digital Awards and 13th India Digital Summit! by IAMAI - 2018.
PolicyX.com in the list of top 10 Most Promising Insurance Startups in Silicon Magazine - 2018.
PolicyX.com in the list of the 30 best Emerging Fintech Startups by Inc42 - 2018.
PolicyX.com featured as one of the leading insurance comparison portals in India by 'The Week' - 2018.
PolicyX.com in the list of Top 100 most innovative InsurTech companies in the world! - 2018.
PolicyX.com in the list of 10 most Recommended Insurance Solution Provider.
Signed Virender Sehwag as its brand ambassador in 2019.
PolicyX.com - Future Plans
Moving ahead, PolicyX.com also looking forward to creating awareness among those who still think of insurance as a wastage of money. We want to build the gap with trust and awareness so that we can live in a safe and secure India. For the same, we are planning to come out with several different helpful campaigns” Concluded Mr. Naval Goel.
PolicyX.com - FAQs
What is PolicyX.com?
PolicyX.com is an IRDA approved web insurance aggregator providing a one-stop-shop for various insurance plans to its customers.
Who are the Founders of PolicyX.com?
Naval Goel is the founder of PolicyX.com
How much Funding is raised by PolicyX.com?
PolicyX.com has not raised any amount (Bootstrapped) till date (2020).