Mumbai: Online insurance marketplace Policybazaar has announced its new tagline – Har Family Hogi Insured to underscore the brand’s vision of a healthy and well-protected India.
The tagline reinforces the company’s mission to help the Indian middle-class deal with the 3D’s death, disease and disability. The campaign is inspired by Insurance Regulatory and Development Authority (IRDAI) chairperson Shri Debashish Panda’s vision of providing insurance to each family by 2047.
To further expand and deepen insurance penetration in India, Policybazaar has strengthened its physical presence with over 500 dedicated field agents, 35 newly-opened retail outlets and 6 new major centres apart from its existing Gurgaon and Mumbai operations.
To cater to different regions and engage with customers, especially in Tier two and tier three cities, the brand provides native language support in 11 languages to guide them throughout the policy lifecycle.
“With our commitment to putting customers at the centre of our services, we have been able to successfully enhance the level of insurance awareness for our existing consumers,” said Policybazaar.com co-founder and group CEO Yashish Dahiya. “We want to take the insurance distribution and access to every nook and corner of the country. This refreshed brand commitment focuses on tier 2 & 3 cities for advancing a higher level of awareness regarding insurance protection. The new tagline launch emphasizes our aim to democratise insurance in India where each member of the household is insured.”
Even after witnessing an increased adoption after the pandemic, insurance penetration in India still remains low as compared to countries like the USA and China. At present, only 20 per cent of India’s 60 million families, i.e., people with more than $6000 per year income have adequate insurance coverage.
“Our focus has always been on improving India’s insurance penetration and casting a wider financial safety net for each family in the country,” said Policybazaar.com CEO Sarbvir Singh. “Our new tagline to Har Family Hogi Insured strongly re-emphasizes the brand’s core values and focus. Customers in smaller towns and cities are now increasingly gravitating towards adequate insurance coverage. We are also seeing a steady shift in the business mix with 59 per cent of our insurance business coming from non-tier 1 cities, up from 28 percent in FY17.”
Policybazaar is a leading digital insurance marketplace with a 93.4 per cent market share among all online insurance distributors, its 48 million customer base and over 126 million platform visitors.