IBC: We have always been able to do the right thing for the consumer: Yashish Dahiya

In conversation with Yashish Dahiya, CEO & Co-Founder, PolicyBazaar.com Group of Companies and Satyabrata Das, COO, MediaKeys India

e4m by exchange4media Staff
Published: Nov 30, 2018 8:24 AM  | 4 min read

In a fireside chat at the exchange4media’s India Brand Conclave on Thursday, Yashish Dahiya, CEO & Co-Founder, PolicyBazaar.com, Group of Companies spoke about the 'Best practices to make the most of customer insights in the era of fast-evolving media and technology landscape' with Satyabrata Das, COO, MediaKeys India.

Watch the session here and scroll down to read:

Discussing the use of technology in today’s fast evolving digital space, Satyabrata Das questioned Yashish Dahiya on how PolicyBazaaar implemented technology and new innovations in order to reach out to consumers. In response, Yashish said, “70% of our sales are through life insurance and health insurance. From a company point of view, the most profitable and best customer is the one who never uses the policy. But just in case there arises a need because of any untoward incident, the claim must be paid out. Individuals today are well aware of the risks involved in each and every product. The biggest issue today is not technology but the customer who is ever ready to explore it. Talking about risks, the biggest risk is when a consumer already knows that he’s about to claim a policy within a few months or even days. This is the risk one has to guard against.”

Discussing the problems that exist in this very risk, Dahya said that the price of such products tends to rise easily, once the consumer gets to know that he is in need of it. Thereby, talking about the ways to keep the price low and stable Yashish said, “This is where we use a huge amount of data in trying to identify customers who already know that they are going to pay. It is true for health and life insurance that we use a lot of techniques and decisive technologies, to make sure that part of the customer set is kept out of the purchase cycle. Today, one can buy Rs. 1 crore health cover for the price of Rs. 5 lakh health cover. We have 3 such plans available only on PolicyBazaar. The reason behind this is because the company is now confident that we are filtering enough. In health insurance, we are operating at a claims ratio of 26% where the retail market is 85%. Over time with the inflow of such data, it allows a company to become confident regarding its positioning and reach. So, by reducing prices or giving a much higher cover at the same price, we at PolicyBazaar are able to use data fundamentally to give customers an offering, which is exclusive &and can’t be found elsewhere. That’s the way we use data, in the biggest possible manner, as we always try to do the right thing for our consumers.”

Pointing out at PolicyBazaar’s strength Yashish spoke about the communication that they play on, the fact that if one gets older, there are age-based events which turn expensive with time. Focusing on the way PolicyBazaar talks about products Yashish said, “ Besides us, who else in the market is talking about the products. That’s the area which has been cornered for around 10 to 11 years now and this allows us to stay relevant somewhere for the new customers.”

When asked about the PolicyBazaar’s association with SoftBank, Yashish said, “In the entire e-commerce world, you need money to build a business, but in the last 5 to 6 years, rather execution, the focus seemed to be who has more money. We chased SoftBank for the last 2 years and convinced them to come on our cap table. Then again, SoftBank is also involved when it is about companies that are financially innovating in a significant way, by getting to a billion dollar plus evaluation in the market.

Concluding the fireside chat Satyabrata Das asked, “Now that you have reached that 100% growth, attained a high consumer base etc, brief us on how Amazon Polly helping the firm in terms of growth.  

Responding to this Yashish said, “We have 2 million minutes of talk time a day. We are responsible largely for selling risk products, so for us to recognize the risks across the whole spectrum is very critical. This is when Amazon Polly comes in. The real use case that we are building here is to identify risk in real time. It is a game changer for the industry. If you can change the claim ratio, you can change this industry.”

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