CASE STUDY JBIMS • INSURANCE • POLICYBAZAAR
POLICYBAZAAR CASE STUDY
ABOUT POLICYBAZAAR.COM: PolicyBazaar is India's leading online insurance comparison website and is an InfoEdge (Naukri.com), Intel Capital, Inventus Capital, Tiger Global Management, Ribbit Capital, Steadview Capital and Premji Invest Investee Company. The company began operations in 2008 as a key force in establishing an infor mative online financial services platform in India. Over the last seven years, the company has marked a staggering growth in terms of consumer traffic and number of people using the platform to buy insurance products to become the “destination site” for all insurance related queries amongst Indian consumers. Today, Policybazaar.com boasts of • Being the single largest insurance distributor (online or offline) in India outside of banks • Over 30 million unique visitors each year • Recording over 40,000 transactions every month • Industry recognition through awards from Internet and Mobile Association of India for “Best Financial Website” in 2013 & 2014 and Frost & Sullivan for “Customer Value Leadership” in 2014 The key difference between an agent and PolicyBazaar.com is our motto to empower the consumer. Unlike agents with tendencies to highlight the selling propositions of a plan but hiding its fine print, we first understand the needs of consumer and then suggest a gamut of options to choose from. In our consumer research, we find that nearly ever yone who is aware of policybazaar.com has used its ser vices when researching to buy an insurance plan and has benefitted from comparison and advice. We are looking to grow 8 times our current size over the next three years.
CASE DETAILS: While any person who is online or active on mobile, earning and who is capable of purchasing insurance is our TG. Our focus TG is defined as follows: (SEC A) 25-40 years - Primarily male, with a mix of working females Our focus geographies so far have been the top-10 cities that contribute about 70% of our business. Our current penetration stands at 30% outside the top-10 tier-1 cities. The market outside tier-I cities is still largely under-penetrated, which we believe has a huge potential for future business as the internet and mobile penetration grows in India. While we have continued to grow our business in cities outside the tier-I category, there hasn’t been a dedicated marketing effort for the same. Given the huge potential that this market holds, we would like to develop a focused plan to target this market.
CURRENT APPROACH TO BUILD BRAND AWARENESS AND DRIVE TRAFFIC TO YOUR WEBSITE: 1. Large scale brand awareness through TV, the single largest reach medium in our country. This is supported by other mediums such as radio and outdoor advertising 2. Targeted digital marketing efforts via pay per click, display and social media campaigns and SEO to interact with the consumer online 3. CRM is another low-cost channel that we use for business generation
CURRENT TRAFFIC COMPOSITION: 1. 70-75%: Direct + Organic 2. 25-30%: Inorganic Top 10 cities: Delhi NCR, Mumbai, Bengaluru, Pune, Hyderabad, Chennai, Kolkata, Ahmedabad, Jaipur & Lucknow
POLICYBAZAAR CASE STUDY
OBJECTIVE: How can we increase our market share in non tier-I or tier-II cities? Given we want to be seen as an online destination for insurance among consumers nationally, we want to increase this share by 20% over the next three years.
SPECIFIC DELIVERABLES: • Segmentation of Tier-II financial consumer in India. Determine segmentation criteria and approximate the size of this segment. • Determine the key drivers for this consumer to shop online insurance products • What are the barriers for this consumer to buy insurance online? • Marketing plan and success metrics: How would you go about targeting the consumer in this segment? Your plan should include overall communications strategy, promotion mix, recommended media plan and success metrics.
RECOMMENDED METHODOLOGY: We leave you to choose the best way to gather data (primary or secondary research), how you would present insights and recommendations. We are looking at b oth qualitative and quantitative insights, b acked by suitable and robust methodology.
EXPECTED OUTCOME: 1. Marketing plan & strategy with timelines 2. Best platform to target the defined audience mentioned above 3. Final submissions are expected to be clear and precise, with recommendations that can be executed in the near future
BUDGET: Rs 20 cr (approx)
INDUSTRY FACTS - DIGITAL INSURANCE: Internationally, insurance has one of the highest percentages of consumers using the internet to buy and/ or research insurance as compared to other product categories. The BCG Global Digital Consumer Sentiment Survey showed that insurance was amongst the top five product and service categories where respondents had shopped via the internet. As per the BCG CCCI research in India, in the case of insurance, digital influence is 6 times digital sales in India. While digital sales are 2%, the underlying digital influence is 12% and the digital footprint is 31% for insurance. BCG estimates that by 2020, three in every four insurance policies would be influenced by d igital channels during either the pre-purchase stage, purchase or renewal stages. Refer BCG-Google Study 'Insurance @ Digital - 20X by 2020'
http://www.bcgindia.com/documents/file156453.pdf
