Get All Access for $5/mo

The Go-Getter Of Insurtech Yashish Dahiya is the chairman and CEO of PolicyBazaar. The platform is trying to solve a two-fold problem

By Shrabona Ghosh

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company handout

Years ago, Yashish Dahiya's father was duped by an insurance agent. Their investments were used in the stock market and eventually the family ended up losing a lot of money. From that day, Yashish decided to solve the problem in the insurance industry.

Today, he is the chairman and CEO of fintech company PolicyBazaar, which is trying to solve a two-fold problem - educating the customers on the dire need for insurance and ensuring that they get a fair deal to solve their unique problems. "Our purpose is to make financial security accessible to every Indian household out there. As a fintech, we simplify insurance processes making them user-driven and empathy-rich. Our job is to constantly innovate and provide clickable solutions that make the customers' insurance experience empowering," said the chairman.

Policybazaar was launched with a team of 14 people. "We realized that both the problem and the opportunity were bigger than we had thought. There was very low protection for the middle class against what we call the 3Ds - death, disease and disability. The society had transitioned from a joint family structure to a nuclear family one, without the financial preparation that this change necessitated. In the joint family system, if an individual passed away there was a larger family structure to take care of his/her family's financial needs. But this wasn't necessarily true for the nuclear families. The most logical solution to this problem was insurance - this is what Policybazaar set out to educate the Indian customer about."

Policybazaar uses real-time data analytics and works backwards all the way from hospitals, car showrooms and work spaces to give the end users exactly what they need. "We help prevent fraudulent practices using Automated Speech Recognition and live video calling. The idea behind all the smart technology is to get the customers the right insurance buying experience."

The company believes in teamwork. At Policybazaar, the management stock is higher than the founders' stocks. "And for me, that's an example of putting the team first. As an athlete, I am very competitive. But as a team leader, I have learnt to put myself second. When you strongly feel for the team, accomplishments are bound to follow for everyone involved."

The company is aligned with the government's goal of making financial security accessible to all Indians. " We have done our jobs with utmost sincerity and honesty, and thankfully the government has supported us in our journey. The IRDAI and Policybazaar share the goal of making financial security accessible to all Indians. So, we have had a great experience working with them. Moreover, India is on a rather exciting path for entrepreneurs. We are leading the way for the world with innovations like UPI, Aadhar and Digi-Health Locker. This is fuelling the homegrown entrepreneurial spirit."

The company is bullish on its expansion plans. "We do have very exciting ideas for PB for the next 15 years, but we wouldn't call them plans. We don't believe in planning life too far; instead we work in shorter spurts of two year plans - that is how Policybazaar has been planned so far. It's almost like we are a new brand every two years, and that's how it will continue to be."

Shrabona Ghosh

Correspondent

A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Growing a Business

Stop the Errors: Set a Review Process That Works

Mistakes make you look unprofessional and hurt your growth. Fix them today.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Leadership

Should I Stay or Should I Go? 8 Key Points to Navigate the Founder's Dilemma

Here are eight key signs that help founders determine whether to persevere or let go.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

News and Trends

RBI's Next Chapter: Can India Embrace Crypto Innovation?

With the appointment of under-the-radar Sanjay Malhotra to replace Das as India's new and 26th central bank governor, crypto players are optimistic about the future