Policybazaar.com aims to sell 11 lakh vehicle insurance

Online insurance aggregator Policybazaar.com has set a target to sell 11 lakh policies during the current financial year due to the increased awareness about the online medium and change in consumer behaviour, a top official said.

The company had offered motor insurance policies to six lakh vehicles last year of the total 12 lakh that were insured through online mode, Policybazaar.com, Motor Insurance Head, Sajja Praveen Chowdary said here.

"For 2018-19, we expect entire market (size) looks to be 2.2 crore cars getting insured. Because there will be 25-30 lakh brand new cars that will come into the market. About five lakh cars which are older than 15-20 years will move out of market", he told PTI in an interaction.

Elaborating, he said, "of the 2.2 crore vehicles that are expected to be insured, roughly about 18 lakh insurance policies will be done online and we (policybazaar.com) will be expecting (to offer insurance for) about 11 lakh of them."