PolicyBazaar to add 2,500 new jobs in FY19

Insurance portal PolicyBazaar.com today said it will create 2,500 more jobs this fiscal to take its total count of employees to 6,000 as it looks to expand customer base and ramp up revenues.

The SoftBank Vision Fund-backed company intends to add these roles across various areas including customer support and tech functions.

"...the company announced that it will create 2,500 more jobs in FY'19, taking its employee strength to 6,000 people. Growing 100 per cent year-on-year, PolicyBazaar.com is aiming to underwrite premium worth Rs 10,000 crore, expand its unique customer base to one crore and increase its revenue to Rs 1,500 crore by 2020," it said in a statement.

It added that about 2,200 new roles are expected to be created in customer support function, while the rest of the jobs would be distributed across corporate and tech functions.

New employees in the customer support function will be expected to advise and help consumers in understanding various insurance products such as life, health and motor, and managing their buying experience, the statement said.

"Over the years, we have acquired a huge customer base having unique needs. This presents a challenge and an opportunity for us because sustaining the momentum will be a critical factor for fuelling further growth for us," Policybazaar.com co-founder and CFO Alok Bansal said.

Last month, PolicyBazaar.com had announced raising over USD 200 million (around Rs 1,360 crore) in an investment round led by SoftBank Vision Fund with participation from existing investors, including InfoEdge (Naukri.com).

A company spokesperson had said part of the funds would be used to grow the lending, investment and insurance business along with new initiatives such as healthcare tech and services and international expansion.