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Need for business insurance leads to new brand 'Policybazaar for Business'

Business Insurance penetration in India at merely 15%

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Karthik Jerome New Delhi

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Policybazaar, an insurance brokerage firm has launched a new brand “Policybazaar for business” to fill the growing need for corporate insurance in the post-Covid world.

After the pandemic, the need for a business to protect itself as well as its employees against eventualities has become undeniable. Keeping this in mind, the brand has worked closely with its clients to further enhance its expertise and technology.

The brand is supported by a dedicated advisory board that comprises industry experts with decades of experience across General Insurance & Life Insurance Industries enabling Policybazaar to curate the best solutions for businesses of all types.

According to Sarbvir Singh, Joint Group CEO of Policybazaar for Business, “Corporates are the drivers of the Indian economy and every company needs to have adequate insurance coverage. The world is becoming increasingly complex and expertise is needed to evaluate risks and recommend solutions. Policybazaar for Business will take upon this role and thus empower Indian businesses to deal with all kinds of uncertainties."

According to Policybazaar, business Insurance penetration in India is very low, merely 15%. This is symbolic of a huge need gap for India’s 63 million businesses.

“Policybazaar for Business” offers a comprehensive range of business insurance products across multiple categories. These are offered in partnership with 51 insurers and their wellness partners. The offerings include employee benefits, liability, property, engineering, marine & transit etc.

Sajja Praveen Chowdary, Head, Policybazaar for Business, added, “Policybazaar for Business is the natural next step we needed to take on the corporate and SME front. The past two years have witnessed tremendous growth in business insurance. The new identity is our way of making our commitment to the clients ever stronger than before.”

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First Published: Apr 27 2023 | 11:54 PM IST

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