Taking the policy is a responsibility in our life. Nowadays, the policy has become a protection for our lives. Even when buying a new car, bike, or any item, we will take the policies, Because they will work as a protection for an item that we will be buying.
Policybazaar is an online policy lender company. Policybazaar is one of the leading companies in the policy industry. In the pandemic situation, the number of policymakers has increased making it lead the market. Marketing is one of the factors for growing brand awareness in the market. Marketing is the process of creating trust and honesty from companies to customers.
In this blog, we will be looking into the Marketing Strategy of Policybazaar, but firstly, let us know a few more details about the company.
Policybazaar is an Indian insurance company and Multinational financial company based in Gurgaon in Haryana, situated in 2008. When Policybazaar was introduced in India, insurance customers faced a tough time. Due to a lack of knowledge of the products and clarity was missing. Policybazaar was the only online platform in 2008 for buying insurance online.
Policybazaar started from the imagination of a few people without insurance experience. The group of people imagined policy, and from that imagination, they started their journey at Policybazaar.com. Policybazaar is designed in way to find out all data about the insurance policy in one platform.
At present, policybazaar.com is India’s leading Insurance website. Policy Bazaar is working on the policy Customer First and Sustainability Profitability for the entire insurance system.
Competitor Analysis of Policybazaar
Companies like BankBazaar, Coverfox, Easypolicy, Acko, and Turtlemint are PolicyBazaar’s main competitors in the online policy sector. In order to be relevant in this highly competitive market sector, businesses must be able to provide value for money to customers. However, the Policy Bazaar now offers more information about product features, prices, and services. These market participants are realigning their business models in order to meet the demands and expectations of the upcoming target groups in order to stay competitive.
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Source – owler.com
To beat the competition the company needs to keep strategizing and planning new techniques to sustain. It is crucial to tackle the growing marketing trends. Hence, the marketing strategy of Policybazaar needs to be very strong.
Here, let us have a look at the marketing mix and marketing strategy of Policybazaar.
Marketing Mix of Policybazaar
The marketing mix is a study of an organization that makes promote its brand or its products or services. The marketing mix of Policybazaar consists of 4Ps like Product, Place, Price, and Promotion.
1. Policybazaar Product Strategy
The products available in the policy bazaar are policies. In the policy bazaar, we can find all types of policies on the platform. It consists of Health insurance, Travel insurance, Term insurance, Vehicle insurance, and more.
Policy Bazaar provides health insurance that now covers for covid-19 also. Poicybazaar has launched two new health policies, one is a family health policy, and another one is a group health policy.
In Term insurance, the policy bazaar provides term life insurance, Return of premium, Saral Jeevan Bima, and a Non-working Spouse Plan.
In travel insurance, the policy bazaar provides Traveling insurance with the advantage of Coverage for Covid-19.
Policy Bazaar provides new car and new bike insurance in small amounts.
2. Policybazaar Price Strategy
Policybazaar is a company tied up with leading Insurance company providers. All company policies are available on a single platform. Policybazaar takes less commission than other companies. Prices of policies are less compared to other companies.
3. Policybazaar place strategy
Policybazaar.com is an extensive network from India and UAE. In India head office is located in Gurgaon, Haryana. It is an online platform. More than 10,000 plus employees are working in the policy bazaar. All over India policy bazaar is famous. Policy bazaar always focuses on the needs of the customers.
4. Policybazaar promotion strategy
Policy Bazaar strongly believes in spending on television advertisements. It has been found that new generations of Indian citizens are growing fixated on their fixations, whether it is film or TV dramas, romantic bytes, crime suspense thrillers, or reality shows. PolicyBazaar predicts that this trend of viewers watching more and more hours of new-age programs will continue undeterred for the next five years henceforth which, is why they believe television ads can help increase profits steadily.
Policybazaar has partnered with the teams currently participating in the Indian Premier League. which is a very popular tournament here in India. The company believes that advertising with IPL is a great way for the company brand to be more widely recognized among its target audience because many will tune in to watch these games.
Marketing Strategy of PolicyBazaar
Policybazaar has tried its best to take up the best marketing strategies for its progress. Here is a list of the Marketing strategy of Policybazaar:
The policy bazaar strongly believes in spending on TV advertisements as this has brought huge growth in insurance in India. PolicyBazaar has a mission to educate the masses on what kind of insurance they need and how they benefit them to achieve that. Policy bazaar, the first step was to create a new online platform where customers could compare policies and purchase the ones they needed at their convenience. It means that PolicyBazaar is accomplishing mass awareness regarding insurance – one policy comparison at a time!
Partnering with IPL Teams
In India, cricket is a phenomenon. There are millions of people who are passionate about sports.Cricket is the second most popular sport in India. There are even cricket servers where people can play with each other through the internet, which means that it is easy to find someone with whom to chat about this sport at any given time.
Advertising and partnering with the IPL teams is a great marketing strategy of Policybazaar. It helps them to increase their reach and also drives revenue directly for them in the end. Many Indian companies have tried partnering with cricket organizations for advertising purposes. PolicyBazaar has been one of the companies trying this strategy lately. The company hopes that advertising itself by showing its brand name across TV screens throughout the country will help broaden its reach among the target audience and prove to be the best Marketing strategy of Policybazaar.
In Covid-19 Pandemic
PolicyBazaar was fortunate to have first-hand experience of the Covid-19 pandemic. Their business not only expanded but due to the fear of the contagion spreading further, their customer base has grown rapidly. People became so fearful about their health that they realized the importance of good insurance plans.
PolicyBazaar commenced its operations as a lead generation company. Now it mediates between policyholders and insurance companies to provide higher retention rates. After successfully engaging with the customer, PolicyBazaar has started partnering with Tata AIG, Star Union Dai-Ichi Life Insurance, Birla Sunlife Insurance, SBI Life Insurance Company Limited, ICICI Prudential, and others.
In today’s world, digital presence is used for brand awareness. And it is very much a necessary aspect for companies to sustain the competition. Hence, digital presence plays an important role in the marketing strategy of Policybazaar.
The policy bazaar brand maintains a comprehensive digital presence, covering all major social networking platforms (Facebook, YouTube, Instagram, and Twitter) with the same content across the board.
Policybazaar Digital Presence
Policy Bazaar has a page on Facebook with 190k followers and 185k likes. On the page policy bazaar uploads content related to their products.
Policybazaar has an Instagram account is a verified account with 16k followers. Various posts and other contents are uploaded on this page to attract customers. Platforms like Facebook and Instagram cater to a huge and varied range of users.
Policybazzar runs its own youtube channel, they post their ad campaigns here. They have 25.7k subscribers.
Policybazzar also owns a Twitter account, they have 18.2k followers. They are running small campaigns.
Policybazaar has its own story of success. Policybazaar is the first online policy lender company in India. The mission of Policybazaar is to build a safety net for each household in India. Their vision is a healthy and well-protected India. The maximum number of promotions are done in the digital presence only. The marketing strategy of Policybazaar is improved according to the changes in the present world.
Online marketing in the age of the internet has become incredibly important. No matter what industry you are in, the development of Strong branding through digital channels is paramount.
Here at IIDE, there are many short-term and long-term Digital marketing courses available to help. You can learn new skills in digital marketing. If You are interested to learn more about content like the Marketing Strategy of Policybazaar visit our IIDE Portal.
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