Policymantra
Policymantra is an insurance aggregator committed to provide fair, unbiased and detailed comparison of insurance products. It’s a platform which uses the most up to date technologies of computerization and has revolutionized the way in which the public can access queries to their purchasing requirements. An Insurance aggregator effectively allows the consumers to input via computer their details and receive numerous results by return.
Combining the service and security of a bricks-and-mortar insurance company with the convenience and technology of the Internet, Policymantra.com helps individuals and businesses find affordable insurance plans and manage their benefits.
PolicyMantra.com is redefining insurance aggregators in India.
Our mantra is to deliver the right product to you at the best price you can get. A comprehensive and easy to use system is aimed at saving both your money and time.
As a team we aim to continually evolve in terms of product and service offered, to stay at the forefront of the comparison industry. We compare policies not just by price, but by feature, therefore giving you the precise information you require to make an informed choice.
Market Landscape
Market potential is huge. If you draw a venn diagram with two sets of insurance & internet then it’s the intersection part of insurance and internet market in that venn diagram. Today you might find the intersection a small portion but going forward this is going to become large as when new blood will go to work they will prefer all the services online.
Product/ Solution offerings & Value Proposition
Currently we are focusing on retail insurance products of both life and non-life segment. We are planning to include corporate insurance products on our system. We provide high quality customer services to the individual need. We offer an online platform that provide individual customer to search insurance policy as per their need.
We offer Customers a user account consisting of:
• A login page (Customers will register provide detailed information about themselves, including location.
• Customers will be redirected to a calculation page where they will provide specific information about their needs in a pre-defined manner. After they input details, they will receive prices from various insurance companies and other relevant comparison parameters.
• After a Customer finalizes there insurance needs they can save their information and submit it to us stating the intention to buy insurance policy.
• When a Customer submits an enquiry they will be contacted by our representatives by preferred method to confirm their interest.
• Once customer confirms, we will initiate the payment process.
• We will also provide customer a reminder service for the due date of their policy renewal.
Going forward we will give claim assistance to our customers.
Trends in the Addressed Market Landscape
In future, even the individual agents will have to very informative about the products so that when they approach a customer, they need to have correct and detailed information to brief the customer.
People will do more elaborate research before buying any product and companies will also design their products accordingly. So, we see an opportunity to do research and make a comparison to help help customers, agents & companies at same time.
Founder and CEO
Intensity of Competition
Competition is not fierce as there is restricted entry. Our USP is a hassle-free insurance comparison system for our customers where they get an opportunity to review all the products with ease and select the product of their choice.
Growth Plans
Indian Market is huge and the people in India are still hesitant to buy policies. We need to break this barrior. Our first priority to tap this market and even make foray into such areas where there is complete absence of the facilities. We look forward to create opportunities for every individual irrespective of the region so that we achieve our target not only in terms of revenue but with an aim to inform every individual on the different products. Of course, few years down the line, we will venture to other Asian countries both emerging and advanced.
I would also like to say that technology is going to play a major role in coming years in this sector and in fact some of the insurance companies have already launched mobile application for various products. We hope to come out with such services very soon.
Global Strategy
As I mentioned earlier our first priority is to target the Indian Market and later on we shall prepare a strategy for the other markets.
Current Status of Company
9 Employees
Road Ahead / Challenges
With the growing Indian Market, more and more companies are expected to take a plunge into this sector. However, it quite obvious only those will survive who can stand up to the expectations of the customers.
At present in India, customers are accustomed to agent based service who are unable to provide the services as the clients wish to get after buying a product. So, our challenge is to break this monopoly and create an environment where a customer gets the services till the end. For this we need to build trust and good relationship with our customers so that they believe in what we say. In order to achieve this, we are also planning to start a claim assistance service wherein a customer does not have to undergo all the trauma and pain that they have to experience now while buying a product from an agent.
