NewsVoir
Gurugram (Haryana) [India], July 16: PBPartners, Policybazaar’s PoSP arm, proudly celebrates its 3rd anniversary, reflecting on 3 years of dedicated offline service and its impact on the lives of agent partners and customers alike. PBPartners has achieved significant milestones over the last 3 years, establishing a strong network of 1.2 lac certified partners, serving 18,000+ pin codes and operating across 1,200+ cities nationwide. This network ensures access to seamless offline services, from policy issuance to claim settlement, driving substantial business growth and expanding insurance coverage, notably in Tier-2 and Tier-3 cities.
Operating from best-in-class experience centers in over 16 cities, PBPartners is committed to delivering comprehensive insurance solutions to under-served populations in tier 2 and tier 3 cities that may not have access to digital solutions. This strategic approach is supported by a strong sales force of more than 1400+ relationship managers, who work closely with agent partners to ensure an adequate insurance safety net in remote and rural areas.
Key initiatives in the last 3 years
* On-Demand Payout: Introduced an industry-first payment redemption solution, where partners can access their commissions on-demand.
* Partner Ledger: Real-time visibility into payouts to ensure transparency and efficiency.
* Partner Engagement: The launch of the PBP One Loyalty Program has significantly boosted agent partner engagement, with 1.2L partners enrolled in the program.
* Contest Visibility: All contests are now accessible via mobile/portals, enhancing engagement with a 14% increase in daily active user participation.
* Operational Productivity PBPartners has streamlined operations, reducing payout turnaround time (TAT) to 30 days for Motor, 30 days for Life, 15 days for Health and 7 days for SME/CL for non-On-Demand Payout (ODP) partners, further enhancing efficiency and partner satisfaction.
Sarbvir Singh, Joint Group CEO, PB Fintech, said, “PBPartners was established to take insurance services via offline mode to Bharat beyond metros. We have accomplished nearly 50% of business from Tier-3 cities and beyond, hence, increasing insurance penetration in those areas. We have built a strong safety net of insurance, serving over 6 million happy customers. PBPartners has been successfully supplementing Policybazaar’s digital presence and is expanding across the nation. Our efforts in empowering micro-entrepreneurs have also shown remarkable progress. The growth we have achieved in this short span demonstrates PBPartners’ commitment to innovation and excellence.”
Dhruv Sarin, Co-founder, PBPartners, said, “PBPartners has rapidly become one of the leading insurance PoSP businesses in the country, boasting partnerships with over 51+ insurance providers. PBPartners now has the highest proportion of non-motor business in the industry at 34% for the quarter ended March 31, 2023. Our user engagement has also surged, with over 10,000 daily active users, a 4X increase in FY24, reflecting strong user engagement and satisfaction.”
As PBPartners celebrates this milestone, it reaffirms its dedication to revolutionizing the insurance industry in India, driven by innovation, integrity, and exceptional customer service with the help of its PoSP model.
*”PB Partners” is a brand under Policybazaar Insurance Brokers Private Limited.
Founded in 2021, PBPartners is a digital platform for independent sellers of insurance. Operating as the Point of Sales Person (PoSP) business within Policybazaar, it enables agent partners to sell multiple products from a host of suppliers conveniently using app and web portal. It facilitates research, issuance, and customer management, leveraging technology, thus bringing cost efficiencies in an otherwise cost-heavy brick-and-mortar based model. It focuses on improving the agent partner experience by using state-of-the-art technology, thereby increasing the stickiness of the sellers while improving their productivity. At PBPartners, we have leveraged our experience of technology integrations and servicing with our insurance partners at our mothership – Policybazaar, thus replicating strong end-to-end digitally integrated journeys.
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