Policybazaar, one of India’s largest insurance marketplaces, has launched a group health insurance programme that will cater to both small and large companies.
Using the Policybazaar platform, the employer gets the option to choose the best from the largest insurance companies in India.
According to a company statement, it will provide "supremely flexible offerings that are customised" for all kinds of companies -- SMEs, MSMEs and large corporate houses -- based on their size, location (spread), competition and need.
"The brand’s focus is to revolutionise corporate insurance in India by offering technology, insurance, and wellness on one single platform," reads the release.
The company said despite accounting for 50 percent of the health insurance premiums in the country, group health insurance has been an opaque and rigid offering, only useful in case of hospitalisation.
Keeping this in mind, Policybazaar has introduced flexi-benefit plans and 27 non-hospitalisation features like diagnostics, online doctor consultation, nutrition, second opinion services, mental wellness, and yoga and personal training via a "simple employee-oriented app."
Policybazaar Chief Executive Officer Sarbvir Singh said a one-size-fits-all approach cannot work since businesses, their operations and wallets are different and complex.
"The need for a food delivery company with 1,000 riders is very different from a small corporate that has tech geniuses working from home," said Singh giving an example.
The statement added that 65 percent of healthcare expenses in India. such as monthly medicines and check-ups, are outside of insurance.
Policybazaar will give the employees the option of choosing health insurance from over 10 insurers, besides customising their plans by comparing with others, plugging in add-ons like COVID-19 protection, top-ups, term life etc.
"The real difference is that we are attempting to focus our offering towards the employee and not employer. You can see this from the servicing ability of our app which does not require any intervention from the HR or administration teams of companies," says Singh.
The platform has a self-service section that helps each employee to understand the cover their employer has provided them with and an easy claim processing section where an individual can launch a claim, find a hospital and decipher the overall expense that may arise, all within three clicks.
“In a nutshell, we have toiled hard to successfully combine the strength of insurance and wellness, and offer it on a robust easy to use platform,” summed up Singh.
According to the statement, Policybazaar gets an average of 30,000 enquiries every month, mainly from SMEs and MSMEs, to buy group health insurance. Corporates can now cover their employees starting from Rs 100 per month without compromising on the basic benefits under employee health insurance.
Policybazaar has more than 10 million insurance customers. The platform provides instant policies, digital onboarding of employees, real-time policy management and a 100 percent online claims journey without the intervention of HR or admin teams.
Among the marquee list of corporates in Policybazaar’s portfolio are Delhivery, Yatra, Rivigo, Max Bupa Health Insurance, Lenskart and Crompton.
(Edited by : Shoma Bhattacharjee)