Web-based Policybazaar.com, which enables consumers compare and analyse insurance products, today said it will hire 500 people in the next two months to ramp up operations as it aims to double revenues to Rs 50 crore this fiscal.
At present, the company has over 800 people spread across functions like help desk quality of service, HR and administration.
We have about 600 employees assisting people make up their mind about the policy they want, while the remaining are in other administrative teams. With the growth that we have seen and are now targeting, we will have to ramp up headcount,” Policybazaar Co-founder and COO Avaneesh Nirjar told PTI.
Founded in 2008, the website presents comparative analysis of the insurance and loan products based on price, quality and key features.
It claims that more than 20 million unique users visit the portal each year to compare insurance offerings and close to 30,000 people every month make their insurance purchase based on inputs received on Policybazaar.com.
The company, however, does not sell any policies. “Close to Rs 200 crore of new insurance business is generated by us and our revenue model is based on advertising and marketing that we get from these companies. Last year, the net revenue was about Rs 25 crore and the target for this year is to double it to Rs 50 crore,” he said.
Policybazaar also recently expanded to other product categories like credit cards and loans.
There is a surge in traffic that we are witnessing and to cater to that and help people make up their mind on the right product for them, we are looking at adding about 400 people to our contact centre in Gurgaon in the next 4-6 weeks,” he said. Another 100 will be added to quality of service team as well as IT support team, as the platform is an important driver for maintaining quality as well as up-to-date information on the varied offerings from different players,” he added.
Policybazaar has received two rounds of funding till date. The first round was in September 2008, where it raised Rs 20 crore from Infoedge (Naukri.com), while the second was in April last year.
Source: The Economic Times