ETechAces Marketing and Consulting Pvt. Ltd. ("Policybazaar Group"), the parent company of India's leading insurtech brand, Policybazaar.com and India's leading lending marketplace, Paisabazaar.com and newly launched healthtechplatform, docprime.com, has now forayed into the UAE market, with the launch of its new venture, Policybazaar.ae, an online financial products marketplace, that would list insurance and lending products on its platform, to begin with. The international expansion marks a milestone moment in the decade-old journey of Policybazaar Group that has shortlisted Dubai to serve as a hub for the UAE operations. The group has appointed Neeraj Gupta as the CEO for its new venture, Policybazaar.ae, in an elevation from his earlier role at the group of leading the motor insurance business for the flagship brand, Policybazaar.com. The new international set up was initiated in March earlier this year, and has sold over 2,000 policies and underwritten premium worth INR 6 crore (AED 3 million) through its partnership with 10+ insurance partners in the region, during its beta phase. "We have been at the forefront of initiating the change in the way India consumes financial products, and the foray into the international market is a momentous occasion for us. Our expansion into the UAE market is based on the same philosophy of developing a strong tech-based platform that makes consumers the king in their ability to choose a gamut of financial products," said co-founder and CEO, Policybazaar Group, Yashish Dahiya. Delighted with the official launch of operations, Neeraj Gupta, CEO, Policybazaar.ae, said, "We are very confident of replicating our success of the India market in this region. The initial business numbers have been very encouraging, and above of what our expectations were. We plan to further build on this start of our beta phase, by creating a strong product line for our consumers, as our platform is now fairly stable and evolved." With Policybazaar.ae, PolicyBazaar Group intends to become a one-stop shop for consumer's personal finance needs in the UAE region. Over the next three years, Policybazaar.ae is looking to build an extensive network of local banking and insurance partners, and underwrite premium worth INR 500 crore (AED 250 million) from the region. The initial products listed on the platform include motor insurance, travel insurance and soon will have life insurance and lending products added to its product line. (This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
The parent company of Indian online insurance marketplace PolicyBazaar has introduced a new venture in the United Arab Emirates. In an interview with Quartz, CEO and co-founder Rahul Sharma said that his startup is working on developing policies for individuals who are not covered by their country’s health care system. Initial products available through the platform include motor insurance and travel insurance. The firm says life insurance offerings will soon follow. PolicyBazaar is aiming to account for INR5bn ($69m) worth of underwritten premiums over the next three years in the UAE.