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 ed 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 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, t 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 engagement has also surged, with over 10,000 daily active s, a 4X increase in FY24, reflecting strong engagement and satisfaction.”