Business Platform
PolicyBazaar
Making insurance buying simple
Brand
The India-based insurance marketplace enabled WhatsApp Business Platform for important marketing and customer service features, and reported a 5X increase in collected insurance premiums and a 3X increase in sales.
5X
increase in insurance premiums collected via WhatsApp, compared to previous approach*
5X
increase in click-through rates, compared to previous approach*
5X
increase in sales, compared to previous approach*
30 million
customer messages delivered each month*
*Results are self-reported and not identifiably repeatable. Generally expected individual results will differ.
Their Story
Insurance for every region in India
Founded in 2008, PolicyBazaar is an insurance marketplace where potential customers can compare and buy policies from more than 50 insurance providers in India. Interested consumers can choose from life, term, health, motor, general and business insurance plans by consulting accurate, unbiased information about each plan through PolicyBazaar’s app or website. As of early 2024, more than 9 million customers across India had used PolicyBazaar to buy or renew their insurance coverage.
Their Goal
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Real-time customer conversations
Previously, the PolicyBazaar team relied heavily on customer relationship management (CRM) channels such as email and SMS messaging to share in-depth product information with potential customers and direct customers to the company site to check out. But the company wanted to move beyond impersonal one-way communication and enable real-time customer conversations tailored to each customer’s unique needs, at scale.
Their Solution
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Better communication through WhatsApp
While PolicyBazaar’s app and website are its primary marketing and customer service channels, the team now considers WhatsApp an important third digital channel for CRM. PolicyBazaar’s journey with WhatsApp began with awareness campaigns for term and health insurance. After those tests delivered strong returns on investment, the team tested brand awareness and customer service outreach and saw similar success. PolicyBazaar has since pioneered the use of WhatsApp solutions such as Flows and payments within the insurance industry.
To develop personalized digital communications and enable more functionality within WhatsApp, PolicyBazaar integrated the WhatsApp API with its app and website in late 2022, giving it the ability to address high-demand customer needs directly in WhatsApp. Customer contact with PolicyBazaar can be initiated by customers or the business from PolicyBazaar’s app, website, WhatsApp messages or offline engagements such as scanning a QR code.
After transitioning to WhatsApp Business Platform, the PolicyBazaar team was able to:
Personalize promotions
PolicyBazaar promoted supplementary products to existing customers directly in WhatsApp based on a customer’s needs and preferences, resulting in higher reported conversion rates than email or SMS. For example, an existing health insurance customer might receive details of term or investment products they could add to their coverage.
“WhatsApp has helped us make CRM customer-friendly. It takes away the sense of customers being bombarded with information and instead makes customer interactions meaningful for both parties.”
Nishant Malsisaria
Head of Growth, PolicyBazaar
Simplify the claims experience
The team made policy issuance easier by sending notifications and messages in WhatsApp, helping to simplify the claims experience for customers.
Make customer service more convenient
PolicyBazaar automated responses to routine customer requests that frequently involve complex paperwork and phone calls or emails, including policy verifications, appointment scheduling, and other customer service queries or call assistance requests, directly within the WhatsApp chat experience.
Automate end-to-end CRM integrations
The team automated the claim settlement process for clients directly within the WhatsApp chat experience. Users can now upload documents and images related to their claims and track the status in real time, all within WhatsApp.
Enable in-thread payments
The team built a user-friendly payment journey by onboarding to Payments API for WhatsApp. This provides customers with a seamless in-thread checkout and purchase experience, to help reduce drop-off rates from payment links, email and SMS, and generate higher conversion rates for policy renewals.
Re-engage potential customers
The team was able to re-engage customers who’ve abandoned their cart by sending customized messages and reminders in WhatsApp that help people find the insurance product that best fits their goals and demographic. Message recipients have the option to unsubscribe from PolicyBazaar’s marketing messages.
“Meta and WhatsApp have given us a new set of capabilities to make communication with customers more effective. This has enabled Policybazaar to have real-time conversations on a channel that customers use in their daily lives. We have seen a significant improvement and impact in terms of both click-through rates and conversion rates.”
Sarbvir Singh
Joint Group CEO, PolicyBazaar
Their Success
After implementing WhatsApp Business Platform, the PolicyBazaar team measured performance for the entire year of 2023, and found year-over-year improvement across its most important performance indicators, including:
____
Higher sales and engagement
- 5X increase in insurance premiums collected via WhatsApp, compared to previous approach*
- 5X increase in click-through rates, compared to previous approach*
- 3X increase in sales, compared to previous approach*
- 30 million customer messages delivered each month*
- 30% increase in conversion rate, compared to previous approach*
*Results are self-reported and not identifiably repeatable. Generally expected individual results will differ.
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