PolicyX: One-stop Insurance Comparison Portal

Naval Goel,CEO
Naval Goel, CEO& Founder

Entrepreneurship was Naval Goel’s cup of tea from the beginning. He had a passion to make something which serves the citizens of India in a way that it makes their life easier. While working with AIG in New York, Naval noticed a gap in the country within the insurance sector. Majority of the people were still going the traditional way to buy insurance. There was a lack of technology in this sector which was only bridged by a few companies. Naval could strongly sense a huge potential in this area and ample space for innovation. He decided to seize the opportunity and established in 2013. One of the fastest growing IRDA approved insurance comparison portals; PolicyX helps customers in comparing different insurance policy quotes and products like life, car, health, travel, investment, pension and business among others.

In the current insurance industry scenario, most of the products sold are not beneficial to the customers and most of the policies are sold either for tax benefits or investments and intermediaries
have been pushing products where margins are higher. offers much needed transparency in the system by giving the power of choosing the right policy to the customers. It can also compare features and benefits at a click of a button and purchase through an online seamless process.“Misselling in insurance is rampant in India due to lack of adequate information and transparency. We help in providing the right information and make it easily accessible through an online portal,” explains Naval.

"PolicyX has partnered with almost 25+ top insurance companies and has a PAN India presence"

Over the years, the company has improved efficiency in the way insurance is purchased and a product is chosen. In fact, PolicyX is one of the firsts to launch dynamic cash flow diagrams for payoffs for investment products. “We were the first ones to launch product specific videos to help customers understand the product better. Our entire focus has been to improve the transparency and help customers understand products before they purchase,” says Naval.

PolicyX works with the primary motto of delivering the right information to its customers and guiding them towards buying a policy which fits their requirement and is suitable for them. The company has tie-ups with some of the leading online insurance companies in India.
As an IRDA approved web insurance aggregator providing a one-stop shop for various insurance plans to its customers, the PolicyX website allows customers compare different types of insurance policies like health, life, car, travel and get a free quote and purchase instantly. Throwing light on the same, Naval mentions, “Our portal runs various algorithms and has unique features like plan specific cash flow projection charts, videos to provide accurate data which helps our customers to make an informed decision. Our system is integrated with top insurance providers in India and fetches real-time quotes within split seconds.”

The website is so designed that it provides a smooth sail from the comparison to the purchase of the insurance policy. It has a team of 200 advisors who assist customers and provide trusted advice instantly.

The Road Ahead
PolicyX has partnered with almost 25+ top insurance companies and has a PAN India presence. It is a self-funded company and bootstrapped company with no external funding. In the coming times, the company will continue to build a solid tech platform which will help improve insurance penetration in India. “We will likely raise capital once we feel that our internal processes and customer satisfaction are to a level where we want it to be. We want to directly go public without raising any PE/VC capital,” concludes Naval.