Indian online insurance aggregator PolicyBazaar has filed for an initial public offering in which it is seeking to raise $809 million, becoming the fourth startup in the past two months from the South Asian market to explore public markets.
In papers submitted to the market regulator in India, PolicyBazaar said it is looking to raise $504 million by issuing new shares while the rest will be driven by sale of shares by existing investors.
The 12-year-old startup — backed by SoftBank, Falcon Edge Capital, Tiger Global and InfoEdge — said it may consider raising about $100 million in a pre-IPO round. Softbank plans to sell shares worth over $250 million, while PolicyBazaar founders are looking to sell shares worth $52.7 million, they said in the papers.
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PolicyBazaar serves as an aggregator that allows users to compare and buy policies — across categories including life, health, travel, auto and property — from dozens of insurers on its website without having to go through conventional agents. It operates in India as well as the Middle East.
In India only a fraction of the nation’s 1.3 billion people currently have access to insurance and some analysts say that digital firms could prove crucial in bringing these services to the masses. According to rating agency ICRA, insurance products had reached less than 3% of the population as of 2017.
An average Indian makes about $2, 100 in a year, according to World Bank. ICRA estimated that of those Indians who had purchased an insurance product, they were spending less than $50 on it in 2017.
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“India’s life insurance market is expected to grow at 18.8% p.a. to reach ₹ 31.9 trillion (US$ 425 billion) in FY2030, driven by favorable macro indicators, rising awareness toward financial products and services, digitization and simplification of products and processes, online channels for distributions, innovations and customizations in products and favorable government policies and regulatory push, ” the startup said in the papers.
In a report early this year, analysts at Bernstein estimated that PolicyBazaar commands 90% of share in the online insurance distribution market. The platform, which competes with Acko as well as Amazon in India, also sells loans, credit cards and mutual funds. The startup says it sells over a million policies a month.
“India has an underpenetrated insurance market. Within the underpenetrated landscape, digital distribution through web-aggregators like Policybazaar forms <1% of the industry. This offers a large headroom for growth, ” Bernstein analysts wrote to clients.
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Zomato, which had a stellar public debut last month, as well as fintech firms Paytm and MobiKwik have filed for their initial public offerings in recent weeks.A great option if you want to test drive a potential tattoo, Su-do body art is a form of temporary airbrush tattoo. It involves airbrushing on make-up and can last over a week with proper care, or longer if you opt for a waterproof version. The end result is an authentic-looking tattoo which can last for at least several days.
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The Motor Vehicles (Amendment) Act will affect your pocket in more ways than one. The stiff new penalties are already grabbing headlines. Soon, your insurance premiums could be hit too.
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The Insurance Regulatory and Development Authority of India (Irdai) has set up a working group to examine the possibility of linking motor insurance premiums to traffic violations.
Policyholders with vehicles featuring similar standard parameters like age, make, model, insured declared value and no-claim bonus (NCB) could be charged differential premiums based on their track record on the road. If implemented, it will be yet another factor that will decide premiums and rejection or acceptance of policy proposals. We look at other parameters that affect life as well as non-life underwriting decisions.
Your driving pattern has a bearing on the underwriting process. For example, the extent of usage gets factored in when insurers assess a prospective customer’s overall profile. “Normally a user in a city drives around 15, 000 km a year. If the usage is beyond this range, we need to understand the reasons for it, ” says Gurdeep Singh Batra, Head, Retail Underwriting, Bajaj Allianz General Insurance. Traffic violations also impact term cover applications. “A risky driver is likely to be seen as a risky life to cover, ” says Shivakumar Shankar, MD, LexisNexis Risk Solutions.
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Your driving behaviour also has an impact on premiums by way of no-claim discounts. “If an insured’s vehicle has needed frequent accident-related repairs, it will impact premiums in subsequent years, ” adds Batra. Your insurance purchase record, too, plays a role. “If an insured with a seven-year-old vehicle wants to buy an own damage cover after neglecting the same for five years, it is a red flag, ” says Vaidyanathan Ramani, Head, Product and Innovation, Policybazaar.com. To ensure a cheaper premium, adhere to road rules.
Besides age, health status, sum insured and location, the kind of hospital room variant you choose influences your health premiums. For example, a 35-year-old buying a Rs 5 lakh cover may have to pay close to 25% more if he chooses a no room-rent sub-limit policy instead of one with a sub-limit of Rs 4, 000 per day. A private room in a tertiary hospital will entail higher outgo for the insurer. “Therefore, a no-limits policy will be costlier, ” says Dhirendra Mahyavanshi, Co-founder, Turtlemint, an online insurance aggregator.
Given that expenses like doctor’s fees and OT charges are linked to room rent, it is best to opt for a no-sub limits policy. If affordability is a concern, buy a with sub-limits policy and upgrade to one without restrictions in future.
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Body mass index, which indicates whether an individual is obese or underweight, plays a role in determining premium and decision on the proposal. “A BMI of over 30 can attract premium loading of 50-100%, ” notes Mahavir, Chopra, Director, Health, Life and and Strategic Initiatives, Coverfox. com. Multiple factors coalesce to trigger a decision. “An abnormal report from a stress test may lead to a premium loading, but not rejection. However, if the proposer has other chronic health conditions, it
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