Jul 28, 2020

Unicorn report: PolicyBazaar - an InsurTech disruptor

William Girling
2 min
India tech
Founded in 2008 and achieving ‘unicorn’ status in 2018, PolicyBazaar is one of the world’s greatest InsurTech success stories so far...

Founded in 2008 and achieving ‘unicorn’ status in 2018, PolicyBazaar is one of the world’s greatest InsurTech success stories so far.

The company’s website acts as an aggregation platform to provide customers with information and prices on a range of insurance products.

In fact, PolicyBazaar was created as an attempt to solve what seemed to be a prevalent issue in the domestic Indian market: “There was lack of information on products, transparency was missing, mis-selling was rampant, there was a high lapse rate of insurance policies and consumers felt a general apathy towards the insurance industry. 

“Insurance companies made profits from policy surrender charges and the entire industry was mired in murkiness,” said the website

Solving a problem in the market

Since its inception, PolicyBazaar has expanded to become a marketplace for insurance policies, provided insurance to over 250mn households in India and disrupted the insurance monopoly previously held by banks (it claims to now process 25% of India’s life policies).

In a sense, the company is less technologically sophisticated than other InsurTech unicorns. However, it is also a clear example of how a customer-focused philosophy combined with market insight and intelligence can reap significant rewards.

With year-on-year growth maintained at 100% since it started, 100mn visitors a year and 400,000 policies sold each month, the company is making significant progress towards its goal of enabling a healthy, well-protected India.

Going public

Details provided by Yashish Dahiya, CEO and Founder, in a recent article revealed that PolicyBazaar is intending to put together an IPO (initial public offering) in 2021. The company is currently valued in excess of USD$3.5bn. 

“The IPO size will be about $500mn,” said Dahiya. “We have global interest and will raise in the coming weeks [for the pre-IPO financing].”

Owing to the COVID-19 pandemic, many are predicting that the time for InsurTech to flourish has arrived, as concerned customers look for quicker, easier and better ways to protect theirs’ and their families’ finances. 

It will be up to leaders like PolicyBazaar to apply its successful formula to alleviate the situation, shape the future of the industry and innovate new ways of helping policyholders. 

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Jun 18, 2021

TrueMotion insurtech acquired by Cambridge Mobile Telematics

3 min
US-based TrueMotion and Cambridge Mobile Telematics provide mobile phone telematics technology

Two leading US telematics firms have joined forces as Cambridge Mobile Telematics acquired TrueMotion, another Massachusetts-based insurtech firm. 

One of the world’s leading telematics insurtechs, Cambridge Mobile Telematics, was launched in 2010 and powers 65 enterprise programmes in 28 countries.

Meanwhile, TrueMotion, which launched in 2012, has enjoyed significant success as a telematics operator, raising US$10mn in its seed funding round in 2010, and then partnering with the motor insurtech Noblr in 2019. 

TrueMotion has also entered the European market, collaborating with LB Forsikring to promote safe driving in Denmark.

Telematics expansion

The joining of the companies means TrueMotion’s 150-strong workforce will join Cambridge Mobile Telematic’s already established team, along with their client list, which includes Travelers, Farmers, and Progressive. 

The new company will focus on increased interest in using telematics for crash reconstruction in personal lines claims and more innovation in the telematics space. 

Speaking about the acquisition, William Powers, CEO, and co-founder of Cambridge Mobile Telematics, described the move as an opportunity to explore new markets, expand throughout the US and bring telematics to a much wider customer base.  

"With this acquisition, we will use our world-class talent, technology, and scale to help our partners overcome the complex challenges of global road safety,” he added.

Ryan McMahon, VP of insurance and customer affairs for Cambridge Mobile Telematics, explained that expanding the company with additional talent and customers would help meet the demands of a growing telematics market. He also quoted data from a study by J.D. Power which revealed that personal auto telematics users have doubled in five years to 16% of policyholders.

McMahon told the press, “This market is rapidly expanding, and building more capabilities is more important than ever,” McMahon says. “Both companies follow similar philosophies and grew up in similar ecosystems, and now we’re bringing those cultures together.”

He continued, “Telematics is absolutely the future of commercial auto and rideshare, and it’s kind of a step up beyond the normal telematics."

McMahon added, “We will not only widen our lead in smartphone telematics, but also use our combined talent to invent new products for risk measurement, contextual telematics, and crash mitigation across emerging mobile, IoT, connected-car, video, and sensing technologies.”

Five reasons why telematics is in demand

  1. It reduces fuel costs and increases operational efficiency. This is a consideration for most commercial fleets given the rising costs of fuel
  2. The technology enables fleet managers to plan operations with greater precision by providing exact locations, timescales, and speeds of vehicles. 
  3. It improves driving standards and monitors driver behaviour, reducing detours and ensuring responsible driving. 
  4. It helps fleet health and maintenance by monitoring the health of operational vehicles.
  5. It increases corporate social responsibility in terms of care for the driver, the vehicle, the impact of driving in terms of emissions, and also the security of the vehicle itself.


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