Mr.Naval Goel
He is the founder of PolicyX.com which was established in the year 2013. Naval geol is also an Associate Member of the ‘Indian Institute of Insurance’, Pune.
The Beginning
Talking about the inception story, entrepreneurship was always my dream from the beginning. I have a passion to create something that serves the citizens of India in a way that it makes their life easier. While working with AIG in New York, I noticed a gap in India within the insurance sector. At that time, most of the Indian population were still going the traditional way to purchase insurance. Because of the lack of technology in the insurance domain where only a few companies were covering the same, I could strongly sense a huge potential in this area and ample space for innovation. Then, I decided to seize the opportunity and established PolicyX.com in 2013. It has become one of the fastest-growing IRDA approved insurance comparison portals in the market. PolicyX.com helps customers in comparing different insurance policy quotes and products like life, car, health, travel, investment, and pension among others.
Life mantra in One-word
I would describe myself as a go-getter with a positive attitude. Once I decide on something, I put my 100% into it until it is achieved even if it requires 1000 tries before becoming successful.
Source of Motivation
The work – I love my work and enjoy exploring new things within the company. The ability to innovate and adopt new technologies is something that I enjoy the most. In my role, the good thing is that I get to work with all kinds of people and with all departments. This gives me the opportunity to enhance my knowledge every day.
Overcoming Challenges
The most important problem with the insurance industry in India is that it is highly complex and most of the products sold in the market are not beneficial for the customers. Most policies are sold for either tax benefits or investments and intermediaries have been pushing products where margins are higher. PolicyX.com offers much-needed transparency in the system by giving the power of choosing the right policy to the customers. They can also compare various features and benefits at a click of a button and purchase through an online seamless process.
Multiple products under a single platform
PolicyX.com is an aggregator that offers multiple products under a single platform. We help people choose from top brands and buy insurance within seconds. We have a helpline team that supports people to make informed choices. We provide the product details in simple language so that they don’t have to go through complex policy jargon or multiple pages of product details.
Current scenario in Insurance industry
We are seeing a huge change in the insurance industry both from the product and distribution standpoint. People are now buying insurance for protection rather than just for tax savings. Online platforms will grow multi-fold from here as people are adopting easier and simpler means of purchasing insurance.
Milestones
- From a single person in 2014, we are 260+ employees, completely grown in a bootstrapped way
- We are one of the only insurance aggregators who have survived without external funding in a tough industry environment
- We signed up Virender Sehwag as our brand ambassador in 2019
- We have more than 80% repeat customers and more than 30% of our business is from the referral.
Way Forward
We want to be known as the most trusted brand and be admired for our simplicity, customer service, and honesty. We have been growing at more than 50% y-o-y although growth has never been a priority for us. Even if we are small, we want to be relevant for a few customers in a way that they respect us and refer us to more customers.
Advise to the aspiring entrepreneurs
Get into entrepreneurship only if you love solving problems. It is not going to be easy. There will be lots of good days and bad days. The key to success is perseverance. You should actually love the work and not get into entrepreneurship just for the sake of glamour attached to it.