The Indian life insurance sector is evolving at a rapid pace, being driven by the need for increased financial security, widespread digitalization, and the push for increased accessibility. As this shift has taken place, penetration in insurance remains low, creating a gigantic opportunity to grow. Policybazaar, which is one of the leading online insurance aggregators, is at the center of this revolution, simplifying insurance for millions and bringing it to underserved segments across the country.
Vivek Jain is Policybazaar’s Chief Business Officer, Life Insurance. With deep experience in consulting, startups, and Policybazaar leadership, he provides insightful inputs on industry trends, technological disruption, and company vision. The following insightful interview profile offers a glance at his journey, perspective on the industry, and customer-focused approach of Policybazaar.
Interviewer: Hello everyone, today we have Vivek Jain, the Chief Business Officer, Life Insurance, Policybazaar with us. Vivek, could you please brief about yourself, your past journey, and then we can start?
Vivek: Hi! I graduated from IIM Calcutta in 2013 and started my career in consulting with Boston Consulting Group for about two and a half years, where I worked across industries in BFSI and retail, as well as consumer goods. It was a very diverse experience. Then, I briefly worked for a couple of years with an auto-tech startup and have been with Policybazaar for over seven years now.
Interviewer: How did you encounter your current role at Policybazaar?
Vivek: In the last seven years at Policybazaar, I have handled multiple roles. I started by setting up a part of the term insurance business way back in 2018. Term was always a big part of the Policybazaar portfolio, but we were trying to establish a new segment within it. In those first one and a half years, I was involved in both sales and the business and strategy side. Then, for the next five years, I led the savings business, and for the last four months, I have been the Chief Business Officer, leading the life insurance business, including both term and savings.
Interviewer: What leadership principles guide you in steering the life insurance business at Policybazaar?
Vivek: At Policybazaar, the customer is at the center of everything we do. Any innovation, whether on the product, business, or process side, is designed for the customer. Our guiding principle is to win the customer’s trust and do what is right for them, creating transparency and helping them choose the most suitable products and plans.
Interviewer: How have you observed the Indian life insurance market transform over the past decade, especially with the advent of digital platforms?
Vivek: Over the last ten years, we’ve come a long way in life insurance, but there’s still a long way to go as the penetration in India is still in the low single digits. However, people are starting to better understand the importance of term and life insurance. With new-age and online platforms like Policybazaar, we see a lot of traffic coming from not just metro cities but also Tier 2 and Tier 3 cities. There is growing awareness, but much work remains.
Interviewer: Did you notice any change post-pandemic?
Vivek: Post-pandemic, several things happened. People became more aware that they should have term and health insurance because life is very unpredictable. During COVID-19, even young people faced risks, and if they were the only breadwinner, their families suffered. Experiencing that phase made people realize the importance of these products, and we’ve since seen more people coming to our website to understand the plans.
Interviewer: Did you introduce any changes to policy coverage due to COVID-19?
Vivek: Regarding life insurance, any kind of death except suicide in the first year is covered in all life insurance policies, including death due to any pandemic like COVID-19. There was no significant change in terms and conditions because of the pandemic.
Interviewer: What shifts have you noticed in customer behavior regarding life insurance purchases, and how has Policybazaar adapted?
Vivek: We now get a lot of traffic from outside metros and Tier 1 cities. People are becoming more comfortable making payments online and are becoming digitally savvy. We’ve created streamlined digital journeys focused on customer experience. In the last three to four years, we’ve also built significant “feet on street” capacity. About 2,000 people are available across 70-80 major cities to meet customers, explain, and help them choose the right plans—this helps build trust and reach areas others might not.
Interviewer: How is Policybazaar leveraging technological advancements to enhance customer experience in purchasing life insurance?
Vivek: We have always provided a smooth, engaging digital journey, with deep integrations with our insurance partners that allow customers to research and compare policies online. In the past three to four years, we’ve developed AI and machine learning tools to identify risky customers at the application stage, including face and voice matching with documentation, which helps prevent fraud and impersonation at the source. This benefits both genuine customers and insurers.
Interviewer: Can you share an example of how Policybazaar has gone above and beyond to assist a customer during the claim process?
Vivek: We have a dedicated claims assistance program. For every life insurance policy issued, we send the nominee a claims card with a helpline number. Anyone needing help can call, and we will assist with the process. There have been many instances where nominees are not familiar with the process or are doubtful about claim payouts. In some cases, we send team members in person to help at the claimant’s home, especially if forms are complicated or the family is in emotional distress.
Interviewer: What are the current trends in life insurance that you believe can shape its future?
Vivek: Several trends are emerging. We now have special plans for NRIs, allowing them to buy term insurance with video medicals from abroad. We have also started a new segment for women, offering discount plans and features like critical illness cover and health management services. Another innovation is the smart exit feature, which enables policyholders to exit at retirement and receive all premiums back—this addresses concerns about losing money if the term insurance benefit isn’t claimed.
Interviewer: Is the smart exit feature already available or still being developed?
Vivek: It is already available with several of our insurance partners.
Interviewer: How do you foresee regulatory changes impacting the life insurance sector and digital aggregators like Policybazaar?
Vivek: Regulatory changes are always good for the customer. Though they may cause some short-term turmoil, they help the industry grow in the long term. For example, new rules have increased surrender values in guaranteed return plans, which is very pro-customer. Major changes always take time to settle, but ultimately benefit the industry and consumers.
Interviewer: What are Policybazaar’s strategic priorities for the life insurance sector in the coming years?
Vivek: There is still a long way to go in India, so we will continue to invest in marketing and awareness about term and life insurance, as we have done for many years. Our vision is to ensure every family in India is insured, and we will keep focusing on education and outreach.
Interviewer: I would like to ask a few personal questions. What drives your passion for the insurance industry, and how do you stay motivated in your role?
Vivek: The biggest thing that drives me is that every policy we issue helps secure a family’s future. It’s not just a job—it’s a noble profession that gives a lot of satisfaction, knowing we help families in need. We take pride in our claims assistance program and always strive to do more for our customers.
Interviewer: With the rise of scams across industries, how do you educate your customers and deal with such issues?
Vivek: We regularly communicate with customers, emphasizing they should never transfer money to personal accounts. Policybazaar will never ask for personal account details, and transactions should always be done through our website. This ongoing education is essential to protect customers from scams.
Interviewer: How do you address the challenges of serving elderly customers, especially those less comfortable with digital platforms?
Vivek: For elderly customers, our “feet on street” team visits them in person, which helps build trust. Many transactions are also completed over video calls with screen sharing, so customers can see policy features in real time. It takes time for seniors to adopt digital channels, but in-person and visual communication helps build comfort and transparency.
Interviewer: How do you maintain a balance between your professional responsibilities and your personal life?
Vivek: My father always taught me that devotion to duty is divine. When I’m at work, I fully focus on my job; when I’m at home, I try to spend as much time as possible with my family. Giving your best in both environments is the key to balance.
Interviewer: What advice would you offer to professionals aspiring to make a mark in this industry?
Vivek: Always focus on doing the right thing for the customer and be transparent. If you win the customer’s trust, business will follow. There’s abundant opportunity in India’s insurance sector, so those who put customers first and consistently educate them will succeed.
