PolicyX

PolicyX
Type	Public
ISIN	🆔
Industry	Financial technology; Insurance;
Founded 📆	2013; 13 years ago
Founders 👔	Naval Goel, Founder & CEO;
Headquarters 🏙️	Gurgaon, Haryana, India.
Areas served 🗺️	India;
Products 📟	Insurance.
Services	Insurance aggregation; Insurance broking;
Members
Number of employees
Parent	PolicyX
🌐 Website	www.policyx.com
📇 Address
📞 telephone
	;

PolicyX is an Indian insurance aggregator, founded by Naval Goel in 2013 as a bootstrapped startup company. It has been approved by IRDAI as an insurance comparison and buying website. Headquartered in Gurgaon, PolicyX has a secondary branch in Indore to extend its operations and services. PolicyX turned 10 in 2023 and is one of the largest insurance aggregators in the Indian insurance sector. They have partnered with over 24 insurance companies to provide health and life insurance products and services.

History

PolicyX was founded in 2013 by Naval Goel to bring the digitisation of insurance-related products and services to the Indian market. In the 2000s, many people were still unaware of insurance, how it could benefit them, and what the associated terms and conditions were. PolicyX's official website acts as a portal to compare and purchase health insurance and life insurance products. The website hosts articles to generate awareness of insurance and its needs. Even a decade ago, the importance of insurance was vague in the Indian market. People were unaware of the value of insurance in difficult times. PolicyX lists various insurance products and related details to make insurance comparison and buying simple. Both health and life insurance provide financial stability to people and families in the event of disease, disability, and death.

The premium calculator offers precise premium amounts based on various factors like name, age, number of family members, city, and health status. This tool makes comparing various insurance plans simple and quick. Calculating insurance premiums helps people make better financial decisions and opt for plans that suit their budget. The PolicyX App was launched in 2018. The app consists of all the features and benefits of the PolicyX official website and can be downloaded on Google Playstore. It is compatible with all Android devices.

IRDAI Registration Year

In India, the Insurance Regulatory and Development Authority of India (IRDAI) oversees all insurance web aggregators, including PolicyX. The company was first registered under IRDAI in 2014 under the IRDAI Insurance Web Aggregators Regulations, 2017.

About The Founder

Naval Goel, the Founder and CEO of the company, started his entrepreneurial journey with PolicyX in 2013. Prior to this, he worked at Inductis for 5 years as a consultant. He has worked with various insurance companies on industry research, financial valuations, quantitative modeling, and data analytics. Naval Goel is an alumnus of the Indian Institute of Foreign Trade (IIFT) from where he received his MBA degree in Finance & Strategy. He has also studied Business Strategy at INSEAD and is a CFA Charterholder from CFA Institute, USA. Naval is also an Associate (III) from the Insurance Institute of India.

Products & Services

The PolicyX platform is for both insurance comparison and insurance selling. It has tie-ups with multiple Indian insurance companies to sell their health, term and life insurance products. The company’s website and mobile app are used to compare the premiums of various plans before settling for one. In 2016, PolicyX crossed 10 crores in terms of premiums. Subsequently, the company achieved 275 crores in premiums alongside 1.35 Lakhs booked policies in 2023. PolicyX has tied up with brands like Star Health and Allied Insurance, Niva Bupa, ICICI Lombard, and HDFC Ergo among others to bring insurance plans and products to Indian customers.

Awards

References

“Price Index By PolicyX” published in Our Better Class, dated 1 April 2024.
“Premium Comparison (By PolicyX): Why Is It Important?” published in Sugermint, dated 1 April 2024.
“Bank's liability for locker content is limited, so buy insurance coverage” published in Business Standard, dated 4 October 2023.
“Disclose lifestyle, health conditions to avoid denial of insurance claim” published in Business Standard, dated 6 October 2023.
“Insurers on edge: Will Israel-Hamas conflict result in higher insurance premium?” published in Business Today, dated 13 October 2023.
“Denial Of Health Insurance Claims: Here Are The Reasons And Tips For Smooth Processing” published in Outlook India (Outlook Business + Money), dated 16 October, 2023.
“Health insurance for NRIs: Check geographical coverage, sum insured” published in Business Standard, dated 18 October 2023.
“Breach alert: Key steps to verify if your data has been compromised” published in Business Standard, dated 7 November 2023.
“Fertility care needs financial planning: What to do for insurance, funding” published in Business Standard, dated 9 November 2023.
“Choking on pollution: Will your health insurance policy protect you when air quality turns severe?” published in Business Today, dated 8 November 2023.
“PolicyX.com Celebrates Monumental 10 Year Anniversary as Premier Insurance Portal” as issued by Insurance Alertss on 17 November 2023.
“Annual insurance review: Why you must boost term cover at key life stages” published in Business Standard, dated 17 December 2023.
“Non-linked insurance plan: Surrender or stay? Do the math before deciding” published in Business Standard on 20 December 2023.
“Prioritise life coverage, financial aims when delving into ULIP investments” as published in Business Standard, dated 29 December 2023.
“Financial risk, reward, goal: Here's the right way to book profit” published on 21 December 2023, in Business Standard.
“Here’s why insurers ask for educational background when selling term life insurance policies” published in Business Today on 4 January 2024.
“Hurdles and solutions: What self-employed should do to get term insurance” as published in Business Standard, dated 7 January 2024.
“Here’s how you can buy health insurance for your parents and claim tax-saving benefits at work” published in Business Today, dated 18 January 2024.
“Budget 2024 Expectations: Reduction In GST Rates, Universal Health Scheme And Mandatory Health Insurance” published in Outlook India (Outlook Business + Money), dated 20 January 2024.

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