Press Release: PolicyBazaar : Policybazaar.com Introduces Cashless Assurance Feature for its Motor Insurance Customers

Policybazaar.com India largest insurance comparison portal has launched an exclusive CashlessAssurance; feature for its customers to help them withassured cashless settlements at the time of claims. The new feature will allow Policybazaar.com customers to opt for cashless approvals on claims across allgarages throughout India within a matter of few hours. Policybazaar - Cashless Assurance Guarantee Public sector Insurers New IndiaAssurance The Oriental Insurance and private sector insurers IFFCO Tokio General Insurance and DHFL General Insurance have partnered with Policybazaar.com to offer customers easy access andcashlesssettlement options through the launch of this new feature. The cashless service in the past has been through select insurer network garages. Now with the launch of this feature on Policybazaar.com policyholders can avail the service at any garage across the country without having to bear the pain of shelling money from their pocket and then filing for reimbursements of the same. Commenting on the new initiative Mr. J K Garg General Manager The New India Assurance Co. Ltd. said As Market Leaders it is our constant endeavor to provide fast and hassle free claimexperience to our customers. We as New India are extremely happy to partner with Policybazaar in this endeavor for providing Cashless settlement option to ourcustomers. Reacting to this very launch Mr. Balwant Singh Director GM - The Oriental Insurance said Policy holder friendly Oriental Insurance is always in pursuit of offering its customers choice convenience and a superior experience leveraging technology. The customers shall be provided cashless settlement in motor claims through this centralized process/video app. This initiative will facilitate hassle free claim settlement in a very quick time. We appreciate the innovative steps taken by Policybazaar.com which will go a long way in providing a unique experience to the customers and also the insurers. Speaking about the newly launched feature Yahish Dahiya Co-founder CEO Policybazaar Group of Companies said Policybazaar has been an agent of change in the insurance industry with technology being a key driver for us. We strive to make this new initiativeCashlessAssurance a boon for all policyholders and thereby keep our user life hassle-free. Continuing on our journey to humanize our customer insurance experience we have launched this new initiative making it available across all garages pan India. For the uninitiated the new feature of CashlessAssurance; builds on Policybazaar.com Self VideoCashlessClaims Feature launched in September last year. The two major public sector insurers New IndiaAssuranceand United India Insurance were the first ones to adopt that feature and offer consumers; settlement of accidental claims via Policybazaar.com app. Policybazaar Self VideoCashlessClaims Feature has been critically acclaimed globally and has won the ndash; Global Live Fest Digital Insurer - Global Innovation Award andIAMAI - India Digital Summit Best Insurance Tech of the Year Award recently. Expansion of Spot Claims Service In addition to the launch of this new feature Policybazaar.com spot-claims service of 3-day repairassurancealong with pickup drop service has now been expanded to 20 cities in India including Delhi Mumbai Pune Bengaluru Chennai Gurgaon Ghaziabad Jaipur Noida Faridabad Kolkata Ahmedabad Hyderabad Chandigarh Meerut Bhopal Dehradun Raigad Kanpur Bhopal Rohtak Coimbatore Jhajjar vs 5-6 cities earlier. The service is expected to be available throughout the country within the next 6 months. About Policybazaar.com PolicyBazaar.com is Indias largest insurance marketplace. It has backing from a host of investors including thelikes of Soft Bank InfoEdge (Naukri.com) Temasek Tiger Global Management True North Premji Invest besidesinvestments from other PE funds and family offices. The portal started with a purpose to educate people on insurance products and has had a significant influence on how insurance is bought in India. It has helped indriving penetration of pure life insurance health insurance and such products which were barely boughtearlier. From receiving traffic of 180000 visitors in 2008PolicyBazaar.com has come a long way and today hosts over100 million visitors yearly and records sale of nearly 300000 transactions a month. CurrentlyPolicyBazaar.com accounts for nearly 25% of India life cover and over 7% of India retail health business. Itaccounts for roughly half of all internet based insurance purchase in the country and is more than doublingannually. We have received several accolades in India and globally. The most noteworthy being recognized asIndia top and world leading Fin Tech Innovator by the Global consultancy firm KPMG and venturecapital fund H2 Ventures for 2015 2016. It has won a range of awards in the last couple of yearsmany of them consecutively. These include The Financial Express Best Fintech Marketplace Internet Mobile Association of India (IAMAI) Digital India Award for Best Financial Website Most InnovatingInsurance Service IDC Iconic Award for Tech Implementation leading to Operational Excellence toname a few.