Policybazaar's Rapid Offline Expansion in West Bengal Boosts Insurance Sales
Policybazaar's offline operations in West Bengal are booming, contributing 30% to total sales and growing at 60%. The company is expanding its presence, with term insurance being a key market. Educated, salaried individuals dominate policyholder demographics. The GST waiver is expected to further accelerate growth in the region.
- Country:
- India
Policybazaar has reported significant growth in its offline business operations in West Bengal, achieving a 60% growth rate and accounting for nearly 30% of total sales in the region. This was disclosed by Gaurav Surana, Deputy Vice President (East) Life Insurance at Policybazaar.
With a presence in at least 80 cities, the company has opened 15 offices and point-of-sale outlets across India in the last fiscal year. Surana highlighted that term insurance has become a significant player in the West Bengal market, contributing 26% to the policy count in FY'25.
The demographic of policyholders in West Bengal is predominantly educated and salaried, with graduates and above making up more than 80% of customers. Female participation has also risen, with women representing 11.7% of buyers in West Bengal. The GST waiver on insurance is expected to further drive growth.
Google News