The increasing usage of smartphones, tablets, laptops and internet has led to the creation of a strong consumer base across all segments, and it is likely to increase further. Over the past few years, Indians have become comfortable in making purchases on the internet. The convenience and decreased cost of transactions is bringing more number of people to the online platforms. Competition in the e-commerce space has also increased significantly. To grab a considerable market share the internet companies often enters into price wars with each other by lowering prices of their products. The wide variety of shopping websites that are emerging daily in India is making buying online more confusing with all the lucrative offers and deals. To make the product search easy, various price comparison websites have come into existence.
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Online Insurance Comparing Portals
Several online insurance comparison websites are operating in India at present. Insurance being one of the most searched keywords certainly offers a significant opportunity for the growth of such comparison portals. Nonetheless, the wide variety of insurance policies makes it a challenging task for a buyer to understand the best suitable option. But before choosing a product, a buyer has to understand and know the best available insurance comparison portals in India. We are listing down a few such comparing websites which can be considered before purchasing a policy.
BankBazaar is a comparison website for term life, health, travel and car insurance. The company is in operation since 2008. It has received approximate funding of 80 million USD in different phases. BankBazaar is backed by Sequoia Capital India, Amazon and Walden International. A customer can apply for a loan, insurance or other financial services on their website. BankBazaar then submits the information to the concerned bank for further processing. The company receives a commission amount from the concerned financial institutions in return.
PolicyBazaar started out as a platform for comparing insurance policies in the year 2008. With the help of this comparison website customers can compare term life, health, travel and car insurance. Presently, the company has expanded into new categories such as credit cards and loans. PolicyBazaar drives a fair amount of traffic to the financial institutions’ website and acts as a marketing or advertising agency for them. The company is backed by Tiger Global Investments. So far PolicyBazaar has received funding to the tune of 70 million USD in different phases.
Coverfox, a relatively new player in this segment, was founded with an objective of making insurance selection quick and simple. A customer can easily compare, buy and manage policies with the help of their platform. Coverfox is presently dealing with health, car and travel insurance. The company has received 14 million USD funding till date. Coverfox also works on a brokerage model where it receives brokerage from the insurance companies.