With a growing preference for DIY platforms and real-time assistance, insurers must offer agile, technology-driven solutions to meet these demands
About Mr. Sajja Praveen Chowdary
Sajja Praveen Chowdary heads the Corporate and SME Insurance business of Policybazaar. Under his leadership, Policybazaar is witnessing significant growth in the business insurance space and gradually emerging as a one-stop destination for these products across India. Under his aegis, Policybazaar for Business is creating a risk advisory culture, to enable and empower corporate India with the right insurance solutions.
Prior to this, he played an integral role in massively scaling the retail businesses of Policybazaar, including motor and term life insurance.
A marketing professional with about 15 years of experience spread across Business Management, Product and technology Management, User Experience, Business Development, and Project Management in the e-commerce products/services space, he is passionate about building products and services from the ground up and turning them into brands of high value. He also has experience managing corporate relationships, wealth and marketing of a wide range of financial products and services.
He is a post-graduate in Marketing from IMT, Ghaziabad and a B.Tech in Electronics and Communications from Nagarjuna University.
Q: How do you see the corporate and SME insurance segment growing in India, and what are the key factors driving its expansion?
A: India’s corporate and SME insurance segment is witnessing significant growth, driven by multiple converging factors. One of the most critical drivers of this expansion is the rise of homegrown insurtech players. These companies have a deep understanding of India’s unique risk landscape and are well-positioned to enhance insurance penetration, particularly in Tier 2 and Tier 3 markets. Their digital-first approach and localized expertise enable them to cater to the specific needs of businesses across the length and breadth of the country.
Regulatory support has also played a crucial role here, with initiatives such as surety bonds, the regulatory sandbox, and a strong push toward digital adoption streamlining the ecosystem. These reforms have not only encouraged innovation but have also made insurance solutions more accessible to SMEs.
Additionally, evolving customer expectations are reshaping the industry. Businesses today seek highly customized insurance solutions along with seamless post-sales servicing. With a growing preference for DIY platforms and real-time assistance, insurers must offer agile, technology-driven solutions to meet these demands.
Q: How is Policybazaar for Business contributing to the transformation of corporate and SME insurance in India?
A: Our mission is clear: to bridge the insurance gap by offering tailored, service-led insurance solutions for SMEs, MSMEs, and corporates. Since our inception, we have redefined how businesses access corporate insurance, moving away from one-size-fits-all policies to customized coverage that aligns with their unique risk profiles and industry-specific needs.
Every industry faces distinct challenges. Whether it’s a startup looking for employee health benefits, a cargo firm requiring marine insurance or an IT company securing itself against cyber threats. We ensure that businesses get the most relevant, affordable, and seamless coverage.
Being a digital-first player, we leverage our in-house tech for predictive risk assessment, streamlined client onboarding, and automated claims processing-reducing turnaround time significantly and enhancing efficiency. Our tech-driven approach enables our clients to navigate insurance with ease, from policy selection to claims resolution.
We ensure that businesses are fully supported at every stage of their insurance journey. Our dedicated expert advisory and post-sales service, backed by 24×7 assistance and on-ground teams, ensures businesses always have access to expert support.
Q: What are the key trends shaping the insurance industry in India, and how do you see it evolving in the coming years?
- Predictive Risk Management: Insurers are leveraging AI and data analytics to anticipate risks and offer proactive coverage solutions.
- Automation-First Approach: From underwriting to claims processing, automation is streamlining operations, enhancing efficiency, and reducing turnaround time.
- Self-Service Platforms: Customers now expect seamless, real-time access to insurance services, leading to the rise of digital platforms for policy management, claims, and servicing.
- Specialized Solutions: India’s 63 million MSMEs contribute nearly 30% of GDP, yet over 90% remain uninsured. This gap highlights the need for simplified, flexible B2B insurance solutions. Tailored insurance products are emerging to meet the unique needs of such industries.
AI-driven automation ensures faster settlements, minimizing downtime for businesses. Additionally, advanced analytics empower businesses with data-driven insights, enabling proactive risk mitigation.
- Integrated Wellness Programs: Group Health insurance is evolving beyond basic coverage, incorporating wellness benefits and preventive care solutions to encourage holistic well-being.
Q: How has digital transformation impacted the insurance sector, and what more can be done to enhance accessibility and penetration?
A: Digital transformation has revolutionized the insurance sector, creating an integrated ecosystem that enhances accessibility, streamlines operations, and improves customer experience across every touchpoint-from policy selection to claims processing. Our in-house tech like Compass, Enoroute, the HRMS portal, and WhatsApp bots have redefined how businesses and employees engage with insurance.
AI-driven automation ensures faster settlements, minimizing downtime for businesses. Additionally, advanced analytics empower businesses with data-driven insights, enabling proactive risk mitigation.
Policybazaar for Business (PBFB) has redefined accessibility and transparency, making b2b insurance more customizable and hassle-free for enterprises. Digital innovations, such as paperless documentation and e-policies, have eliminated bottlenecks and simplified onboarding, ensuring that businesses of all sizes can secure the protection they need with ease.
As digital adoption accelerates, the future of insurance lies in hyper-personalized, frictionless solutions that empower businesses, drive penetration, and enhance financial resilience across India.
