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Dahiya: Health Insurance Lacks Product-Market Fit Because Claims Processing Is Broken
“Because the claims experience still needs to fall into place, right? This is a product which is still working on kind of broken legs, because the claims experience is not where it can be.”
Yashish Dahiya Never Read Policybazaar's Statutory Financials Before PB Fintech's IPO
“I had never looked at our financials before we went public. I started looking at them and started making sure our financials and our MIS were saying the same thing.”
Policybazaar Would Invest In Hospitals Despite A 90% Risk Of Failure
“Like today, when we are going in to say that we want to make a minority investment in hospitals, a lot of people think we're taking a risk. If there's a 90% chance of failure, we would still like to do it.”
Policybazaar and Zomato would have succeeded without Info Edge's backing
“So, actually, if you're telling me policy will succeed because of us, that's not true. They were going to succeed anyway, yeah. We are fortunate we went in. Likewise for Zomato.”
Dahiya: Obsessing Over Equity Percentages And Peer Compensation Adds Zero Value
“Oh, as a percentage of total equity, you're getting too little compared to everybody else. Oh, why is that person getting so much? I think many of those things are just yeah, they're not value adding to anyone. Just, you know, get on with things. And I think t…”
Dahiya: Policybazaar raised $840 million but still had $700 million at IPO
“We raised 840 and on the day of the IPO, we had 700 plus in the bank.”
Dahiya: Sanjeev Bikhchandani Always Advised Policybazaar to Raise Less Capital
“I think as we were raising capital he always advised raise less.”
Dahiya: Info Edge sold a 30% stake before later reinvesting $60 million
“InfoAge actually sold shares worth 133 crores, right? And it did sell. And they sold almost 30% of what they had at that time. And then they came back and invested sixty million dollars.”
Dahiya: Policybazaar voluntarily wrote to India's insurance regulator requesting oversight
“I remember in 2011, I wrote to the regulator that we should, that we would like to be regulated.”
Bikhchandani: Policybazaar's ₹20Cr seed check took 8-9% of Info Edge's treasury
“It was a big, it was about eight, nine percent of our treasury. Entire treasury. We didn't have a fund, right? We just had a balance sheet.”
Bikhchandani: Policybazaar uniquely gives board members direct access to next-level management
“Very often, you'll see that in your, in the companies you're invested in, you only know one or two people. The investors. The others are shielded from investors. That is truly, truly different policy. That we get to meet everybody.”
Dahiya: Only 4 Crore Of 40 Crore Eligible Indians Have Health Insurance
“Four crore Indians have health insurance, but 40 crore should, right? So we are 36 crores short of our target. And that's what keeps us going that we have 10 X to go.”
Policybazaar Sees Higher Short-Term Losses When Profitable Health Insurance Business Grows
“When we grow health insurance, our losses grow, but health insurance is the most profitable business we have. Because we make money from NPV, but in the first year it's just cost and very little revenue.”
Policybazaar Anticipated 90% Of Its Pre-2020 Roadmap At Its 2008 Founding
“Till, till 2020, everything we did we knew back then. Like I would say 90%. Now the areas we're starting to delve into, we did not know back then. Like what are the, like basically we did not know that claims control or claims experience would become such an i…”
Dahiya: I Do Not Angel Invest Because I Am Variance Averse
“Even today, I don't invest in anything, right? So I think I'm very, let's say variance averse, not risk averse, just variance averse.”
Info Edge Invested 20 Crore Rupees Into PolicyBazaar Before Product Launch
“We invested 20 crores on a PowerPoint. Before the product was launched, and therefore, it was a big sum of money for us.”
Bikhchandani: Info Edge wrote a massive 2008 check pre-PowerPoint
“Ha, it was a large check for us in 2008. But in 2008 was a large check for us. We, on a PowerPoint or even pre-PowerPoint.”
Bikhchandani: Insurers price identical risks differently due to varied assessment models
“Different insurance companies will price the same risk differently because their risk assessment models are different. And it's not as if their strategy is to undercut price. They believe this is a lower risk and therefore they'll charge a lower premium.”
Bikhchandani: Kitty Agarwal leads Info Edge's Policybazaar decisions without board interference
“Decision to hold, decision to sell, decision to invest more a lot of that thinking has been led by Kitty. So I would not overrule Kitty on anything policy without discussing it. I can't recall the last time I overruled anything.”
Bikhchandani: Info Edge considers its 17-year Policybazaar stake a financial holding
“See, jobs is strategic investment. The rest is a financial investment. But they hope we've stayed, I think, 17 years in Policy Bazaar, so it's more than just financial. It's not strategic because it's not a business. It's not allied to a business that we own a…”
Dahiya: Policybazaar voluntarily sought unnecessary shareholder approval for its hospital expansion
“When we went for our hospitals piece, we went to the shareholders for an approval. And I think, 82 or something percent of the people approved, and that's why we went ahead. So eventually, whatever big decisions we take are And legally, we did not even need to…”
Dahiya: Policybazaar Is India's Largest Insurance Aggregator
“In insurance, we would be the largest. Yes, we would be the largest. We have a large market share in that.”
Yashish Dahiya Checked Sales Reports Thrice Daily For 17 Years
“See for the last 17 years, I look at our sales report every day at Two PM at five PM at eight PM, wherever I'm in the world, these three times I check my sales report.”
Policybazaar Faced 40 Funded Competitors, Including Earlier Pioneers Like Insurance Mall
“About 40 funded competitors both before policy was started and after the first player who started in India was a player called I forget the name. I think it's insurance mall.in. And there was another one called Apna Insurance. Both of these players existed at …”
Policybazaar Is Also Among India's Largest Loan And Credit Card Aggregators
“We're also in loans and credit cards where again, we would be amongst the largest”
Dahiya: 272 Insurance Web Aggregator Startups Have Been Licensed In India
“400 players have started something like Policy Wizard till date. 272 of them licensed to start a web aggregator in insurance.”
All Policybazaar Investor Contracts Since 2015 Mandated An IPO Objective
“See all our investor contracts from 215 onwards had in them an objective to go public.”
Moneysupermarket Still Generates More Annual Profit Than Policybazaar
“It still makes more profit than us. Every year.”
PolicyBazaar Founder Proved Bikhchandani's Car Insurance Was 40% Above Lowest Quote
“And sure enough, what I was paying for my insurance was 40% higher than the lowest quote.”
Info Edge Sold Early Partial Secondaries in Zomato and PolicyBazaar
“We have exited Zomato a bit.
When Ant Financial came in, because Ant said we want a secondary.
A little bit.
We're supporting the company.
Likewise, in Policy Bazaar, we exited a bit.
Early on.”
Info Edge Remains Invested in PolicyBazaar and Zomato Since Their Early Rounds
“Look, we invested in Policy Bazaar in 2008. We are still shareholders. We invested in Zamaatwo in 2010. We are still there.”
Agarwal: Info Edge has held Zomato and PolicyBazaar for over 10 years
“For example, we've been now invested for 10 plus years in Policy Bazaar, 10 plus years in Zomato 10 plus years in Merit Nation.”
Dahiya's Wife Worked At NatWest To Support Family During Policybazaar's Launch
“She was working in a bank.
She got working because we needed to support the family because when I started Policy Bazaar we didn't have enough funds.
So that is when she took on working.
She got a job with the NatWest bank.”