PBPartners Records 73% Growth in Comprehensive Motor Policies in Hyderabad for FY 2023-24

Hyderabad: PBPartners, a brand under Policybazaar Insurance Brokers, continues to solidify its dominance in the insurance sector with a significant 73% increase in comprehensive motor policies sold in Hyderabad during the fiscal year 2023-24.

Motor insurance remains the largest revenue generator for PBPartners, contributing to 75% of the company’s total earnings.

At a recent press meet held in Hyderabad, PBPartners highlighted the emerging trends in motor insurance purchases across Telangana and Andhra Pradesh. The event was graced by Mr. Amit Bhadoria, Associate Director and Sales Head of Motor Business, along with other senior leaders from PBPartners, who provided insights into the company’s growth trajectory and future plans.

In Hyderabad, there has been a marked rise in demand for comprehensive and modular motor insurance products. Within PBPartners’ motor insurance portfolio, commercial vehicles represent the largest segment, accounting for approximately 48% of sales, followed by private vehicles at 35%.

Telangana stands out as a crucial market for PBPartners, with an impressive network of over 5,500 agent partners driving insurance adoption across the region.

Key Takeaways from the Press Meet:

1. Emerging Trends in Motor Insurance in Hyderabad:

The awareness and demand for modular motor insurance and add-ons have seen significant growth in Hyderabad. This shift is attributed to the effective combination of advanced technology and the personalized service provided by PBPartners’ agent partners.

“The heightened awareness among the people of Hyderabad has led to a significant uptake in the purchase of modular insurance plans like Pay as You Drive,” said Mr. Bhadoria. He emphasized PBPartners’ commitment to expanding its presence in South India, particularly in Telangana and Hyderabad, with plans to establish 17-18 offices by 2027-28 in cities like Vizag, Tirupati, and Coimbatore.

A new call center for AP & Telangana agent partners is expected to further boost motor insurance sales in the coming year, with the inauguration of PBPartners’ Hyderabad office slated for October.

2. Monsoon Special Insurance Tips:

Mr. Bhadoria also highlighted the rising demand for specific add-ons during the monsoon season, noting a 65% increase in requests for Roadside Assistance (RSA) and Engine Protection Cover. “RSA cover has become especially popular among women and millennials, reflecting a growing awareness of comprehensive motor insurance options,” he added.

3. Industry-First Innovation with On-Demand Payouts:

PBPartners has introduced an industry-first On-Demand Payout feature, allowing agent partners to request and receive payments immediately after closing a policy sale.

Mr. Anuj Agarwal, AVP – Motor Business, South India, noted that 70% of agent partners now receive their payouts on the same day, with 65% of monthly payouts and commissions processed through this innovative feature, which was launched in 2022.

Looking ahead, PBPartners aims to achieve and maintain an ambitious year-on-year business growth of 90-95% over the next seven years. This goal underscores the company’s dedication to sustained excellence and growth in the motor insurance sector.

About PBPartners:

PBPartners, established in 2021, operates as a digital platform under Policybazaar Insurance Brokers Private Limited, empowering independent sellers of insurance through its Point of Salesperson (PoSP) model. Leveraging technology to streamline research, issuance, and customer management, PBPartners enhances the partner experience and boosts productivity, all while reducing operational costs.

Drawing on Policybazaar’s extensive experience in technology integration and service, PBPartners delivers a seamless, digitally integrated journey for its agent partners.