Behind The Innovation and Success of India’s Insurtech Sector
Alok Bansal reveals insights and ideas that inspired one of India’s premier success stories in Insurtech.
Alok Bansal, Co-founder & Executive Chairman at PB Fintech, recently shared insights on India’s evolving startup landscape in an exclusive webisode of the “Building for Bharat: Empowering Sustainable and Inclusive Innovation" series, part of Leap To Unicorn Season 3, created by IDFC FIRST Bank, in association with Moneycontrol and CNBC-TV18. As a leading figure in India’s insurtech sector, he provided a compelling narrative on PB Fintech’s journey, the challenges overcome, and lessons it holds for budding entrepreneurs.
PB Fintech was founded on the realization that insurance penetration in India was woefully low. Alok Bansal and his team sought to bridge this gap by introducing the Indian middle class to diverse insurance products as fundamental pillars of financial security. However, limited awareness, exacerbated by a lack of alternatives and knowledge, posed significant challenges. PB Fintech tackled these issues by creating a business model that encouraged conversations about term insurance and positioned its online platform as an accessible repository of the latest insurance products.
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Alok Bansal attributed PB Fintech’s success to its unwavering focus on solving the core problem. “Stay committed. Go deep," he advised aspiring founders, underscoring the value of persistence. He recounted how the company expanded step by step, constantly identifying inefficiencies and reinventing its operations to serve consumers better. Adaptability, he asserted, was key to long-term sustainability.
A critical factor in PB Fintech’s growth was the early backing of InfoEdge. Alok Bansal expressed gratitude for the support of InfoEdge founder Sanjeev Bhikchandani and co-founder Hitesh Oberoi, who played an instrumental role in the business’ growth, without being intrusive. Even though “acceptance of a young company is higher today," Alok Bansal emphasized the need for investors to support entrepreneurs in building sustainable businesses, while allowing them the autonomy to execute their vision.
Alok Bansal also stressed the importance of shaping a distinct company culture. “Work closely with your core team from day one," he advised, advocating for defining a business’s identity early on. He encouraged founders to “look to the future of the company," urging them to take setbacks in stride and adapt to evolving market needs.
Looking ahead, Alok Bansal identified technology as the primary driver of change in insurtech. He highlighted PB Fintech’s use of Gen AI for fraud detection, enhancing security and efficiency. And as the sector evolves, the veteran founder remains convinced that even more intuitive and transformative solutions are just around the corner.
Watch the full interview here.
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