Policybazaar For Business Revolutionizes B2B Insurance with AI-Powered Claims and Technical Precision
In the world of insurance, "protection" is often defined as the safety net that prevents an untoward event from pushing a middle-class family into poverty. For a business, the stakes are equally high. A single cyber hack or a factory fire can wipe out a founder’s livelihood and the careers of hundreds of employees. While individual insurance is well-understood, the B2B landscape remains a complex web of technicalities, liability clauses, and daunting claim hurdles.
Enter Tarun Mathur, Co-founder and Chief Business Officer at Policybazaar.com, and the lead for its dedicated B2B wing, Policybazaar For Business. From his early days calling 300 people a day in a call center to pioneering online travel aggregation at e-bookers in the UK, Mathur has built his career on adapting to change. Now, he is applying that expertise to solve the complex risks of Indian corporates and SMEs. By deploying technical specialists instead of generalist salespeople and leveraging AI to detect fraud and refine products, Policybazaar For Business is proving that B2B insurance isn't just about selling a policy—it's about managing the entire risk ecosystem from "vulnerability to victory."
The Evolution: From Travel Aggregation to Insurance Protection
Tarun Mathur’s journey began as an "army kid," traveling across India and learning social agility by necessity. After a stint in workforce management in the UK, he saw the power of the internet firsthand through travel aggregation. "Insurance lags travel by about five years," Mathur notes, reflecting on why the Policybazaar team launched their mission in 2008.
While the parent brand is a B2C household name, **Policybazaar For Business** was born as a natural extension. For an SME in Series A or a self-funded shop, protection is the core. The B2B wing takes the service champion model of the retail side—deeply understanding illnesses and hospital convenience—and applies it to large-scale risks like cyber threats, fire, and liability.
Technical Expertise over Salesmanship
B2B insurance requires a breadth of knowledge that a generic salesperson cannot provide. Policybazaar For Business specifically avoids hiring "salespeople." Instead, they hire Technical Experts who understand:
- Cyber Vulnerabilities: Running reports to identify system leaks before insurance is even quoted.
- Factory Risk: Managing fire insurance, stock protection, and supply chain logistics.
- Liability & Surety Bonds: Protecting directors and officers from legal and contractual fallout.
Solving the Cyber Crisis: A Case Study in Proactive Claims
Mathur highlights **Cyber Insurance** as a critical need for every modern business. Rather than just offering a generic plan, the process at Policybazaar For Business is proactive. "First, we run a vulnerability report. We help you protect the business before we even get to insurance," he explains.
When a hack occurs, the customer doesn't have to navigate the fallout alone. "You do nothing. You call Policybazaar For Business. We handle the bad actor, understand the extent of the problem, manage the police report, and get the lawyer on board." By acting as the intermediary between the customer, the insurance company, and the bad actor, they ensure the claim is processed efficiently while everybody in the ecosystem—including the reinsurer—is taken care of.
The Policybazaar Claims Protocol
- Vulnerability Audit: Identifying network risks to make the client a "better risk" for insurers.
- Customized Coverage: Eschewing one-size-fits-all plans for sector-specific wordings (e.g., Gaming vs. Mom and Pop stores).
- Internal Fairness Review: Every rejected claim is reviewed by a team of doctors to see if the deduction was fair.
- insurer Coordination: Leveraging global relationships with reinsurers to write coverage for "edge cases" like bad weather for airlines.
The "Conscience" of the Organization: Tackling Misselling
One of the largest challenges in the Indian insurance sector is misselling by independent agents. Mathur argues that while an individual agent might maximize their own commission at the cost of the customer, an organization can have a systemic conscience.
"We record every call. We use AI to listen to every interaction and summarize the plan back to the customer. We will not maximize on commissions; we maximize on the best solution for the customer and learn how to make money from that," Mathur asserts. This transparency is backed by the fact that Policybazaar For Business only contacts customers who have initiated a visit to their site, strictly avoiding unsolicited "data leaks" that plague the industry.
The Fairness Advantage
Fraud Detection AI: Policybazaar uses AI to detect impersonation and ID fraud that is invisible to the naked eye. By showing reinsurance companies that their onboarding process is superior, they are able to negotiate better rates for their customers.
The "60 Gloves" Problem: Why Claims Get Rejected
Mathur is candid about why insurance companies sometimes contest bills. He cites a "half-hour surgery" where a hospital charged for 60 pairs of gloves. "Why is the hospital overcharging? They keep the average claim price at COVID levels even though COVID is gone," he says.
The role of Policybazaar For Business is to ensure fairness on both sides. By contesting notorious hospital activities and ensuring accurate documentation (like discharge summaries), they protect the sustainability of the insurance pool, preventing premiums from skyrocketing for everyone.
Advice for Corporate HR & CFOs
Know Your Waiting Periods: There are no "secret terms." All waiting periods for pre-existing diseases are listed right on the website. If you want a zero-waiting-period policy, it will be more expensive. You can't have the cheapest premium and the most comprehensive waiver at the same time—insurance is a system of balance.
Key Takeaways: The B2B Insurance Blueprint
- Service is the Moat: Selling a policy is easy; managing a complex claim involving bad actors and lawyers is where true value is created.
- Proactive Protection: Use IT consultants and vulnerability reports to reduce risk *before* buying insurance.
- AI as a Design Tool: Use word clouds and analytical tools to understand what customers are actually asking for and build products that match their needs.
- Fairness over Friction: A trusted broker ensures that insurance companies pay fair claims while preventing hospital overcharging.
As Tarun Mathur and his team continue to scale Policybazaar For Business, the goal remains clear: to build an ecosystem where the customer feels looked after. Whether it’s a startup founder or a 10,000-employee corporate, the mission is to manage risk with such precision that the safety net never fails when it's needed most.
About the Guest
Tarun Mathur is a Co-founder and Chief Business Officer at Policybazaar.com. With over two decades of experience in sales, workforce management, and digital aggregation, he has been a pivotal force in the Indian insurtech revolution since 2008. He currently leads Policybazaar For Business, the corporate and B2B arm of the company, focusing on specialized risk management and technical insurance solutions for enterprises and SMEs.
Policybazaar For Business is the B2B wing of India’s leading insurance aggregator. It provides customized insurance solutions for corporates, including group health, cyber insurance, liability, and surety bonds, backed by a robust claims management system and AI-driven fraud detection.