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SPARK OF THE CORPORATE

Dahiya has an illustrious career as he has both corporate and start-up experience. The long term strategies of Dahiya have turned his small financial start-up into a successful prosperous and flourishing brand, within a very short span of 5 years. Dahiya possess expertise in insurance and holds an extensive knowledge with regard to the Indian financial space. Dahiya could lead PolicyBazaar in the Indian insurance market, which account for almost 25 percent of life insurance in the country and almost 7 percent of the retail health insurance.

Early career ...

The entrepreneurial journey of Dahiya has started with Illinios Tool Works, where he was associated as Business Unit Head. Then Dahiya worked as Management Consultant for Bain & Co.

Prior to PolicyBazaar.com, Dahiya was associated as CEO with one of the Global Online Insurance Broker, First Europa. There he was responsible for leading the team involved in global expansion and was responsible for managing the company business spread across 9 different locations. Earlier to that, he was associated with one of the pan - European online travel agency ebors.com as Managing Director with the responsibility as business lead.

The beginning ...

The largest online financial service provider, PolicyBazaar.com has started its operations in 2008 by developing itself as an online financial service provider. Initially when PolicyBazaar was commenced, the founders mostly focused on developing and strengthening of the digital channels of distribution, which was very weak at that time. It was later in the journey that Dahiya realized that focus on distribution channels was not that effective in order to build a robust, profitable, successful and sustainable business. It was then realized that, one of the biggest impediments in the insurance market was the lack of consumer- centric products in the market and this made Dahiya to start PolicyBazaar along with his co-founder Alok Bansal.

This was considered as the click of the moment and then understands and addresses the root cause. The result, which was one single step, has lead to growth acceleration.

Stint at PolicyBazaar ...

For Dahiya, it was not easy for getting PolicyBazaar to the scale as it is today. He had to face many hardships. The journey was not that easy and Dahiya has worked very hard for building trust among the customers, entering into partnership deals with other insurance companies and proving successful in finding a way out even in a dynamic policy environment.

By introducing PolicyBazaar, Dahiya sowed the seeds for transforming the manner in which people purchased insurance. Currently, PolicyBazaar has turned out to be the largest portal that includes insurance and other financial services and is always ahead when compared to other competitors like BankBazaar, Coverfox and Acko. PolicyBazaar.com has taken the unicorn’s mantle by raising USD 200 million, which was mainly lead by the Tokyo-based tech and telecom behemoth SiftBank. PolicyBazaar is the second unicorn among the fintech startups.

Challenges...

Regulations framed constitute one of the biggest challenges for the business of Dahiya. Dahiya opines that only when the regulatory norms are relaxed, the environment will be more conducive for doing the business.

Dahiya is working on venturing the healthcare business and for which he has proposals to raise funds. In order to get the users to healthcare business, Dahiya’s strategy is making the physical services available on the basis on pay-per-use which will be much cheaper than the market rates. Even monthly subscription services are also made available to the users.

Leadership strategies...

Under the leadership of Dahiya, PolicyBazaar.com, boasts around 20 million visitors every year enabling them to make comparisons with the best suited financial product. The company could record sale of over 15,000 policies for each month. One more feather added to the cap of PolicyBazaar.com was that it could successfully secure 5 million series B funding. This investment has helped Dahiya to more strengthen the brand and enhance the platform and the service provided to the customers.

Revenue generation graph has been following an increasing trend, every year from 11 crore to 25 crore to 45 crore to 75 crore. PolicyBazaar.com provides employment to over 5000 people. Dahiya has lead PolicyBazaar.com to sell on an average of about 25,000 policies each month.

His passionate about...

Yashish Dahiya says that running and swimming helped him to stay unbiased at work. Dahiya says that it was only his fitness regime that which helped him to stay strong and endure even in the worst situations and at times when other insurance companies were against this start-up. Dahiya opines that sports always teaches positive attitude towards life and always helps in maintaining high energy levels.

Dahiya always loves to hire athletes and sports lovers as he feels that like a sportsman, an entrepreneur should also have to prepare, act and stay on top of the game always. Dahiya believes that employees who are athletes will have strong commitment levels and dedication and hence they only require some training on the job requirements. Through sports a person learn to maintain determination and optimism in the tough times when the tides are against you.

Future plans...

When observed, online insurance contribute only 1.5% of the Indian insurance market. Dahiya explains that, this does not imply that customers are not buying the insurance, but it implies that customers are not optimally buying the insurance without making comparisons with regard to the price and features. In this regard, Dahiya wants PolicyBazaar.com to act as a catalyst and plans are made to increase the online insurance. As companies and customers are benefited only when proper insurance is done.

In order to increase the share in online insurance market, Dahiya says the company would concentrate more on educating the customers and providing all the relevant information to the customers. Dahiya has also led to start new product categories which are providing loans and cards. Dahiya is looking for diversification of the insurance portfolio and forbid some of the pet insurance and SME insurance onto the platform as per desired by the customers.

3,000 crore worth of premiums are planned for the current year and for which Dahiya is working hard on lower ticket products for a variety of the base and revenues being chased are of about 700 crore. Apart from these, Dahiya is also concentrating on entering into ventures by aligning to the objectives of the company and currently Dahiya is scouting for opportunities in healthcare. For the future plan of IPO, Dahiya is focusing on getting more and more people to purchase the policies online.

Two cents for future entrepreneurs...

• An entrepreneur can strive for bigger goals only when he can stay fir and play healthy and be sound and rationale at decision making process.

• Never bother about competition.

Unique facts about Dahiya...

• In spite of his engineering from IIT and MBA from IIM and INSEAD, Dahiya opted for giving private home tuitions, and rejected the college placement.

• For Dahiya, running and swimming are his success mantras. He participated in Triathlon, which is one of the world’s toughest endurance races, which included swimming, cycling and running and which took him more than 11 hours to complete.

• The leader of PolicyBazaar always loves to hire the executives who are sports enthusiasts. Associate director – life insurance and administration head at PolicyBazaar are sports lovers and vice president communications is a national level Tennis Player.

Personal life...

Yashish Dahiya has been graduated from IIT Delhi in Bachelor’s Degree in Engineering. Dahiya also holds a Post Graduate Diploma from IIM Ahmedabad in Management also an MBA from INSEAD. Dahiya is an enthusiastic marathon runner.

Hope readers caught up the spark...

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