PolicyBazaar.com has announced that it will employ more people in the current financial year. The number of jobs that the company intends to create will be around 2,500 which will take the total count of the employees to 6,000.
The purpose of the company behind this move is to increase the customer base and expand the revenues. The company that was backed by SoftBank Fund will add positions in various areas including customer support and tech functions.
“…the company announced that it will create 2,500 more jobs in FY’19, taking its employee strength to 6,000 people. Growing 100 percent year-on-year, PolicyBazaar.com is aiming to underwrite premium worth Rs 10,000 crore, expand its unique customer base to one crore and increase its revenue to Rs 1,500 crore by 2020,” the company said in a statement.
According to the reports, around 2,200 new roles are expected to be introduced in the customer support segment, whereas the other remaining ones will be among the corporate and tech functions.
The work of the new employees in the customer support area will be to advise and help consumers in understanding various insurance products such as life, health and motor, and managing their buying experience.
“Over the years, we have acquired a huge customer base having unique needs. This presents a challenge and an opportunity for us because sustaining the momentum will be a critical factor for fuelling further growth for us,” said Alok Bansal, Policybazaar.com co-founder and CFO.
It was last month that the company raised over $200 million (around Rs 1,360 crore) in a funding round led by SoftBank Vision Fund. The funding round saw participation from existing investors as well. It seems that the part of those funds is being used in the growth and expansion plans of PolicyBazaar.com.