TRANSFORMING CUSTOMER PAIN-POINTS INTO INNVOVATION - Group Vice President & Head of Marketing PolicyBazaar.com and Paisabazaar.com - Paul Writer
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TRANSFORMING CUSTOMER PAIN-POINTS INTO
INNVOVATION
Sai Narayan
Group Vice President & Head of Marketing
PolicyBazaar.com and Paisabazaar.com
NEED
Business, as we know it, have evolved out of the need to serve other people more effectively. If a
business fails at solving business problems, it won’t remain profitable in the longer term.
CHALLENGE
The complexity in identifying and solving pain points is a major issue for businesses today. The
customer journey is changing. Buying journeys are more self-directed, diverse and influenced by
peer information than in the past.
2
TODAY, the sum of experiences by consumers can lift word of mouth and improve the efficiency of
marketing spend
or
Can do the opposite — increase customer churn, diminish reputation and threaten brand health
and marketing outcomes!!
3
The need for a platform like PAISABAZAAR was identified through consumer experience
Consumers come to our platform to get relief from the pain of identifying the right financial
product from the vast marketplace. They come to us to get what they want, find comfort, and a
reduction in their pain.
We stay aware of all consumer pain points and solve them, not through hastily created business
patches, but through continuous pain point analysis, where solutions can be created not only to
retain old customers, but also attract new ones.
4
100 billion > 3 million 2-3 weeks ~65%
- size of people apply average loan
India’s for a loan processing applications
personal loan every month time of an rejected by
market offline loan Banks / NBFCs
1% 3.4% 7.5% 70%
penetration penetration of India’s of India
of organized of insurance adult underserved
credit products in population by financial
products in India have a Credit institutions
India Card
5
Innovation moves from more than just new product or service development, to process, structure, capability and speed…
At PAISABAZAAR…
THE WHY – Everything we do, we challenge the status quo & think differently
THE HOW- We make, design and promote products that are user friendly
THE WHAT- We just happen to provide great financial services , tools and products !!
6
Policybazaar Group India’s largest marketplace ~ 60X Growth ~8.5 Lakh+ Enquiries
for lending products in 44 months per month
75 + Partnerships Loans: INR ~ 300 Cr Loans disbursed to
300+ Products offered
with Banks/NBFCs/AMCs Disbursed monthly 250+ cities & towns every month
Credit Cards: 85K+ apps
monthly
7
Information unavailability Lack of transparency, fairness
Hard to compare features and prices No Proactive communication on negatives
Lack of assistance Delays & intensive paperwork
Low comfort & reliance on intermediary players Highly offline & time-consuming process
8Ease of credit Ease of
Convenience to
access comparison
choose
End-to-end
Paperless Instant approval assistance
processes
9I needed an immediate personal loan
as my mother had to go through an
urgent medical procedure. I applied
with 2-3 banks, but was turned down
due to a poor credit score.
- Mahesh Tirkey, 41, Delhi
Less than 1% Indians
We began converting customer are aware of their
problems into innovations credit score
10Free Credit Score with monthly
updates:
Customized loans and cards offers
Track and build credit score
Detect errors and frauds
11Helping customers find the right
lender and the right price
12Credit score simplified for >2.1mn Highly engaged customer base with 100+ datapoints to determine ‘best’
customers 70% returning customers offer to help customers save
13Extending innovation to insurance
products as well
14I stay in Dewas, near Indore. I
want to renew my car
insurance but have been Longer for
rural/semi-
waiting for the insurer’s urban residents
inspection officer to visit me for
the last 10 days. Costly & time-
Takes 2-5 days
consuming
Physical
inspection
for motor
insurance
renewal
151
Take a 360 degree video of
your vehicle from your phone
2
Upload it on the Policybazaar
app/website with other docs
3
Get instant quotes and apply
4
Get your motor policy online
in 4 hours
16Needs Loan Instant
transfer
Compares E-Application Instant E-KYC E-Signs
online form Online verification offer
Approval
< 1 hour
Zero paperwork Instant Processing Wide choice Customized products
17Customized ( “n=1”)
products
Every financial service
accessible on our mobiles
Financial account opening
faster than we make Maggi Transaction costs lower by
~60%
18Thank you
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