HT Syndication
Gurugram (Haryana) [India], October 10: Policybazaar for Business (PBFB), the corporate division of India’s largest insurance marketplace, today announced the launch of its new platform, ‘Compass,’ designed to simplify insurance portfolio and risk management for large corporates. This platform reflects PBFB’s commitment to ensuring large organizations manage their risk better with greater efficiency and control.
Compass provides large corporates with a centralized way to manage their complex insurance portfolios, enhancing transparency and improving operational efficiency in managing risk. With features like automated tracking, real-time updates, and seamless integration with ERP systems, organizations can reduce manual processes, minimize risks, and ensure compliance across their operations.
Addressing key challenges for large corporates
Large organizations often face unique challenges when managing risk and multiple insurance policies spread across multiple locations. From fragmented communication across departments to missed renewal deadlines, these issues can create significant inefficiencies. Compass addresses these challenges by offering:
* Centralized Policy Management: Manage all insurance policies–including property/asset, marine, project and liability insurance–through a single platform.
* Automated Alerts: Receive timely notifications about mismatch in asset valuation, policy renewals and missing documents to prevent underinsurance or delay in claim settlement.
* Easy Integration: Sync existing corporate systems with Compass for streamlined document management.
* Real-time Monitoring: Track claims, risk inspection timelines, policy status in real time, ensuring large corporates stay on top of key risk management and risk mitigation processes.
Supporting Large Corporates in Risk Management
Sajja Praveen Chowdary, Director & Head – Policybazaar for Business, commented, “With Compass, we are simplifying risk management for large organizations, making it easier for them to navigate complex portfolios and ensure timely decision-making. The platform is designed to support large corporates in their compliance, risk management, and protection of key assets and personnel.”
Abhishek Garg, Head Of Insurance, SAEL Industries, added, “Handling multiple policies with different renewal dates and claims with paperwork from different departments is definitely a hassle for any organization. Compass seems like a solution that simplifies all of this and goes beyond on risk management allowing us to focus on core work.”
Compass caters to industries such as IT, manufacturing, logistics, and healthcare, offering tailored solutions for large corporates with specific risk management needs.
Advanced data insights for better decision-making
With advanced data analytics, Compass empowers corporates to proactively monitor risks and insurance portfolios. The platform offers a clear, consolidated view of an organization’s risk exposure, from asset registration to claims, allowing large organizations to stay ahead of potential issues.
PBFB’s ongoing commitment to large corporates
With over 4.2 crore policies managed, 1.7 crore customers, and 70K+ organizations served Policybazaar for Business has established itself as India’s largest insurance broker. Compass strengthens PBFB’s mission to provide large corporates with effective tools to manage their complex insurance needs. Compass is available for large organizations looking to improve their risk management processes.
Policybazaar for Business
Policybazaar for Business (PBFB) is the corporate insurance arm of Policybazaar, offering tailored insurance solutions for organizations/corporates. From Group health, Marine, Workmen compensation to Fire/property and liability insurance, PBFB serves a wide range of industries, ensuring comprehensive protection for corporate assets and liabilities. PBFB combines advanced technology with industry expertise to provide large corporates with efficient, reliable insurance and risk management solutions.
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