Gurugram, October 10, 2024 – Policybazaar for Business (PBFB), the corporate division of India’s largest insurance marketplace, today announced the launch of its new platform, ‘Compass’, to simplify insurance portfolio and risk management for large corporates. Is designed for. The platform reflects PBFB’s commitment to ensuring that large organizations better manage their risks with greater efficiency and control.
Compass provides large corporates with a centralized way to manage their complex insurance portfolios, increasing transparency and improving operational efficiency in risk management. With features like automated tracking, real-time updates, and seamless integration with ERP systems, organizations can reduce manual processes, mitigate risks, and ensure compliance across their operations.
Solving key challenges for large corporates
Large organizations often face unique challenges when managing risk and having multiple insurance policies spread across multiple locations. From broken communications across departments to missed renewal deadlines, these issues can create significant inefficiencies. Compass addresses these challenges by offering the following:
- 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 mismatches in asset valuation, policy renewals and missing documents to prevent underinsurance or delays in claim settlement.
- Easy integration: Sync existing corporate systems with Compass for streamlined document management.
- Real-time monitoring: Tracking claims, risk inspection timelines, policy status in real-time, ensuring large corporate heads stay on top of risk management and risk mitigation processes.
Supporting large corporates in risk management
Sajja Praveen Chaudhary, Director and 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 decisions. The platform is designed to assist large corporates with their compliance, risk management and security of key assets and personnel.
Abhishek Garg, Head of Insurance, SAEL Industries,added, “Handling multiple policies with different renewal dates and handling claims with paperwork from different departments is definitely a hassle for any organization. Compass appears to be a solution that simplifies all this and moves beyond risk management and allows us to focus on the core business.
Compass serves industries such as IT, manufacturing, logistics and healthcare, providing 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 provides a clear, consolidated view of an organization’s risk exposure, from asset registration to claims, allowing larger organizations to stay ahead of potential issues.
PBFB’s continued commitment to large corporates
With over 4.2 crore policies under management, 1.7 crore customers and serving over 70 thousand organisations, Policybazaar for Business has established itself as India’s largest insurance broker. Compass reinforces PBFB’s mission to provide large corporates with effective tools to manage their complex insurance needs. Compass is available to larger organizations that want to improve their risk management processes.
About PolicyBazaar for Business
PolicyBazaar for Business (PBFB) is the corporate insurance arm of PolicyBazaar, offering customized insurance solutions for organizations/corporates. From group health, marine, workers 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 efficient, reliable insurance and risk management solutions to large corporates.
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