Alok Bansal : Co-Founder of PB Fintech Ltd (Policybazaar & Paisabazaar)

Alok Bansal is one of the co-founders and executive vice chairman of PB Fintech Ltd, the parent company of Policybazaar and Paisabazaar. He ...

Alok Bansal is one of the co-founders and executive vice chairman of PB Fintech Ltd, the parent company of Policybazaar and Paisabazaar. He is also in charge of strategy, inorganic growth, corporate development and investor relations at the company. In this blog post, we will learn more about his journey, achievements and vision for the future of online insurance and lending in India.

Alok Bansal graduated from Kanpur University with a B.Tech degree in engineering in 1997. He then worked as a service engineer at Voltas Limited for two years before joining General Electric as a manager in 2001. He spent four years at GE, where he gained valuable experience in business management and corporate strategy. He then pursued his PGDM from Indian Institute of Management, Calcutta, graduating in 2001.

After his MBA, Alok Bansal joined iGate Global Solutions as a business manager in 2005. He then moved to Mahindra & Mahindra as a senior manager of corporate strategy in 2006. In 2007, he joined First Europa, an online insurance aggregator based in Europe, as the finance director. It was here that he met Yashish Dahiya, who was the CEO and co-founder of First Europa.

The duo decided to start their own venture in India, sensing a huge opportunity in the online insurance space. They launched Policybazaar.com in 2008, along with another co-founder Avaneesh Nirjar. Policybazaar.com aimed to provide a transparent and convenient platform for consumers to compare and buy insurance policies from various insurers. The company faced many challenges in the initial years, such as low internet penetration, lack of trust among customers and regulatory hurdles.

However, Alok Bansal and his team persevered and overcame these obstacles with innovation, customer focus and strategic partnerships. They introduced features such as free quotes, unbiased advice, claim assistance and online renewal. They also partnered with leading insurers, banks, telecom operators and media houses to reach out to a wider audience. They also raised funds from various investors such as SoftBank Vision Fund, Tiger Global Management, Info Edge India Ltd., Temasek Holdings and others.

Today, Policybazaar.com is India's largest online insurance marketplace, with over 50 million visitors per month and more than 10 million customers. The company offers products such as life insurance, health insurance, motor insurance, travel insurance and term insurance from over 50 insurers. The company claims to have sold over 1.5 crore policies till date and saved over Rs 35,000 crore for its customers.

Alok Bansal is also instrumental in launching Paisabazaar.com in 2014, which is India's largest online lending marketplace. Paisabazaar.com offers products such as personal loans, credit cards, home loans, business loans and mutual funds from over 100 partners. The company has disbursed over Rs 50,000 crore of loans till date and has served over 40 million customers.

Alok Bansal has been recognized for his achievements and contributions to the fintech industry by various awards and honors. He has been named as one of the top 100 CFOs in India by CFO India Magazine in 2016. He has also been a speaker and panelist at various events and conferences such as TiECON Ahmedabad, Goldman Sachs Fintech Conference – Asia Pacific 2015, ET Entrepreneurship Summit 2015 and others.

Alok Bansal is passionate about building a scalable and sustainable business that can create a positive impact on society. He believes that technology can enable financial inclusion and empowerment for millions of Indians who lack access to formal financial services. He also envisions a future where online platforms can provide personalized and customized solutions for every customer's needs.

Alok Bansal is an inspiration for aspiring entrepreneurs who want to make a difference in the world with their ideas and innovations. He is also a role model for young professionals who want to learn from his experience and expertise. He is a leader who combines vision with execution and innovation with excellence.

Know More About  Alok Bansal And Policybazaar:

Alok Bansal, one of the co-founders and executive vice chairman of PB Fintech Ltd, the parent company of Policybazaar and Paisabazaar. 

Alok's journey, achievements and vision:

- Alok Bansal graduated from Kanpur University with a B.Tech degree in engineering in 1997 and then worked as a service engineer at Voltas Limited for two years.

- He joined General Electric as a manager in 2001 and spent four years there, gaining valuable experience in business management and corporate strategy.

- He pursued his PGDM from Indian Institute of Management, Calcutta, graduating in 2001.

- He joined iGate Global Solutions as a business manager in 2005 and then moved to Mahindra & Mahindra as a senior manager of corporate strategy in 2006.

- He met Yashish Dahiya, who was the CEO and co-founder of First Europa, an online insurance aggregator based in Europe, in 2007 and joined him as the finance director.

- He co-founded Policybazaar.com with Yashish Dahiya and Avaneesh Nirjar in 2008, aiming to provide a transparent and convenient platform for consumers to compare and buy insurance policies from various insurers.

- He faced many challenges in the initial years, such as low internet penetration, lack of trust among customers and regulatory hurdles, but overcame them with innovation, customer focus and strategic partnerships.

- He raised funds from various investors such as SoftBank Vision Fund, Tiger Global Management, Info Edge India Ltd., Temasek Holdings and others.

- He launched Paisabazaar.com in 2014, which is India's largest online lending marketplace, offering products such as personal loans, credit cards, home loans, business loans and mutual funds from over 100 partners.

- He is also in charge of strategy, inorganic growth, corporate development and investor relations at PB Fintech Ltd.

- He has been recognized for his achievements and contributions to the fintech industry by various awards and honors such as being named as one of the top 100 CFOs in India by CFO India Magazine in 2016.

- He has also been a speaker and panelist at various events and conferences such as TiECON Ahmedabad, Goldman Sachs Fintech Conference – Asia Pacific 2015, ET Entrepreneurship Summit 2015 and others.

- He is passionate about building a scalable and sustainable business that can create a positive impact on society by enabling financial inclusion and empowerment for millions of Indians who lack access to formal financial services.

- He also envisions a future where online platforms can provide personalized and customized solutions for every customer's needs.

- He is an inspiration for aspiring entrepreneurs who want to make a difference in the world with their ideas and innovations. He is also a role model for young professionals who want to learn from his experience and expertise. He is a leader who combines vision with execution and innovation with excellence.