A product-first company faces a lot of daily challenges. These situations arise from building an excellent product, collecting proper feedback, and making changes in the process to ensure sustenance.

PolicyBazaar is one such product company that hacked its way to the top and became a world leader in its domain. It is an insurance aggregation website and application that provides users with end-to-end services.

Ashish Gupta, the CEO of DocPrime.come and tech-evangelist with PolicyBazaar has many interesting approaches to develop and scale products rapidly.

From Lead-Generations to Digital Transformation

At first, PolicyBazaar aimed at being a marketing company. They loved the idea of sitting in a room of twenty people to make a business of lead generation for insurance providers. It was a low-cost model until they implemented the idea, only to be sure that they are not adding any value. They began to notice that the leads they generated were going to waste, and the cluttered market could do better. This insight is what helped PolicyBazaar to make a pivot to an aggregator.

The aggregator is a tedious model because it comes down to a number-driven approach. You could no longer make sales based on just "good lead," you actually have to make a sale. Over time the efforts paid off, and they were creating a storm in the market. They made all the changes to ensure the product was perfect and easy to use. The fact that it was still a nascent market, gave them the chance to build an audience for the product.

"Ask your parents; buying a policy digitally would seem impossible."