PBFB Reports 60% Growth in Demand for Professional Indemnity Insurance Among Indian Ophthalmologists • 60% growth in lead traffic from eye specialists • 80% growth demand from specialists in general • 125% increase in policies sold Gurugram, 27 November 2024 – Policybazaar for Business (PBFB), a leader in customized insurance solutions for healthcare professionals, has partnered with the Young Ophthalmologist Society of India (YOSI) to offer members better access to specialized insurance plans. PBFB realized a need to educate and support these doctors with risk management. Typically under the age of 40, these doctors are at high risk of litigation and have neither the necessary tools nor the means to navigate through its complexities. PBFB has noticed an upward trend in the demand for PI among Indian eye specialists this year. Since March 2024, there has been a 75% increase in the number of queries for PI from eye specialists in Tier-I cities and 100% in Tier-2 and Tier-3 combined. This reiterates that the need for awareness and better customization of insurance features for these doctors is highly pertinent. Through the partnership with YOSI, PBFB will be offering a) tailored coverage b) competitive premium rates as by virtue of its partnership with all major insurance companies. Central to the offering is the Doctor’s Professional Indemnity Insurance, designed to protect doctors from unexpected professional risks. Key benefits for YOSI members 1. Comprehensive Doctor’s Professional Indemnity Insurance Coverage ranging from ₹50 lakh to ₹3 crore, with premiums starting at ₹963 annually for non-surgeons and ₹1,181 for surgeons. 2. Dedicated Medico-Legal Support Panel A specialized support team available within four hours of any incident, offering expert legal guidance. 3. 24/7 Claims and Legal Assistance Round-the-clock support for resolving disputes, processing claims, and addressing medico-legal challenges. 4. Enhanced Pricing and Instant Policy Issuance Competitive premiums and instant delivery of policy documents for seamless coverage. 5. Tailored Risk Analysis Personalized evaluations to identify vulnerabilities and recommend optimal coverage. Commitment to 360-Degree Protection Speaking on this venture, Sajja Praveen Chowdary, Director and Head – PBFB, said, “Doctors face unique challenges in balancing their demanding roles with the legal and financial risks of their profession. PBFB will provide a dedicated relationship manager for all professional and personal insurance needs of members of YOSI, thereby providing them with 360 degree coverage. It is a milestone in our mission to empower medical professionals across India with essential insurance solutions.” Dr Aditya Sethi, Gurgaon-based ophthalmologist and member of YOSI, said, “Young surgeons do not have deep pockets but are at a high risk of litigation. It helps younger professionals to be more confident, more precise, and can help us become better doctors.” This collaboration marks a significant step toward bridging the gap in insurance accessibility and awareness among India’s young eye care professionals. PBFB remains committed to empowering medical practitioners through innovative and practical solutions, ensuring that they can dedicate themselves to their patients without fear of financial or legal repercussions. About Policybazaar for Business Policybazaar is the flagship platform of PB Fintech Ltd. & is one of India’s largest online insurance platforms. PB Fintech launched Policybazaar in 2008 to respond to Consumers’ need for more awareness, choice, and transparency and create a consumer-pull-based, provider-neutral model for insurance distribution. After becoming a household name and a default online destination in retail insurance, Policybazaar launched corporate insurance products through its insurance partners in 2021. The brand’s vision is to enable corporates, startups and SMEs across the country, through business insurance products, thereby, making them more resilient in the face of adversities and unforeseen risks. Today, Policybazaar has serviced more than 25,000 corporates and is relentless in its endeavor to empower corporates through accurate risk analysis and mapping the right solutions. Some of the big names from the industry who have placed their trust in Policybazaar include Axis Bank, Byju’s, Cars24, Colliers, Delhivery, FICCI, NSDL, IRIS Software, Quess Corp, Yatra and many more. (Disclaimer: The above press release comes to you under an arrangement with HT Syndication and PTI takes no editorial responsibility for the same.). PTI PWR PWR
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Rebecka Roberie