PolicyBazaar sells various types of policies like Life Insurance, Health Insurance, Car Insurance, Two-Wheeler Insurance, etc. Instead of estimating for all these categories, let's take one - Car Insurance - and estimate for that.
- As of 2018, there were approximately 230 million registered vehicles in India. Assume around 20% of them are four-wheelers, so 46 million cars.
- A car insurance policy is typically annual, so every car would require insurance renewal or purchase once a year. So, in a month, approximately 46M/12 = 3.8 million cars would require insurance.
- Assume around 10% of these insurances are processed via PolicyBazaar, we get 380,000 car insurance policies sold via PolicyBazaar in a month.
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