insurancemall.in – Another marketing product than Engineering master piece

after reading the press release at alootechie.com this morning. Thought will start my day by checking how much will my next trip travel insurance cost. Keeping in mind insurancemall.in is promoting the site as tool to click,compare and buy, what saved them from me  not writing really bad stuff about the portal is its claim to be in beta version.

Insurancemall.in trys to approach the insurance problem from a different perspective. Rather than going the marketplace approach they try the knowledge base customer to product mapping. Though approach is really good keeping in mind still lot of people in India do not add exposure to insurance in their portfolio. But the site looks like more of a scam to collect data about customers and get in touch with them off line instead use a software to map the data collected to a knowledge base and offer products based on returns expected or kind of risk background customers come from . Though they do list out type of insurance available for businessmen or software professionals their inability to even provide definition on them and request for information act as a deterrent’s for a first time site user.

Anyway getting  back to travel insurance product for visit to UK.  They could have had a much more simpler questionaire like instead using insurance companies language simple english like which part of the world you visiting, australia,europe,us etc. Even if you let go of this then the form never had my age group. It looks like insurancemall offer travel insurance for people above age group of 76 years +. I think so this do leaves out a large population of india they could have reached out to.

Insurancemall

the motor vehicale premium calculator also gave out errors on trying out.Motor vehicle premium calculator

overall it looks like their is still scope in market for development of a better online insurance portal which is engineering driven instead of marketing driven.

20 Responses to “insurancemall.in – Another marketing product than Engineering master piece”


  1. 1 Mahavir Chopra March 7, 2007 at 2:55 pm

    Dear Siddharth,
    Thanks for your candid feedback on insurancemall.in
    We will use your feedback to make imi better.
    In Travel Insurance – you tried $25000 – this is the highest cover which a person can get at age 76+.
    If you a $100000 cover – as $25K is not sufficient cover abroad – you will get an option of a 6mths baby also.
    Thr products are offered by Insurance companies. IMI is only acting as an engine to help customers to compare and buy Insurance.
    You are right that – IMI has a long way to go…but it is definitely a nice initiative from a start-up.
    Thats also the reason why it is called beta.

    another thing is IMI is the only website – which offer the customer management of yout portfolio. You get reminders for your renewal of policy.

    Anyways thanks for reviewing the site. We will sincerely work on these issues – including the bug in Motor.

    Thanks
    Mahavir
    IMI.

  2. 2 Sid Puri March 7, 2007 at 3:04 pm

    Hi Mahavir,

    thanks for leaving feedback to the post. Its good to see startup caring about how the blogsphere reacts to their products.

    In the travel insurance if minimum amount cover which can be provided is determined on the basis of age than in the flow of criteria’s to be selected first why not ask age and then give drop down on type of covers available. As you are drilling down based on user requirements not trying to determine users based on products.

    Cheers and best of luck with your product

  3. 3 Mahavir Chopra March 7, 2007 at 3:17 pm

    Thanks a ton Sid…for your reply…

    While you replied – we have already started working on this. You will definitely see the changes within a few days from now… as our vision is to make a very user friendly product on the web.

    Thanks again…

    Like to hear more from you on IMI…
    my contact is mahavir@bonsaiinternational.com

  4. 4 Moksh May 1, 2007 at 6:55 pm

    Hi Guys,
    Have you visited the site lately??
    The errors mentioned above have been rectified.
    Also, http://www.insurancemall.in is now live on Travel Insurance, Health Insurance, Personal Accident Insurance , Home Insurance.

    I inquired for one of my uncle’s Overseas Insurance (He is aged 80) through email – and received a very prompt reply with practical solutions.

    Good initiative.

    Moksh

  5. 5 rakesh October 27, 2007 at 11:48 pm

    There is another player giving the power of comparison for Insurance seekers- Bimadeals- though their model is a hybrid of online + offline. They ask u to fill a form & based on your profile/requirements etc send it to 3-4 insurance companies….
    I feel they will surely add purely online also in their process. Only advantage i see in their hybrid model is that I can speak to 3-4 warm bodies & do comparison before I buy- but would definitely want to see them allow me to buy online itself- which i think is a great plus for insurancemall.

  6. 6 RANJAN SINGH November 12, 2007 at 4:42 am

    Hi Rakesh..

    Thanks for comparing http://www.insurancemall.in with BimaDeals.com but honeslty there is no comparison. Bima deal, as put put Sid is only a database collection site pushing the services through aggresive SEM.

    I tried putting an Insurance Query on BimaDeal and only One Insurance company called after 3 days, whereas with InsuranceMall.in I can take an informed decision on-the-spot from given many options and also buy the Policy Online. So, I guess, InsuranceMall is the best transactional site available for Indians as on today. Interestingly, one can also buy American Insurance as well from the American Page.

    Ranjan

  7. 7 BimaDeals November 24, 2007 at 3:10 pm

    We at BimaDeals are happy to see people talking about us & the other players in the industry. Though we are a start up taking its baby steps, its v exciting to see the positive customer response.

    As of today we are showing higher traffic than IMI & Insurancepandit on both Alexa & trafficestimate.
    We are fully committed to provide Indian Insurance seekers a superior online experience & that will guide us in our journey ahead. If the market tells us to sell policies online we will. Only time will tell.

    Meanwhile our thanks to our customers/applicants for partnering us in this exciting journey.

  8. 8 Suresh Nair December 14, 2007 at 4:54 pm

    Hey guys…I just landed up here…while searching for something on Insurance. I have been in both the markets (Insurance and Internet) and different points in time…and let me tell you….putting a lead generation good looking site…and actually delivering products of 10 different Insurance Companies in time is a different ball game alltogether. InsuranceMall is a huge website with no. of features and the company seems to have depth. Bima Deals is a forms website…and has a long way to go. By putting marketing dollars on table, you can generate good traffic through SEM/Google Marketing…but it there has to be a strong back-end…which Bimadeals will take time to deliver.

  9. 9 Manish K. Jaiswal December 14, 2007 at 8:18 pm

    Dear Friends :

    It is an honor to address such an active and learned Netizens and Critiques . Sid Puri started the inspection trail on http://www.insuranceMall.in and was commented by Moksh / Ranjan / Suresh / Rakesh and Bimadeals. Today every famous Blog or NewsandReviews Board has some comments on InsuranceMall. Fortunately for us, most of them have appreciated the InsuranceMall Site, its Content and its true Transactional Abilities.

    The fact of the matter is that we welcome competition and customers alike. I think competition is doing a great job today for us as they are educating masses that Insurance could be bought Online. Because, I remember sitting with one learned VC around 12 months back in Delhi and he debated for an hour, that Online Insurance is an impossible concept for India. But here we are, in flat 120 days, we have Bimadeals / Getmeinsure / insurancepundit coming and changing the dynamics on Online Insurance Purchase in India by 360 degree.

    We at InsuranceMall has the First Mover Advantage and of Course our site is most advanced akin to GEICO / Esurance.com of USA, but we appreciate the contribution done by our Online Insurance fraternity mentioned above, who may be our competition today. We cant also forget support provided by ICICI Lombard and Bajaj Allianz on the Online Insurance Space, because they started the trend.

    We exist today because we sell over 100 policies online every day across India / USA, which would not have been possible, if we were alone in the industry. So, I take this opportunity to thank every one to keep us motivated to do more for the industry and the end consumers. I invite all of you to take a dip into our State-of-the-Art Manage your Portfolio Feature. It will bring smile on your face, as this kind of feature is not available any where in the Online Insurance World, let alone India.

    Cheers for your support and your interest in InsuranceMall – India’s No 1 Compare and Buy Independent Insurance Portal.

    Manish K. Jaiswal
    CEO – Bonsai Insurance Brokers
    manish@bonsaiinternational.com
    http://www.insurancemall.in – India Shoppe
    http://usa.insurancemall.in – USA Shoppe
    India No : + 91 22 30503050 USA No : +1 201 792 8924 USA Mobile : +1 646 644 3049
    Bonsai in News!! : NDTV Profit, The Hindu, Outlook Money, Indian Express, WallStreet Journal- Mint , ExpressMoney.in

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