Policybazaar, India’s largest online insurance marketplace, recently concluded Season 2 of its award-winning employee engagement contest, Jeeto Apna Ghar (JAG).
Launched last year, this contest gives Policybazaar’s top-performing insurance advisors an opportunity to win their own homes. A one-of-its-kind initiative, Jeeto Apna Ghar has not only helped Policybazaar overachieve yearly targets but has also helped bring down the attrition rate of our sales workforce by 50% from last year.
At Policybazaar, the company believes that employees’ loyalty must be earned by the organisation. This contest is an initiative with the same objective.
Jeeto Apna Ghar is a contest which was designed in 2020, during the COVID-19 pandemic. In Season 2 of this contest, those advisors who had overachieved their annual targets were recognised.
The top 30% of insurance advisors were eligible for this contest. Out of these, 300 advisors were given a lottery ticket based on their performance in FY21-22.
These shortlisted performers won cash prizes from a pool of Rs. 3 crores in this programme. A house of Rs. 25 lakhs each was awarded to five winners of the Jeeto Apna Ghar contest on a lottery basis.
Policybazaar constantly strives to be an employee-centric organisation. The contact centre advisors have worked round the clock to bring India closer to the dream of ‘Har Family Hogi Insured’, and their spirit deserves to be applauded.
As Yashish Dahiya, Group CEO and Chairman, Policybazaar.com put it, “We as an organisation see employee incentives as a celebration of our brand’s exemplary performance. It is only when our employees grow that the organisation grows. These are the people for whom we should and will always go over and above our limits in terms of rewards. This is the whole idea behind Jeeto Apna Ghar.”
Sarbvir Singh, CEO, Policybazaar.com, added, “This is the highlight of the year for me. JAG is a symbolic gesture towards our employees. My belief is that these are the people who are the real strength of Policybazaar. They deserve an extra push; they deserve industry-best rewards. We strive to make this programme bigger every year and make sure that every insurance advisor at Policybazaar is able to make Rs. 1 lakh a month as an incentive.”
This programme has helped Policybazaar clock an attrition rate of 13% of its top performers and make its employee retention record an industry benchmark. This is a self-sustaining employee experience programme for the company to recognise and reward the best performers.
Next year, Policybazaar aims to increase the cash reward and recognise more of its insurance advisors. Apart from the top 30% eligible employees, the company has also shortlisted the next top 30% and recognised them as ‘Emerging Stars’ who could win a car in next year’s programme.
The ethos of the brand is rooted in a passion for making every Indian household financially secure. The leadership believes that this can be achieved only if every employee, too, is emotionally invested in the brand and believes in our overall vision.
