Policybazaar will be giving away Rs 25 lakh each so that ten top-performing insurance agents can buy a home.
The company introduced the ‘Jeeto Apna Ghar‘ (Win your home) incentive programme in April last year. The top 25% performers of FY2019-20 were eligible for entering the programme and the winners were chosen based on their performance in FY2020-21.
Chief operating officer Sharat Dhall said the winners could choose a home, a builder or a piece of land, and Policybazaar would deposit the money into the builder’s account.
“The fact that they were working from their own homes and are still delivering outstanding performances, we felt it was only right to reward them,” said Dhall.
Dhall said attrition among the top quartile had reduced by 30% in FY2020-21, compared with the year before. An interval survey showed that the programme, as well as initiatives like the CEO sending a letter to the parents of top performers informing them of their sons’ achievements had instilled a sense of pride and increased the morale among the employees during a difficult pandemic year, he said.
This cohort has already won more than Rs 3 crores as cash prizes so far under the programme, said Dhall. This is over and above the regular incentives that all the insurance agents are eligible for every month, which include two-wheelers, refrigerators and televisions.
Out of around 500 top performers who are eligible for the prize of Rs 25 lakh each, ten will get the reward on a lottery basis.
The company plans to continue with the rewards programme this year as well, where the top quartile of FY21 will be eligible for enrolling, Dhall said.
Policybazaar, an insurance aggregator and fintech company, last week received an insurance broking licence as well, which now makes it eligible to settle claims and earn commissions for policies sold or renewed on its platform.