Policybazaar, the Indian online insurance marketplace, has concluded the second season of its unique employee-engagement contest aptly called, Jeeto Apna Ghar (JAG).
As the name suggests, the contest allows the top performers or insurance advisors an opportunity to win their own homes. This unique initiative has had two benefits. Not only has it pushed employees to go the extra mile and overachieve their targets, but it has dramatically reduced attrition in the salesforce by 50 per cent.
It is Policybazaar’s belief that loyalty has to be earned by the Company.
Launched in 2020, the Jeeto Apna Ghar contest recognises the insurance advisors who overachieve their yearly targets. The best 30 per cent insurance advisors were eligible for this contest, out of which 300 advisors were given lottery tickets basis their performance in FY21-22. These shortlisted performers won cash prizes from a Rs 3 crores pool. Each of the five winners was presented a house worth Rs. 25 lakhs on a lottery basis.
Not surprisingly, this self-sustaining employee experience programme has improved the Company’s retention record tremendously.
Next year, Policybazaar plans to increase the cash reward and recognise more of its insurance advisors. In addition to the top-performing 30 per cent employees, the Company has also shortlisted the next top 30 per cent and recognised them as ‘emerging stars’ who can win a car in next year’s contest.
Such initiatives ensure that the employees are emotionally invested in the brand and believe in its overall vision.
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”.
Sarbvir Singh, CEO, Policybazaar.com, admitted that the employees are “the real strength of Policybazaar” and that is why, “they deserve an extra push; they deserve industry-best rewards”.
The organisation strives “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.”
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