Policybazaar, an 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. The initiative 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.
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 JAG contest on a lottery basis.
Yashish Dahiya, Group CEO and Chairman, Policybazaar.com shares, “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, informs that the programme will get 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.