Insuretech POSP Behemoth Turtlemint Clocks 110 % Growth in Pandemic Year

Focus on digital model with 120,000+ advisors ensures high health insurance penetration in Tier 2 & 3 cities.

Mumbai, August 31, 2021: Turtlemint, India’s largest POSP InsurTech platform leveraged it’s unique (advisor meets customer via platform) hybrid model and is one of the few rare companies to clock an incredible growth amidst one of the toughest business years in recent times.

Turtlemint- One of the pioneers in the offline-online model in India, currently operates the largest PoSP networks in the country through its presence in more than 5000+ metros, cities, and towns covering 14,000+ pin codes. It has more than 120,000 advisors on board who use the platform to access multiple insurance products and ensures penetration to the grassroots. The company plans to further expand its network across India with an aim to on board 1 million advisors by FY 25. Further, it is upbeat about covering all 19,000 pin codes in India by penetrating deeper into tier II and tier III cities, in alignment with the national agenda of financial inclusion.

Turtlemint saw a growth of 110% in health insurance in Q1 FY 2021-22 as compared to Q1 FY2020-21. It also saw a growth of 161% coming from Gujarat and Maharashtra during the same period. The average sum insured for health policies increased by 21% as compared to the same quarter last year. Also, the number of lives covered per policy went up to 3.1 in Q1 FY 2021-22 from 1.9 in Q1 FY2020-21.

Mr. Dhirendra Mahyavanshi, Co-Founder, Turtlemint said, “We recognised early on that insurance advisors are the most integral cog in the insurance ecosystem as most people are inclined to purchase insurance from their trusted advisor. Which is why we have always focused on empowering insurance advisors with the right technology tools that can help them educate their customers about insurance, create seamless customer interactions and on-boarding, and even upskill themselves.

Dhirendra

As a result, Turtlemint advisors have done almost 2.5x times their regular business by adopting the digital tools. Thus, achieving this significant milestone of adding 1,20,000 insurance advisors on our PoSP network is not only a validation of our efforts but indicative of the fact that we are already a few steps closer to achieving our overarching goal of universal insurance. We have remained tethered to our offline-online approach and this has helped us grow at a strong clip even during the challenging environment that stemmed from the COVID-19 pandemic ”.

At a time when digital companies are planning to open brick and mortar distribution channels to expand their business, Turtlemint, with its unique PoSP model and commitment to core values, continues to be a market leader and grow in the Online space.

The proprietary mobile application of Turtlemint which has more than 1 million downloads has empowered the insurance advisor with various digital tools. Through the single window application the advisor can offer more than 100 products from 50+ insurers across heath, motor & life insurance products to their clients. Quotes can be done within 2 minutes with an elaborate comparison. Information like brochures, educational videos, blogs etc. can be shared through email, whatsapp to the customers. Instant issuance of policies, lead management system, online training & certification, educational video content and courses to upskill an advisor are important feature of the application.

About Turtlemint

Turtlemint.com was started in April 2015. Founded by IIT-B & IIM-C alumni, with a combined work experience of more than 30 years in insurance and technology companies. Today, the platform has a PoSP network of over 120,000 that cater to more than 1.5 million customers. It has also fostered partnerships with an overwhelming majority of Indian insurance providers. Headquartered in Mumbai the company offers insurance advisory solutions through the mobile platform and has a Pan India presence in more 5000+ metros, cities, and towns.

InsureTech Startup Turtlemint Raises $25 Mn from Sequoia India

Mumbai-headquartered online insurance distribution platform Turtlemint has closed a $25 million funding round led by Sequoia Capital India along with contribution from existing investors Nexus Venture Partners and Blume Ventures.

This startup will use the latest funds to further scale up their digital network across India.

So far, Turtlemint has raised a total of $31 million in funding over three rounds, according to the data by Crunchbase.

Founded in 2015, by Kunal Shah, Anand Prabhudesai and Dhirendra Mahyavanshi, Turtlemint provides recommendations to customers based on proprietary algorithms and data analytics. It caters to about 25,000 licensed insurance experts (PoSP’s), across 700 cities, to help customers select and complete their insurance purchase using their proprietary MintPro app.

“A lot of customers, while depending on online research to learn more about the available policies, ultimately prefer to buy their insurance from an intermediary they can personally interact with. We developed MintPro to bridge this online-offline gap," said Dhirendra Mahyavanshi, one of the Co-founders of Turtlemint.

"This model has helped Turtlemint to provide insurance for customers and has widened career opportunities for insurance agents across Tier II cities in India," he said.

Anand Prabhudesai, Co-founder, Turtlemint, said that the app helps PoSP’s sell multiple insurance policies from different companies to their clients — ranging from life to health to motor insurance — through a simple online process that requires no paperwork. “It’s all done on their smartphones,” he said.

Commenting on the funding, Harshjit Sethi, Principal, Sequoia Capital India Advisors, said: “Turtlemint has pioneered a new model that is not only bringing new agents into the insurance domain but is also helping them become more productive and effective with their customers by making them digitally savvy. Sequoia India is excited to partner with them from the early stages — the company is growing at a very fast clip and is well on its way to transforming insurance distribution in the country.”

Anup Gupta, Managing Director, Nexus Venture Partners, said that the digitization of the insurance value-chain is a huge opportunity and benefits all the participants — customers by providing access to the right products, agents through significant business growth and productivity and insurers through improved transparency. “We have been impressed by Dhirendra’s and Anand’s vision and execution of transforming the insurance ecosystem by working in close collaboration with agents and insurers; and are privileged to have partnered with them from the concept stage,” he said.

Turtlemint competes with MintWise, Coverfox Insurance, and BankBazaar.com. However, other players such as PayTM amd flipkart are also entering online insurance market.

Paytm, which began operations in 2010 as a digital wallet service, has now diversified into financial services, and is looking strongly to cash in on insurance premiums. In February 2017, Paytm registered two insurance entities, Paytm Life Insurance Ltd and Paytm General Insurance Ltd with the Registrar of Companies (RoC).

In May last year, Acko Technologies, an Insur-tech startup based out of Mumbai, had raised $12 million in a funding round led by Amazon Inc.

In the same month, Gurgaon-based digital-only insurance platform Toffee Insurance had raised $1.5 million in seed funding from Kalaari Capital, Omidyar Network and Accion Venture Lab.

Source - Business Line