· Serves over 5,00,000 customers through a strong network of 50,000 agents having an annualized premium run rate of Rs. 900 crores
· Uses algorithms and data analytics to build consumer’s financial security
New Delhi, May 7, 2019: Tech-based platform, Turtlemint is fast emerging as a leader in the insurance distribution space, by leading the early adoption of the PoSP(Point of Sales Person) model. With a strong network of over 50,000 agents having an annualized premium run rate of Rs 900 crores providing superior service to over 5,00,000 customers across 800 cities, Turtlemint aims to expand network by skilling, training agents in order to scale up their digital footprint and enhance insurance penetration across the country.
Though insurance is a vital product for consumers in India, there is a lack of knowledge that persists in making the right buying decision. Online research complemented with offline agent support does not always lead to a happy ending. The PoSP model of Turtlemint has created a smooth online plus offline experience for customers by providing tailored solutions from a variety of products and insurance players, basis proprietary algorithms and data analytics. It has also helped simplify complex information for the consumer, provide quick response to queries and expert claims support. Turtlemint’s multi language mobile application under its Digital Partner Program, helps agents save time and make more money by offering comprehensive product options and paperless transactions.
Turtlemint Co-Founder Mr. Dhirendra Mahyavanshi said, “During my stint at ICICI Lombard, I had identified the lack of the right insurance knowledge amongst agents & low insurance penetration in tier 2 & tier 3 cities. Around 4 years back, when the authority issued a circular introducing a new type of distribution model called Point of Sales Person, we were the first to identify this opportunity, started Turtlemint and built the platform riding on that wave. We realized the influence of the PoSP model in enabling disruptive changes in the insurance industry and how technology adoption could immensely enhance the overall end consumer experience. Even the experts in the space did not realize the significance of the change and what impact it could have on the industry. We are the market leaders by far, and continue to stay ahead of the curve.” He added, “We aim to enhance our services by providing tailored content with multidimensional information which can substantiate the offerings provided by our skilled set of PoSPs. We shall continue to strive for operational excellence and client centricity by training of PoSPs and investment in new age technologies. The wave is enabling immense possibilities and the future certainly appears exciting for the industry.”
“We have always worked towards enabling a transparent and conducive ecosystem to provide fast and tailored solutions to our customers. Our PoSP model has been a catalyst in making it a possibility. There are many products and services available in the market. It is very difficult for a consumer to make an informed decision. We, with the help of our PoSPs create and sustain a strong connect with the end consumer so that they can trust as well as rely on us for any insurance pertaining query or claim support” said Mr. Anand Prabhudesai, Co-Founder, Turtlemint.
The company has raised a USD 25 mn funding round led by Sequoia India, Nexus Venture Partners with participation from Blume Ventures.
Turtlemint believes in bringing complete transparency, assistance, accountability to the insurance buying & claim process by providing recommendations to customers based on proprietary algorithms and data analytics with an aim to build the consumer’s financial security. In spite of being an InsureTech player, Turtlemint has sustained its human connect with a mix of technology as a premise of its business assuring last mile connectivity with end consumer.
About Turtlemint: Started in April 2015 – based in Mumbai, Founded by IIT-B & IIM-C alumni, combined work experience of more than 30 years in insurance and technology companies in India and the US. The company’s current employee strength is ~800+ with an engineering and product team of 70+ members. The company is backed by top-tier VCs in the country including Nexus Venture Partners, Sequoia India and Blume Ventures