Revolutionizing The Insurance Industry: Dhirendra Mahyavanshi, Co-Founder, Turtlemint Turtlemint embarked on an entrepreneurial journey with a mission to revolutionize the insurance industry in India in 2015.
By Kabir Singh Bhandari •
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Turtlemint embarked on an entrepreneurial journey with a mission to revolutionize the insurance industry in India in 2015. Introduced as a digital platform to assist financial advisors in understanding their customers' needs and offering suitable insurance solutions, they enable advisors to quickly match each customer with a tailored suite of products, eliminating the cumbersome paperwork.
"Early on, we identified a common challenge faced by customers in navigating the complexities of insurance policies and finding the right coverage. With limited access to suitable insurance solutions in India, consumers struggled to identify the optimal policy. To address this, we focused on developing a personalized insurance platform that leverages algorithms and data analytics to provide tailored recommendations. To meet the needs of customers, we equipped insurance advisors with digital tools, training, and knowledge to offer timely and accurate advice, customized solutions, and a seamless online buying experience. Consequently, our platform has now become a trusted resource for over 3.5 lakh insurance advisors, enabling them to better serve their customers and ensure satisfaction," Dhirendra Mahyavanshi, co-founder, Turtlemint, explained to us.
The insurance industry in India has witnessed significant growth and is projected to become the sixth largest market by 2032, according to Swiss Re. The increasing awareness among individuals and businesses regarding the importance of insurance has contributed to this expansion. Government initiatives promoting insurance coverage and digitalization have also played a significant role in improving accessibility. The emergence of technology-driven platforms has made insurance products more convenient and affordable for consumers, further fuelling the sector's growth. With all these factors combined, Turtlemint has amassed approximately 4 million customers and the sale of over 7 million policies. Collaborations through their enterprise platform Turtlefin have also been pivotal in their growth journey. Through their user-friendly multilingual app, they have successfully expanded their reach, particularly in tier-2 and tier-3 cities, with their advisors present across 17,000 pin codes in India.
They have also set their sights on expanding into overseas markets. Building on existing partnerships in the UAE, including big players like Continental Group and Masreq Bank, they have established their first overseas office in Dubai. They plan to further expand into key geographies in the Middle East and Southeast Asia.
Their key strength lies in simplifying insurance and empowering Point of Sales Persons (POSPs) through their digital-first approach. "Our app-based platform provides comprehensive information, policies, training modules, and a hassle-free onboarding process for customers. By digitizing the entire onboarding process, we make it convenient for customers while enabling agents to offer personalized recommendations. Adopting a SaaS model, we excel in the insurtech space. We are committed to our goal of creating over 1 million insurance entrepreneurs and contine to expand our presence in tier 2, tier 3 cities, and beyond," says Mahyavanshi.
Fact Sheet
- Year of inception of the company: 2015
- No. of employees: 3000+
The author can be reached at bkabir@entrepreneurindia.com and Instagram.com/kabirsinghbhandari
