Bridging The Gap In Insurance For Turtlemint, insurance is an important risk mitigation tool. The company is empowering advisors with a set of digital tools and training materials
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
For Turtlemint, insurance is an important risk mitigation tool. The company is empowering advisors with a set of digital tools and training materials that would help anyone purchase the right insurance policy in a seamless and efficient manner.
"We understand that insurance advisors are the most important segment in the insurance market and drive approximately 80 per cent of the sales. At the same time, we firmly believe that technology, with its ability to reach the grassroot level and make insurance buying a seamless process, has to be an integral part of the solution. Thus, we empowered the insurance advisor with the right set of digital tools. We aim to create 1 million financial advisors by 2025 and holistically drive insurance penetration in the country. We have already successfully embarked on this journey and in just five years, we have onboarded approximately 1.4 lakh insurance advisors," said Dhirendra Mahyavanshi, CEO and co-founder, Turtlemint.
The platform has onboarded approximately 34 lakh customers, sold around 42 lakh policies and processed claims in excess of INR 30 crore. Through TurtlemintPro app, advisors can access a wide array of digital tools that can help them upskill, digitally onboard clients and recommend the right policies to the right people.
The company shares good relations with the government. The sandbox initiative has helped them develop ideas in a more relaxed environment. "It has helped us in innovation and added exponential value to the ecosystem. So far, our experience with the government has been great."
Talking about the growth strategies, the CEO said, "In India, the insurance penetration currently stands at 4.2 percent of GDP which is significantly lower than the global average of 7.4 of GDP. Clearly, the opportunity to grow and drive insurance penetration in the country is immense. Our approach has always been to harness the collective power of technology and human interventions to create an offering that can holistically meet the needs of the end customer while elevating the ecosystem. While we will continue to stay tethered to this approach, going forward, we intend to further leverage technology to envisage more nuanced solutions."
The technology and expertise invested in creating TurtlePro app is now being made available to institutions via Software-as-a-Service. "Our newest offering via Turtlefin enables institutions like banks to seamlessly create an insurance digital platform or a sales platform. Further, it allows e-commerce platforms to easily offer embedded insurance to its customers. The best part is that our solutions can be easily executed via plug-and-play APIs."
Amount of funding received - $ 69M
Year of inception - 2015
Number of employees - 2000+
No. of app downloads - 1 million +
Current Turnover - We are growing at a rate of 100% y-o-y and are on track to closing FY 2022 with a Rs. 500 crore revenue run rate.