Get All Access for $5/mo

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

By Shrabona Ghosh

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company handout

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."

Fact sheet:

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.

Shrabona Ghosh

Correspondent

A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 
Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Business News

'I'm Not Trying to Land on Mars': Mark Cuban Takes Dig at Elon Musk to Explain Why His Online Pharmacy Isn't Trying to Make More Money

Mark Cuban Cost Plus Drug Co. is an online pharmacy co-founded by Cuban and radiologist Alex Oshmyansky.

Business News

'It's Not About You': How to Fire Someone Effectively, According to Kevin O'Leary

O'Leary says that if you can't fire someone, you aren't the right leader for the organization.

Innovation

4 Tips for Developing a Product Around an Unknown Concept

If you're a trailblazer in a novel space, here are four ways to forge ahead.

Marketing

Your Most Powerful Marketing Weapon Is Hiding in the Finance Department — Here's Why

Transform your marketing leadership by turning finance from a barrier into a strategic ally. Learn how aligning with your finance team can drive unprecedented growth and innovation.

Leadership

Should I Stay or Should I Go? 8 Key Points to Navigate the Founder's Dilemma

Here are eight key signs that help founders determine whether to persevere or let go.