Trying to differentiate in the fintech startup space might be tough, considering the multitude of competitors. But Mumbai-based Turtlemint is trying, primarily by empowering the agents who work in the sprawling insurance segment. With an undisclosed amount of funding raised in its most recent round, Turtlemint is planning to expand services and presence across India. “We will be adding more services and insurance partners in our platform.
At present we feature products of over 20 insurance firms which will go up in go in near future. Also, we will continue to invest more on the tech side to continue developing solutions and add more staff to promote our channel,” Dhirendra Mahyavanshi, co-founder of TurtleMint said. The firm had earlier raised funds from Nexus Venture Partners and Blume Ventures.
Founded in 2015 by former Quikr executives Mahyavanshi and Anand Prabhudesai, Turtlemint caters mainly in personal line products like vehicle, life and health insurance, and plans to soon add solutions for travel insurance and home insurance. But its USP is that it empowers and enables agents, by digitizing offerings. ”The idea to come up with this platform was to simplify the complexity of the insurance sector. Insurance is a complex product and people generally take assistance from agents. Enabling the agents with our platform and giving them tutorial classes helps them sell the right products to seekers. Other players take away business from them by selling directly to consumers,” Mahyavanshi pointed out.
What do consumers get? “We not only provide price-based comparisons, but comparison of products that match a consumer’s need based on his demography, age profile, city, etc… For example, if a person is looking to buy a health policy in Delhi, our algorithm can provide information on hospital chains the policy covers,” the co-founder noted.
At present, Turtlemint has over 25,000 point of sales persons (PoSP or agents) in 700 cites, but the company believes this will only go up as they increase their penetration. By the end of last month, it had clocked an annual run rate of `600 crore, selling 2,000 policies per day. “By being unique, we have seen tremendous growth since our inception. In the near future, our focus will be on scaling our operations,” Mahyavanshi said, adding that there is a big under penetrated market ready to be tapped.