Turtlemint, one of India’s largest insurance advisor-focussed InsurTech platform, said it has raised a $120 million (₹917 crore) in a Series E fund-raise led by Amansa Capital, Jungle Ventures and Nexus Venture Partners. The round also saw participation from new investors, Vitruvian Partners and Marshall Wace, along with other existing investors. This brings the total funds raised by the company since inception to $190 million. The company intends to use the fresh funds to expand into new geographies, scale its leadership team and strengthen its product stack.
Founded in 2015 by Dhirendra Mahyavanshi & Anand Prabhudesai, Turtlemint is a digital platform designed to help financial advisors understand and distribute insurance to their community of customers. The platform helps financial advisors instantly match each customer with a suite of products that is best suited for their unique needs, through a digital solution, thereby removing the hassles of paperwork.
The Turtlemint advisor community today has 160,000-plus insurance advisors using the Turtlemint platform in 15,000-plus pin codes in India. Turtlemint’s Advisor App branded as TurtlemintPro allows empanelled advisors to fully manage their insurance business using a simple mobile app. Aside from selling a range of products across health, life, personal accident and motor insurance, the app also provides advisors the ability to build stronger customer relationships by enabling sharing of personalised branded content and quotes. It also offers a mobile-based training and skill development program for advisors through the Turtlemint Academy section on the app.
The company also expanded recently in West Asia by providing digital journey for insurance to banks and other distributors. As the company plans on international expansion, they are looking to expand in South East Asian markets as well.
Speaking on the development, Dhirendra Mahyavanshi, Co-founder, Turtlemint, said: “The insurance industry in India is at the cusp of transformation, and we are proud to be playing a catalytic role in this journey. Insurance is an important risk mitigation tool that needs to be universally accessible. However, we believe that access is only one aspect of the insurance purchase journey. Another equally important aspect is informed decision-making. Our solutions are designed to holistically enhance both these aspects through digital solutions that empower insurance advisors. Innovation and technology will continue to be the core focus of Turtlemint as we continue to increase our footprints in tier 2, tier 3 cities and beyond.”
The company also said that it is targeting to onboard 1 million-plus advisors by 2025, further accelerating its pace of growth in India. “We are also leveraging our technology expertise to offer our solutions to financial institutions both in India as well as the Middle East where we partner with leading banks for API based solutions,” he added.
Anand Prabhudesai, Cofounder, Turtlemint, added: “India is at a critical juncture, particularly in terms of demand for health insurance products. Tier 2 and 3 cities will account for a significant portion of this demand. As individuals continue to seek assistance during purchase and claim journeys, the last-mile distribution needs to be empowered with the best technology. This is what our offline-online strategy solves for customers.
Turtlemint said it enable its advisors with various tools, which help them build their brand, generate leads and service customers with confidence in an increasingly digital world. “With the new funding we are going to invest significantly in creation of superior customer experience when it comes to understanding insurance requirements, managing life-long risks through the right insurance products, and getting a smooth claims experience,” Prabhudesai added.
Published on
April 29, 2022
