Insuretech POSP behemoth Turtlemint clocks 110 % growth in Pandemic year
Mumbai, August 31, 2021: Turtlemint, India’s largest POSP InsurTech platform leveraged it’s unique (advisor meets customer via platform) hybrid model and is one of the few rare companies to clock an incredible growth amidst one of the toughest business years in recent times.
Turtlemint- One of the pioneers in the offline-online model in India, currently operates the largest PoSP networks in the country through its presence in more than 5000+ metros, cities, and towns covering 14,000+ pin codes. It has more than 120,000 advisors on board who use the platform to access multiple insurance products and ensures penetration to the grassroots. The company plans to further expand its network across India with an aim to on board 1 million advisors by FY 25. Further, it is upbeat about covering all 19,000 pin codes in India by penetrating deeper into tier II and tier III cities, in alignment with the national agenda of financial inclusion.
Turtlemint saw a growth of 110% in health insurance in Q1 FY 2021-22 as compared to Q1 FY2020-21. It also saw a growth of 161% coming from Gujarat and Maharashtra during the same period. The average sum insured for health policies increased by 21% as compared to the same quarter last year. Also, the number of lives covered per policy went up to 3.1 in Q1 FY 2021-22 from 1.9 in Q1 FY2020-21.
Mr. Dhirendra Mahyavanshi, Co-Founder, Turtlemint said, “We recognised early on that insurance advisors are the most integral cog in the insurance ecosystem as most people are inclined to purchase insurance from their trusted advisor. Which is why we have always focused on empowering insurance advisors with the right technology tools that can help them educate their customers about insurance, create seamless customer interactions and on-boarding, and even upskill themselves.
As a result, Turtlemint advisors have done almost 2.5x times their regular business by adopting the digital tools. Thus, achieving this significant milestone of adding 1,20,000 insurance advisors on our PoSP network is not only a validation of our efforts but indicative of the fact that we are already a few steps closer to achieving our overarching goal of universal insurance. We have remained tethered to our offline-online approach and this has helped us grow at a strong clip even during the challenging environment that stemmed from the COVID-19 pandemic ”.
At a time when digital companies are planning to open brick and mortar distribution channels to expand their business, Turtlemint, with its unique PoSP model and commitment to core values, continues to be a market leader and grow in the Online space.
The proprietary mobile application of turtlemint which has more than 1 million downloads has empowered the insurance advisor with various digital tools. Through the single window application the advisor can offer more than 100 products from 50+ insurers across heath, motor & life insurance products to their clients. Quotes can be done within 2 minutes with an elaborate comparison. Information like brochures, educational videos, blogs etc. can be shared through email, whatsapp to the customers. Instant issuance of policies, lead management system, online training & certification, educational video content and courses to upskill an advisor are important feature of the application.
Turtlemint.com was started in April 2015. Founded by IIT-B & IIM-C alumni, with a combined work experience of more than 30 years in insurance and technology companies. Today, the platform has a PoSP network of over 120,000 that cater to more than 1.5 million customers. It has also fostered partnerships with an overwhelming majority of Indian insurance providers. Headquartered in Mumbai the company offers insurance advisory solutions through the mobile platform and has a Pan India presence in more 5000+ metros, cities, and towns.