The why and how behind the inception of Turtlemint revolves round the two major problems with insurance adoption that the founders sensed. Lack of knowledge and a cumbersome buying process led them ponder over a natural solution for the customers. They realized an agent driven model would be the most natural way for insurance to be bought for a long time to come and that’s why centered their approach on empowering the insurance advisor.
“With a single search, we serve real-time quotes from multiple insurers. Every insurance product is described in easy to understand language with supporting collateral, brochures that can be shared digitally with the customer. Agents can accept all modes of payment, including cards, and issue policies online. We have also created recommender tools that help an agent provide the right product suggestions based on customer requirements. All customer data is available to the agent via their desktop and mobile app. They can use it to provide different type of service: policy changes/endorsements, send renewal reminders,” speaks Anand Prabhu desai, co-founder Turtlemint.
With a very strong emphasis on technology and data, Turtlemint has focused on creating a pan India network of insurance agents who are unbiased, efficient and resourceful advisors to their customers. “We have a few thousand agents now across 200 cities in India who are active users of the platform,” mentions Dhirendra, also co-founder of Turtlemint.
Along with the various platform services, Turtlemint also offers training and marketing support to agents to help them grow their business. “Agents associated with our platform have reported 100 percent growth in their business over a six-months period,” he adds.
A few hundred products form over 25 insurers representing about 80 percent of the market are available on Turtlemint’s platform
Dhirendra further adds, “We also now have many fresh agents, with or without graduate degrees who we have trained on this sector and helped setup their digital insurance advisory business. We see an opportunity to create over a million insurance entrepreneurs in India over the next few years through our platform”.
When it comes to assisting users in buying insurance and claiming services, the company follows a neat process where customers simply send a photo of their old motor policy and get renewal quotes, saving effort of data entry and improving accuracy. This has made motor renewals mobile device friendly. Moreover, they have created a health insurance policy recommender that recommends the best policy based on customer needs. Its optimised for over 20 factors including customer demographics, place of living, hospital preferences, and family medical history.
At present, Turtlemint sells over 20,000 policies each month. A few hundred products form over 25 insurers representing about 80 percent of the market, are available on the platform. They have physical presence in 10 cities, and users from over 300 cities across India and is backed by Blume Ventures, Nexus Venture Partners and a top 5 global VC firms.
Backed by a well-versed team of about 250+ members across technology, product, sales and operations, Turtlemint’s values are embodied in the mnemonic TURTLE (Team Player, Unrelenting Spirit, Rigorous, Truthful, Learning Always, and Entrepreneurial). The company strives to create a high-performance culture where everyone works together as a team to achieve difficult ambitious goals. “We believe this can only be achieved in an environment conducive to rapid and continuous learning, intellectual honesty, and entrepreneurial risk taking,”Dhirendra avers.
The testimony to Turtlemint's success is their acquiring of close to 200,000 policy holders which is further expected to cross 1M in 18 months from now. “Our future focus will be on harnessing data we are collecting to help improve insurance product design and service, in particular around pain points like claims. We will invest in advanced technologies like computer vision and NLP, to make this happen. We seek to create value for our advisors as well as insurance company partners through these products,” informs Anand.
Insurtech is going to radically transform all aspects of insurance from products and distribution to claims, over the next 5 years. Turtlemint wishes to be a pioneer in this transformation and looks forward to work together with like-minded partners on this exciting journey.
• Anand Prabhudesai
• Dhirendra Mahyavanshi
• Kunal Shah
The Turtlemint Chatbot – India’s First and Only FB Chatbot For Buying Insurance
The Turtlemint chatbot makes insurance search and purchase convenient for you. Now, you can simply message us on Facebook to buy or renew your policy in a matter of minutes. Our chatbot responds instantly and is available 24/7 to make your insurance purchase quick and simple. You can also check on your policy status or ask us a generic query over the chat. We have had quite a few happy customers chat with us and purchase their policy with a few simple clicks and messages to the Turtlemint chatbot.