Insuretech start-up Turtlemint has raised $30 million in a funding round led by GGV Capital.
New investors American Family Ventures, MassMutual Ventures and SIG, along with existing investors Sequoia Capital India, Blume Ventures, Nexus Venture Partners, Dream Incubator and Trifecta Capital also participated in the round.
The funds raised will be utilized to boost insurance and financial product penetration at the grassroots by investing in cutting-edge technology solutions, significantly scaling geographic penetration in tier 2-3 towns and upskilling advisors and customers through training and content.
The Turtlemint platform currently partners with 40+ insurers, and serves more than 1.5 million customers from the insurance quote to claims.
Launched in 2015, Turtlemint helps advisors educate customers and recommend products that are best suited to meet their unique requirements, enabling them to purchase insurance seamlessly.
The company does this by providing a wide variety of product offerings and a customized recommendation tool through a simple mobile app that empowers advisors to be truly digital and future-ready. In addition, the platform allows for instant online issuance, making the purchase process transparent and paperless, while reducing the average turnaround time to less than 10 minutes versus prevalent industry average of 48 plus hours.
“For over five years, Turtlemint through its PoSP (Point of Sales Person) model has been empowering insurance advisors in 5000+ metros, cities, and towns across India.
Aside from ease of doing business, sales growth is crucial for an advisor. The Turtlemint platform enables this through tools like a mobile CRM to manage customers, a repository of video content that they can use for customer education, and social media marketing features for driving insurance awareness,” said Turtlemint co-founder Dhirendra Mahyavanshi.
Due to the recent covid-19 pandemic, consumer awareness and demand for health and term-life insurance has shot up. “In this time, we saw our advisors wholeheartedly embrace our digital solutions, resulting in a 2.5x boost to their business,” added Mahyavanshi.
With insurance penetration at just under 3.5%, among the lowest in the world, there is a huge need and opportunity for the insurance sector to grow fast in India. This requires the creation of skilled manpower in every part of the country; experts who are trusted, have the right local context and can guide customers correctly in their local languages.
The content on the platform is available in 7 regional languages and the company claims that 20,000+ learners are active each month on it. “Our target is to create a million successful financial entrepreneurs over the next 3-5 years,” said co-founder Anand Prabhudesai.
“Insurance is one of the largest and fastest growing markets in India with a highly fragmented industry structure. Through its products, Turtlemint is enabling the small insurance advisor, with choice of insurance manufacturer, efficiency in policy issuance and claims, and personalisation of advice to their customers….the company has grown over 100x in the past four years and is one of the fastest rising players in what is potentially a $100 billion market,” said Harshjit Sethi, Principal, Sequoia Capital India LLP.