InsurTech platform Turtlemint raises US$30m in new funding

InsurTech platform Turtlemint, which enables financial advisors to offer insurance products to customers digitally, has raised $30m in a funding round led by global venture capital firm 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 participated in the round, reported Moneycontrol.

Turtlemint has 100,000 partners who are point-of-sales-persons selling insurance products. Turtlemint co-founder Mr Dhirendra Mahyavanshi said the funds raised in this round will be used to increase distribution and expand the platform

Mr Mahyavanshi said that Turtlemint's focus will be on personal lines of business for retail customers. Turtlemint offers products in the areas of car insurance, bike insurance, life insurance and health insurance.

This funding will be adequate for more than three years, he said. In addition, the platform allows instant online issuance of policies, making the insurance purchase process across more than 40 insurers paperless. It also helps reduce the average turnaround time to less than 10 minutes compared to the prevalent industry average of more than 48 hours. The Turtlemint platform also has tools like mobile CRM to manage customers, a repository of video content that advisors can use for customer education, and social media marketing features for driving insurance awareness.

Online training for advisors

Mr Anand Prabhudesai, co-founder of Turtlemint, said that the platform has created an online education programme with a wide range of courses on financial products, advice-based sales techniques, and other soft skills. This content is now available in seven regional languages and more than 20,000+ learners are active each month on their EdTech platform.

“A lot of these are first-time advisors who are taking their first steps towards starting their advisory business. Our target is to create a million successful financial entrepreneurs over the next 3-5 years,” he added.

In January 2019, Turtlemint closed a $25m funding round led by Sequoia India. Existing investors Nexus Venture Partners and Blume Ventures had also participated in that round. Turtlemint was launched in 2015.

Source: Asia Insurance Review

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