In 2015, Turtlemint embarked on a journey to make insurance accessible to people residing in every nook and cranny of the country. Over the last 6 years, the insurance landscape changed considerably and enabled Turtlemint to plough ahead and achieve considerable success on this journey.
In a recognition of the company’s efforts and the catalytic role that it has played in empowering insurance advisors and promoting insurance penetration in the country, Turtlemint has been awarded the “Insuretech Start-Up of the Year Award” in the “11th Annual Entrepreneur Awards 2021″ by Entrepreneur India. The award is a testimonial of the hardwork and commitment of the Turtlemint’s team and encourages us to continue on this path that we have chosen. Entrepreneur India has a readership of over 3 million and connects to millions of business owners across the world who drive forward with impactful ideas and innovations. For the recently held awards, Entrepreneur India received hundreds of applications in more than 50 categories. Thus, winning this award is a great matter of pride for Turtlemint. The award was received by Dhirendra Mahyavanshi, Co-Founder & CEO of Tutlemint.
Even though insurance is an essential product, its penetration in India is very low at approximately 3.7%. To improve this, Turtlemint looked at the challenges that come in the way of people buying insurance. The company recognized that insurance is a complex product and the best way to improve insurance penetration in the country is through insurance advisors. Thus, in an industry-first initiative, it focused on leveraging digital technology to empower insurance advisors. Some of the innovative products that were launched in order to meet this goal included:
- Providing insurance advisors with digital tools that can enable them to sell multiple insurance products of multiple insurance companies through one single and multilingual mobile application.
- Creating a seamless onboarding process for insurance advisors along with online training, examination, and certification.
- Building a comprehensive online skill development program for insurance advisors. The program offers more than 70+ courses ranging from insurance advisor certification to personality development courses, sales skills, podcasts, etc.
- Enable the advisor to grow his/her business by providing access to a complete suite of products and information required to become a great insurance advisor. The mobile application by Turtlemint also provides relevant analytics and information on lead management and shares marketing tools like brochures, posters, own profile, etc.
Through these multiple initiatives, Turtlemint has created and become the largest network of PoSP’s in India with 1,20,000 Insurance advisors with penetration in 14,000+ pin codes out of 19,000 pin codes in India and more than 1.5 million customers. It has also onboarded50+ insurers.
What Turtlemint has done is not just disrupt the market, but, rather, elevate the entire insurance ecosystem by empowering the most important cog in the wheel, i.e., the insurance advisor with digital tools and knowledge / skill development resources.