Please tell us about your Company.
Turtlemint, India’s first online-offline personalized platform which introduced the Mintpro mobile app for insurance agents in 2017. The company has so far enrolled over 20,000 POSP (Point of Sale Persons) across 700 cities pan India, under the Digital Partner Program.
Turtlemint was started in April 2015 – based in Mumbai, Founded by llT-B & llM-C alumni, combined work experience of more than 30 years in insurance and technology companies in India and the US. The company’s current employee strength is 350+ with an engineering and product team of 40+ members. The company is Backed by top-tier VCs in the country including Blume Ventures, and Nexus Ventures Partners. The company is listed among the top 130+global insurance tech leaders by CB Insights.
TurtleMint has been recognized BYSilicon India Magazine as Silicon India Startup of the Year 2017 in the insurTech category.
You are working on an interesting POS model for Insurance advisors. Please elaborate on the concept.
To increase the penetration of insurance in India IRDAI has allowed a POS /POSP (Point of Sales person) to sell insurance policies in the market.
A POSP is a new type of individual who is at least 10th standard passed out, and has undergone training and examination to market pre-underwritten insurance products in motor, health, life, travel and other categories . Anyone who wishes to make a career in insurance or an individual with a app has an in-built online course that a user can take at his/her convenience and pace, answer the app-based exam and become a certified insurance advisor.
Our app also addresses lot of pain points of an insurance agent they are listed as below:
- Choice of more than 20+ insurance companies to sell unlike before where the agent was allowed to represent only one insurance company
- Paperless policy issuance within 5 minutes which takes 2-3 days to issue a policy
- Option of selling Life, Health, Car, Two-wheeler & commercial vehicle insurance
- Expert claim support
- ln built CRM
- Backend operation support
Now an agent can sell policies of multiple insurance companies which give a client more choice. We have been able to address the trust issue of the client on the insurance agent by decoding the details of the policy and also provide more choice of insurance companies. As a result, agents are also able to convert sales 50% higher. A win-win for both the agent and his customers.
How easy is underwriting and claims settlement through this model?
Our expert claim support team is available via phone, mail & chat. We share a good relationship with our insurance partners.
How technology is going to transform the sale of insurance products in India?
With a growing youth population looking for work, and India’s internet penetration to reach around 500 million and the POS initiative by from the regulatory body IRDAI authority we have been able to create employment opportunities to anyone who has an internet access and has a desire to make a career in insurance or an individual who is already owning and insurance business.
Our tech solutions and the delivery platforms being web and mobile gives an open access to all & this opportunity can be utilised by anyone full time /part time with zero investment and without any manual intervention or support.
Which are the focus areas of product selling. Do you have plans to include more complex products?
- Health insurance
- Life insurance
- Two wheeler insurance
- Car insurance
- Commercial vehicle insurance
Our platform is designed for simpler products as mentioned above – in the near term we will continue focussing on this segment.
We have been able to infuse insurance & technology very well. Our B2B2C (Business to Business to Consumer) model has helped us to scale up manifold. Our Mintpro app is one of its kind in the country and we are adding more and more features on a regular basis in our app to make the life easy of an insurance agent.
What business was generated by you in the last financial year and what are your future projections?
We have a current run rate of INR 500cr.
Your future plans to recruit new advisors?
In the next 6 months we are estimating 50,000 insurance agents will be using our app & in the next 3 years we are estimating 5 lac insurance agents will be using our app.
