India’s leading insuretech platform Turtlemint, has secured USD 30 million (INR 225 Cr), in a 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.
Insurance has primarily been an offline product in India, wholly reliant on paper-based and offline processes, with more than 90% of the products sold by advisors who act as conduits between insurance companies and customers. These advisors play a critical role in bridging the gap in tier 2/3 towns and cities, where low physical presence of insurance companies greatly impacts seamless access to insurance products and information.
Equipping advisors with digital tools that can help them tackle an otherwise cumbersome offline process, efficiently and at scale, is crucial to improving insurance penetration in India. Launched in 2015 with this mission, Turtlemint is a deep tech platform that 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 across 40+ insurers transparent and paperless, while reducing the average turnaround time to less than 10 minutes versus the prevalent industry average of 48+hours.
The Turtlemint platform currently partners with 40+ insurers, and serves more than 1.5 million customers from quote to claims. The funds raised will be utilized to bolster the product/platform by investing in cutting-edge technology solutions, significantly scale geographic penetration in tier 2/3 towns and upskill advisors and customers through training and content.
