Has an app, Mintpro for insurance agents:
Turtlemint is an online insurance aggregator operating a financial advisory platform designed to advise customers primarily in the insurance sector. It has partnered with top general insurance and life insurance companies for sale of their policies. It is backed by top-tier VCs in the country including Blume Ventures and Nexus Ventures Partners.
Dhirendra Mahyavanshi, co-founder of Turtlemint, claims it is the only company in the country having multi brand insurance distribution network through agents. “We have registered 9 times yoy business growth in 2017-18 and we hope to do business of `6 billion to `6.5 billion in the current financial year. We have 350+ employees with an engineering and product team of 40+ members. Nearly 80% companies in the general insurance market are on our platform, while 7 life insurance companies having more than 60% industry business are also with us.
We are in process of bringing remaining companies on our platform. I am is confident that new age tech savvy entrepreneurs will join us sooner rather than later,” says Mahyavanshi.
APP TO EMPOWER AGENTS
Turtlemint introduced its Mintpro app for insurance agents in 2017. It is intended to service customers in better way. The app has a number of features such as comparison of large number of plans, personalized recommendations and instant online issuance of the policy. The agents can download the app for free on their smart phone in order to reach out to the masses in their respective geographical areas. They thus can extend products that demand minimum personal details from the customer to be filled in for providing policies to the customers.
The company’s co-founder Anand Prabhudesai points out that the platform is completely app driven unique model. It provides recommendations to customers based on proprietary algorithms and data analytics.
“We have an in-house technology team to develop our products right from CRM system, partner management tools to website development, mobile application development, etc,” says Prabudesai, adding the company is also the first in India to deploy insurance chatbot on Facebook to sell insurance, with 100% claim support.
Turtlemint has introduced POSP, or Point of Sale Person, who is essentially an individual agent who has undergone online training to market pre-underwritten insurance products in motor, health, life, travel and other categories. POSP is the result of the changing customer behavior and the increasing internet penetration rate, which has fueled the growth in the insurance industry, which is indirectly supported by the growing demand for digital payment platforms.
Explains Prabhudesai: “POSP is an important link to fill up a critical gap in servicing the customers. Nowadays, majority of the customers undertake research online but take agents’ guidance offline and then buy. The majority age-wise bracket of our customers is 25 to 45. We will expand our network to many more cities soon. The POSP channel is an offline network of insurance facilitators and agents. They provide last mile connectivity for customers who need in-person assistance during purchase and in the claim process. We provide online training to POSPs. We have so far enrolled about 15,000 POSPs pan-India since inception 3 years ago. We are adding on an average 5000 agents per month and our target is to have 1 lakh agents at the earliest.”
QUICK, COMPARABLE QUOTE
Insurance plans available online can be compared before buying. So, one can shop online and get the best life or non-life insurance plan for his or her needs. Prabhudesai says one gets competitive quotes, features, tenures of different companies to compare at one go on the app screen and they are also simple, easy to understand and comprehend.”
If a customer has provided the required details correctly and truthfully and if the claim is genuine, that claim would be honored whether it is bought online or offline. “Buying online doesn’t result in rejection of claims. Many policies carry same terms & conditions. But it is a fact that some companies offer certain policies which have particular features exclusively available offline, but not present in the online policies,” says Prabhudesai.
According to Mahyavanshi the agents’ concern always remain that the customer gets the lowest premium, because he wants to do cross selling to family members also. They act in the customer’s long term wellbeing, says he.
Mahvavanshi says insurance companies sell their life insurance plans directly and also through authorized brokers and aggregators. The process is completely transparent and there is no scope for cheating. If the website is authorized by the Insurance Regulatory and Development Authority (IRDA), there is no danger of leakage of one’s personal information. “We have encrypted payment gateways which provide a secured platform for online transactions. Thus, you don’t need to fear about online security when you transact online through our website,” says he.