Turtlemint .............................................

Has an app, Mint­pro for in­sur­ance agents:

Banking Frontiers - - Highlights - Me­hul@bank­ingfron­tiers.com

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.


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.

100,000 POSP

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.”


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.

Dhiren­dra Mahya­van­shi

Anand Prab­hude­sai

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