Turtlemint is a Mumbai based insurance startup whose business model supports them selling directly to customers and also via a network of experts.
Does your business model clearly show who your customers are? Would you would be better aiming your product at end users or selling via a network of experts. Turtlemint is a Mumbai based insurance startup whose business model supports them doing both. Their latest funding round has helped them reach a valuation just under unicorn status ($1bn).
Turtlemint’s founder Dhirendra Mahyavanshi believes “Insurance is a knowlege based product best validated by buying through experts”. As well as selling directly to customers, they also distribute underwriting and claims technology and offer online training to insurance advisors in small towns and cities who in turn sell insurance policies onto customers. This differs from the majority of Turtlemint’s competitors who only sell directly to consumers.
Turtlemint aims to make it easy for people to understand insurance by simplifying jargon. They providing smart tools to help find the right car, bike, health or life insurance insurance or raise a claim online. They sell about 12,000 policies daily directly to customers and via advisors.
Over140,000 advisors are currently using Turtlemint Pro to get quotes for their clients, issue instant policies, manage renewals and get training on new products. Turtlemint offers service in six Indian languages to increase market penetration in cities, towns and villages leading so now over 75% of their business comes from outside India’s largest 30 cities.
This latest round of funding will be used to expand into the Middle East and Southeast Asia as well as increasing investment in its subscription software.