Turtlemint, a Mumbai-based online insurance platform, has now secured fresh funding of $46 million from Jungle Ventures. The funds will be going to be used to supercharge insurance distribution and innovation in India.
Turtlemint Co-founder Dhirendra Mahyavanshi said:
“We have been focusing on empowering our PoSPs (point of sale person) with technology, which has enabled them to advise the right products at all points of time. We would continue to focus on spreading our distribution to the remotest part of the country and further deepen our presence in the existing locations.
“Due to the recent COVID-19 pandemic, the overall consumer awareness and demand for health insurance and term life insurance have shot up. From this period onwards, we have seen our partners wholeheartedly embrace the digital platform and solutions, resulting in a 2.5X boost to their business. Our PoSP partners have made digital sales very effective in pandemic times. We thank Jungle Ventures, who has joined us in the journey to create a million successful financial entrepreneurs in the next three-five years.”
Turtlemint was founded by Dhirendra and Anand Prabhudesai in the year 2015. It is a deep technology platform that helps advisors educate customers and recommend products suited to their requirements, thus enabling them to buy the insurance products seamlessly.
“While we continue to work closely with our partners by empowering them with technology, we would also focus on reimagining the entire insurance value chain from building awareness to purchase to claims on a digital footprint,” Anand said. “The funds raised would be utilized to further strengthen the Turtlemint platform by adding user-friendly new-age insurance products, developing engaging content for customer education, and enabling digitization across all models of distribution, traditional and new. We have an endeavor to serve 50 million-plus customers in the next five years, and we are on track to achieve the same.”