Turtlemint Celebrates Milestone of 10 million Policies Sold, Validates the Power of the POSP Model, and Aims for Deeper Insurance Penetration in India
Jun 12, 2024
VMPL
Mumbai (Maharashtra) [India], June 12: Turtlemint, a leading insurance distribution platform in India, today announced a significant milestone - surpassing 1 crore (10 million) policies sold. This achievement underscores a testament to the power of the Point of Sale Person (POSP) model and Turtlemint's unwavering commitment to enhancing insurance penetration across India, especially in tier-2 and tier-3 cities.
Since its inception, Turtlemint has focused on empowering advisors with technology. This approach enabled them to create a robust distribution network spanning 17,000 pin codes across India, and reach a vast underinsured population. Notably, over 60% of Turtlemint's business comes from beyond the metros, highlighting its extensive reach and impact.
"We are incredibly proud to reach this milestone of 1 crore policies," said Dhirendra Mahyavanshi, Co-founder & CEO of Turtlemint. "This achievement is a testament to our unwavering commitment to making insurance accessible and affordable for everyone in India. By empowering advisors with technology and leveraging a robust distribution network, we are bridging the gap and enabling deeper insurance penetration, even to the last mile in India."
With a focus on further growth, Turtlemint is actively working to onboard more advisors and achieve its ambitious target of 1 million advisors. The company is committed to supporting existing agents and prioritises long-term financial sustainability. Turtlemint sees immense potential for innovation across the insurance value chain. Turtlemint's achievement of 1 crore policies sold marks a significant milestone in India's insurance journey. By leveraging technology, strategic partnerships, and a commitment to empowering advisors, Turtlemint is well-positioned to further bridge the insurance gap and make insurance accessible to a wider population across India.
About Turtlemint:
Founded in 2015 by Dhirendra Mahyavanshi & Anand Prabhudesai, Turtlemint is a digital platform designed to help financial advisors understand and distribute insurance to their community of customers. The platform helps financial advisors instantly match each customer with a suite of products best suited for their unique needs, through a digital solution, thereby making advisors & their business efficient. Turtlemint, a Mumbai-based insurance advisor-focused startup, last secured $120 million in a Series E funding round led by Amansa Capital, Jungle Ventures, and Nexus Venture Partners at a $900 million valuation, bringing the seven-year-old startup closer to the unicorn tag, having raised $190 million so far.
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