Insurance Platform Turtlemint announced that it has raised an investment round led by Nexus Venture Partners with participation from Blume Ventures
. Turtlemint has built India’s first truly personalized insurance platform which provides recommendations to customers based on proprietary algorithms and rich data analytics; and offers a network of trusted offline facilitators to help complete the insurance purchase and provide claims assistance.
The Mumbai based startup, offers
customers, choice of hundreds of policies from over 15 insurers for Car, Two-wheeler, and Health insurance categories. The company plans to add Life insurance and other products during the year. Users can simply access Turtlemint.com on a smartphone to get guidance on selecting the right cover, get the best quotes, and purchase online or choose the option of a trusted offline facilitator to complete the purchase. The platform uses over 20 factors such as family composition, cashless hospital network near the consumer, and special cover needs like maternity, in-home care, etc. to recommend the apt amount of health insurance cover and helps in selecting the right policy for the family. The company will use the funds raised to further scale up its technology and operations.
Dhirendra Mahyavanshi, Co-founder of Turtlemint said, “We started Turtlemint as we saw a clear gap in the market beyond quote comparison. Turtlemint explains insurance jargon clearly and highlights policy features and “fine print” in a transparent manner. Often, ignorance about product benefits leads to customers feeling adversely about insurance, when their claims are denied. With the Turtlemint platform, we bring complete clarity by making the customer smart about the product at the time of purchase. This not only benefits the customer, who can now buy with confidence, but also the insurer who has less of dis-satisfied customers to deal with.”
“Turtlemint is also the first online insurance site to have created an offline network of insurance facilitators. This network fills a critical gap in customer servicing for the 90% of online customers who today research online but buy offline. The facilitators provide last mile connectivity for customers who need in-person assistance during purchase and assists in the claim process. We plan to expand to 100+ cities in the next few months,” added Anand Prabhudesai, Co-founder, Turtlemint.
Anup Gupta, Managing Director, Nexus Venture Partners said, “The Indian market is missing a trusted insurance advisor. Turtlemint with its technology led personalization and offline network fills a critical gap to take insurance to the masses.”
Adit Parekh, Blume Ventures commented, “Traditionally insurance has always been an opaque and complex necessity with only 3.9% of Indians being currently insured. Digital influence in purchasing is expected to move to 60% in the next 5 years. We believe that Turtlemint will play a pivotal role in this digital transformation.”
Turtlemint was launched four months ago by Dhirendra Mahyavanshi (IIM Calcutta alumnus) and Anand Prabhudesai (IIT Bombay and Chicago Booth alumnus), both of whom were previously a part of the management team at Quikr. The founding team has rich experience in the insurance sector as well as in building and scaling consumer Internet businesses, having held operational roles in companies such as ICICI Lombard, Yahoo, eBay
, Nexus Venture Partners
, Blume Ventures
, Blume Ventures