Insurtech Turtlemint credits digitisation for business growth during Covid second wave

Surabhi Mumbai | Updated on August 19, 2021

Reports 110 per cent growth in health insurance in Q1; plans to hire 10 lakh advisors by 2025

Insurtech platform Turtlemint is looking to onboard 10 lakh advisors by 2024-25 and expand to 19,000 pin codes in the country.

At present, it has 1.2 lakh advisors and covers about 14,000 pin codes with a presence in over 5,000 metros, cities, and towns.

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“We have hired 500 people in the last three months in tier 2 and 3 cities. These are micro-offices. They carry out the last mile of engagement with consumers,” said Dhirendra Mahyavanshi, co-founder, Turtlemint.

The insurtech company works on an offline-online model with a PoSP or point of salesperson network.

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Mahyavanshi told BusinessLine, that the company’s focus on digitisation helped it grow even during the second wave of the Covid-19 pandemic.

“We were already operating in a digitised format. In the first wave last year, we had to train advisors to do video calls. This year was different for us,” he said.

While business was impacted from the first week of April, it slowly recovered in the following weeks.

Turtlemint saw 110 per cent growth in health insurance in the first quarter of the fiscal as compared to a year ago. The number of lives covered per policy went up to 3.1 during the quarter, from 1.9 a year ago, while the average sum insured for health policies increased by 21 per cent.

Mahyavanshi said the company is adequately capitalised and not looking to raise any at present.

Published on August 19, 2021

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