InvestorQ : What is the idea of Turtlemint raising $30 million in its latest round of funding?
vidhya Laxmi made post

What is the idea of Turtlemint raising $30 million in its latest round of funding?

sarah Leo answered.
2 years ago

Turtlemint, a provider of insurance technology services, has raised $30 million in a funding round led by GGV Capital. There was also participation from big names like MassMutual Ventures, Sequoia Capital, Blume Ventures, Nexus Venture Partners and Trifecta Capital.

Turtlemint will use these funds to boost its insurance and financial product penetration at the grassroots level by investing in high end technology solutions. The business model of Turtlemint has been focused on penetrating in Tier-2 and Tier-3 towns by investing in training and content for advisor skill upgrading.

Turtlemint platform currently partners with 40 insurers and services more than 15 lakh customers from everything from insurance quotes to claims. It helps advisors to educate customers and recommend products customised to meet unique requirements.

The Turtlemint platform also allows for instant online issuance of insurance policies. This makes the purchase process seamless and literally paperless, reducing the turnaround time from 48 hours to less than 10 minutes. Turtlemint platform also provides advisors with a mobile CRM tool to manage customers.

According to Turtlemint, the recent COVID-19 pandemic had raised the demand for health and term-life insurance. It has the advantage of being in a market that is largely underpenetrated with just 3.5% insurance penetration at this point of time.

Turtlemint has also focused on customized and regional content with availability in 7 regional languages and over 20,000 active learners each month. Company has grown 100-fold in the last 5 years.