Online insurance sector continues to get the investor attention. After the recently concluded $2.2 million funding round for EasyPolicy, another newly launched startup in the area called Turtlemint has raised an undisclosed amount of funding from an investment round led by Nexus Venture Partners with participation from Blume Ventures.
The company will use the funds raised to further scale up its technology and operations.
Launched four months ago by former Quikr employees Dhirendra Mahyavanshi (IIM Calcutta alumnus) and Anand Prabhudesai (IIT Bombay and Chicago Booth alumnus), Turtlemint is a truly personalized insurance platform.
It provides recommendations to customers based on proprietary algorithms and rich data analytics. It is also the first online insurance company which offers a network of trusted offline facilitators to help complete the insurance purchase and provide claims assistance.
According to founder Dhirendra, Turtlemint aims to 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.
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,”
The Mumbai-based startup offers customers choice of hundreds of policies from over 15 insurers for Car, Two-wheeler, and Health insurance categories.
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.
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.
Another investor in the round, Adit Parekh from 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 plans to add Life insurance and other products during this year. It is also planning to expand to 100+ cities in the next few months.
Of lately, there has been a lot of activity in the online insurance sector. Apart from the well-known Policy Bazaar which is backed by Tiger Global and Aziz Premji, many new players have come up in the segment. Coverfox has been the most prominent name among the new players.
In July 2015, another insurance company BankBazaar raised a massive $55 Million in its Series C round of funding, led by Amazon, along with the participation from Fidelity Growth Partners and Mousse Partners.