Insurtechs, with their ability to leverage technology optimally, are orchestrating big changes: Turtlemint CEO

Turtlemint was launched in April 2015. Today, the platform has a PoSP network of over 120,000 serving over 1.5 million customers. It has also fostered partnerships with an overwhelming majority of Indian insurance providers. The company offers insurance advisory solutions through the mobile platform and has a presence in India in over 5000 metros, cities and towns.

In an interview with CXOToday, Turtlemint Co-Founder and CEO Dhirendra Mahyavanshi discussed how Insurtech platforms are improving customer experience and driving insurance penetration through technology, among other topics such as empowerment of POSP agents, market growth and future strategies.

  1. How is Turtlemint driving insurance penetration in India and reaching out to tier 2.3 consumers?

Turtlemint pioneered in doing business in remote parts of India by equipping Insurance Advisors (PoSPs) with technology. Empowering our advisors with technology has been a key part of our vision from the start.

As remote working has become the new norm for many of us over the past two years, we at Turtlemint have spearheaded this revolution through our forward-thinking process and our technological preparation long before the need really arises. This allowed us to penetrate deeper into the roots of the country through technology and a simplified application in multilingual format which has played a significant role in our insurance penetration journey in India, especially in tier cities. 2 and Tier 3. Our advisors are now spread across 15,000 PINs in India.

2. How does Turtlemint empower POSP agents?

Enabling partners from onboarding to certification, helping them generate quotes through to issuance, and even serving customers on behalf of our outlets, has been Turtlemint’s focus from the start. Our content and lead management system strengthens advisors’ engagement with their clients, making it easier for them to sell insurance.

Apart from this, technology empowerment of partners with proper training and assistance in digital intervention has been the unique agenda of PoSPs.

3. How is technology helping to streamline claims settlement?

Through technology, a claimant is able to provide instant notification of loss and verifiable proof of location and damage/loss to the insurer. The technology also enables early detection of fraud by validating customer information, vehicle details or medical records to improve claims rates for insurers.

Claimants can now get real-time notification of claim status by pulling the status from the insurance claims management system, alleviating concerns about claim approval progress. Insurers are able to ingest, classify, analyze and infer scanned copies of claim documents, reducing significant operating overhead, error rates and claim processing time .

With all claim-related information available in digitized, machine-readable form, an insurer is able to provide a near-instant decision on a claim and facilitate a payment directly to the claimant’s bank account.

4. How does in-vehicle technology help reduce insurance claims fraud?

Integrated insurance offers consumers added value, a transparent buying process and an easily understood insurance value proposition. Since the embedded technology is a tick box activity at the checkout where the consumer details are already entered into the system, the risks of mis-selling and fraud are greatly reduced as it has to be authenticated with a PIN or OTP with an e-mail address for the same. Digital claims have also helped to streamline the claims process with electronic approvals in place and faster resolution of queries, thus speeding up the resolution of claims. With the advent of AI, the insurance industry has revamped the claims management process not only making it faster and easier to use, but it has also been able to achieve the same goal with far fewer errors.

5. What is the growth of the Turtlemint market and what are the future strategies to improve it further?

We’ve seen more than 100% year-over-year growth and will continue to innovate our technology to make selling insurance easier. We focus on automating claims to make the claims process seamless for our customers or anyone seeking claims assistance.

We also want to expand into foreign markets. We already had key partnerships in the United Arab Emirates, then we recently opened our first overseas office in Dubai. We plan to expand to key geographies in the Middle East and Southeast Asia.

6. Turtlefin is already revolutionizing the technology space with Turtlefin one API. Apart from this, what are the other technology trends through which Turtlefin is transforming the Indian insurance industry?

Working with Turtlefin, our partners are able to ease the process of creating and issuing quotes, improve customer engagement, and sell personalized insurance products that can meet the nuanced needs of consumers. In terms of trends, we focus on providing technologies for small product distribution and integrated insurance that meet specific customer needs or context. We are also putting more emphasis on improving value by leveraging AI, ML, data analytics, and more.

7. What is the future of InsurTechs in India, and what is Turtlefin’s view on embedded technology?

Insurtechs are currently orchestrating big changes in the insurance ecosystem and have become almost integral to the growth of the insurance industry. Insurtechs, with their ability to leverage technology optimally, are creating solutions at various points in the insurance value chain with the aim of making the process of understanding and buying insurance seamless.

The embedded insurance industry is expected to grow by +30% on an annual basis according to the first quarter report of the Global Embedded Insurance Business and Investment Opportunity report in 2022. And India is still in the incubation stage of this journey , where the protection gap is high, and India’s insurance penetration is still 4.2%, well below the global average.

TurtleFin is very optimistic about the vision and is focused on bringing technological advancements in travel to revolutionize the insuretech space.