Insurtech firm Turtlemint raises $120m for product expansion

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Insurtech firm Turtlemint raises $120m for product expansion
Insurtech firm Turtlemint raises $120m for product expansion

The advisor community of the insurtech firm today has 160,000+ insurance advisors using the Turtlemint platform in 15,000+ pin codes in India

Indian insurtech firm Turtlemint, to grow its business and its leadership team and expand its product, has raised $120 million in series-E funding.

The insurtech firm, a digital platform founded by Dhirendra Mahyavanshi and Anand Prabhudesai in 2015, is designed to help financial advisors understand and distribute insurance to their community of customers. The insurtech firm helps financial advisors instantly match each customer with a suite of products that is best suited for their unique needs, through a digital solution thereby removing the hassles of paperwork, a statement from the company said.

“Insurance is an important risk mitigation tool that needs to be universally accessible. However, we believe that access is only one aspect of the insurance purchase journey. Another equally important aspect is informed decision making. Our solutions are designed to holistically enhance both these aspects through digital solutions that empower insurance advisors. Innovation and technology will continue to be the core focus of Turtlemint as we continue to increase our footprints in tier 2, tier 3 cities and beyond,” said Dhirendra Mahyavanshi, co-founder of the insurtech firm.

The funding round was led by Amansa Capital and Jungle Ventures. Along with other existing investors, the round also saw participation from new investors, Vitruvian Partners and Marshall Wace. This brings the total funding raised by the company since inception to $190 million.

The advisor community of the insurtech firm today has 160,000+ insurance advisors using the Turtlemint platform in 15,000+ pin codes in India. The insurtech firm’s Advisor App branded as TurtlemintPro, allows empaneled PoSP advisors to fully manage their insurance business using a simple mobile app. Aside from selling a range of products across Health, Life, PA (Personal Accident), Motor Insurance, etc; the App also provides advisors the ability to build stronger customer relationships by enabling sharing of personalised branded content and quotes. It also offers a mobile based training and skill development program for advisors through the Turtlemint Academy section on the app.

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