Mumbai,
04th December, 2024 :
Turtlemint, a leading InsurTech platform, has experienced exponential growth
driven by a surge in its motor insurance business during the festive season of
FY’25. The company has issued over 4 lakh motor insurance policies through its
extensive network of insurance advisors, marking an almost 200% increase in
sales compared to the same period last year.
According to Turtlemint’s data for FY25, the
period starting from August to October has resulted in an increase in the total
premium for motor insurance by 2.3 times from last year. A deeper dive into the
data reveals that Tier 2 and 3 cities
have emerged as a critical growth engine, contributing more than 90% to the number of policies sold and
the premium amount.
The festival season, known for record vehicle
sales fueled by discounts and offers, coincides with a sharp rise in motor
insurance purchases as well. According to FADA data, India witnessed a 19%* YoY surge in
automotive retail sales in 2023, fueling an equally strong demand for motor insurance.
Turtlemint, leveraging its advisor network and digital reach, capitalized on
this festive momentum by ensuring customers across India were well-covered,
especially in semi-urban and rural
markets.
Tier 2 & 3 Cities
Becoming Key Growth Markets
The significant rise in policies sold in Tier
2 and Tier 3 cities signals that these regions are becoming crucial growth
areas for motor insurance, driven by increasing vehicle ownership and greater
awareness of the importance of insurance. Turtlemint’s strategic focus on
expanding its advisor network in these regions, coupled with its digital-first
approach, is positioning the company to tap into this untapped market
potential.
Dhirendra Mahyavanshi, Co-founder & CEO of
Turtlemint, commented: "The festive season is always a critical
time for vehicle sales, and this year we’ve seen a remarkable increase in motor
insurance policies on our platform. India’s insurance sector is on a growth
trajectory, with motor insurance being a substantial contributor. We are
already witnessing a YoY growth of 85% in our motor policy sales.”
With our
digital-first approach and expansive insurer network, Turtlemint is
well-positioned to support insurance advisors to meet the rising demand and
provide financial security to vehicle owners nationwide. As the season
progresses, we anticipate continued momentum, especially through the year-end,
supported by strong vehicle sales and our ability to scale rapidly across
regions.
For advisors looking to tap into this growing
market, the opportunity to sell motor insurance has never been bigger. With
Turtlemint’s strong presence and support, advisors can maximize their potential
and help more customers protect their vehicles.
About Turtlemint:
Founded in 2015 by Dhirendra Mahyavanshi and
Anand Prabhudesai, Turtlemint is an innovative Insurtech platform designed to
empower insurance advisors and simplify the insurance-buying process for
consumers. Through a suite of digital tools and resources, Turtlemint equips
financial advisors to offer the best-suited insurance products to their
clients, reducing paperwork and streamlining claims.
With over 3.5 lakh advisors spread across
17,000+ pin codes, Turtlemint boasts India’s most extensive insurance advisor
network, helping millions of customers secure the protection they need. To
date, Turtlemint has sold over 1 crore policies and is poised for further
growth in the coming years.