VMPL
Mumbai (Maharashtra) [India], December 4: 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.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)
