Mumbai, 04th December, 2024: Turtlemint, a eminent InsurTech platform, has skilled exponential enlargement pushed via a surge in its motor insurance coverage trade throughout the festive season of FY’25. The corporate has issued over 4 lakh motor insurance coverage insurance policies thru its in depth community of insurance coverage advisors, marking a virtually 200% build up in gross sales in comparison to the similar length ultimate 12 months.
Consistent with Turtlemint’s information for FY25, the length creation from August to October has led to an build up within the overall top class for motor insurance coverage via 2.three times from ultimate 12 months. A deeper dive into the information unearths that Tier 2 and three towns have emerged as a important enlargement engine, contributing greater than 90% to the selection of insurance policies offered and the top class quantity.
The competition season, recognized for report automobile gross sales fueled via reductions and do business in, coincides with a well-dressed get up in motor insurance coverage purchases as nicely. Consistent with FADA information, Bharat witnessed a 19%* YoY surge in automobile retail gross sales in 2023, fueling an similarly robust call for for motor insurance coverage. Turtlemint, leveraging its marketing consultant community and electronic succeed in, capitalized in this festive momentum via making sure consumers throughout Bharat have been well-covered, particularly in semi-urban and rural markets.
Tier 2 & 3 Towns Turning into Key Expansion Markets
The numerous get up in insurance policies offered in Tier 2 and Tier 3 towns indicators that those areas are turning into a very powerful enlargement farmlands for motor insurance coverage, pushed via expanding automobile possession and bigger consciousness of the significance of insurance coverage. Turtlemint’s strategic focal point on increasing its marketing consultant community in those areas, coupled with its digital-first manner, is positioning the corporate to faucet into this untapped marketplace possible.
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 manner and expansive insurer community, Turtlemint is well-positioned to assistance insurance coverage advisors to fulfill the emerging call for and serve monetary safety to automobile homeowners national. Because the season progresses, we look forward to persevered momentum, particularly throughout the year-end, supported via robust automobile gross sales and our skill to scale hastily throughout areas.
For advisors taking a look to faucet into this rising marketplace, the chance to promote motor insurance coverage hasn’t ever been larger. With Turtlemint’s robust presence and assistance, advisors can maximize their possible and support extra consumers give protection to their automobiles.
About Turtlemint:
Based in 2015 via Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint is an cutting edge Insurtech platform designed to empower insurance coverage advisors and simplify the insurance-buying procedure for customers. Via a set of electronic equipment and sources, Turtlemint equips monetary advisors to do business in the best-suited insurance coverage merchandise to their shoppers, decreasing forms and streamlining claims.
With over 3.5 lakh advisors unfold throughout 17,000+ pin codes, Turtlemint boasts Bharat’s maximum in depth insurance coverage marketing consultant community, serving to thousands and thousands of shoppers book the safety they want. To day, Turtlemint has offered over 1 crore insurance policies and is all set for additional enlargement within the coming years.
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