Mumbai, 04th December, 2024: Turtlemint, a prominent InsurTech platform, has skilled exponential expansion pushed by means of a surge in its motor insurance coverage trade all the way through the festive season of FY’25. The corporate has issued over 4 lakh motor insurance coverage insurance policies via its in depth community of insurance coverage advisors, marking a nearly 200% building up in gross sales in comparison to the similar duration terminating yr.
In line with Turtlemint’s knowledge for FY25, the duration settingup from August to October has ended in an building up within the overall top class for motor insurance coverage by means of 2.thrice from terminating yr. A deeper dive into the information finds that Tier 2 and three towns have emerged as a important expansion engine, contributing greater than 90% to the collection of insurance policies offered and the top class quantity.
The pageant season, identified for file car gross sales fueled by means of reductions and do business in, coincides with a well-dressed arise in motor insurance coverage purchases as effectively. In line with FADA knowledge, Republic of India witnessed a 19%* YoY surge in automobile retail gross sales in 2023, fueling an similarly sturdy call for for motor insurance coverage. Turtlemint, leveraging its guide community and electronic achieve, capitalized in this festive momentum by means of making sure shoppers throughout Republic of India had been well-covered, particularly in semi-urban and rural markets.
Tier 2 & 3 Towns Changing into Key Expansion Markets
The numerous arise in insurance policies offered in Tier 2 and Tier 3 towns indicators that those areas are turning into a very powerful expansion gardens for motor insurance coverage, pushed by means of expanding car possession and larger consciousness of the use of insurance coverage. Turtlemint’s strategic focal point on increasing its guide community in those areas, coupled with its digital-first means, is positioning the corporate to faucet into this untapped marketplace doable.
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 means and expansive insurer community, Turtlemint is well-positioned to backup insurance coverage advisors to satisfy the emerging call for and lend monetary safety to car homeowners national. Because the season progresses, we await persevered momentum, particularly throughout the year-end, supported by means of sturdy car gross sales and our talent to scale all of a sudden 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 sturdy presence and backup, advisors can maximize their doable and assistance extra shoppers offer protection to their automobiles.
About Turtlemint:
Based in 2015 by means of 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 shoppers. Thru a set of electronic gear and sources, Turtlemint equips monetary advisors to deal the best-suited insurance coverage merchandise to their shoppers, lowering forms and streamlining claims.
With over 3.5 lakh advisors unfold throughout 17,000+ pin codes, Turtlemint boasts Republic of India’s maximum in depth insurance coverage guide community, serving to hundreds of thousands of consumers stock the safety they want. To moment, Turtlemint has offered over 1 crore insurance policies and is eager for additional expansion within the coming years.
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