Mumbai, 04th December, 2024: Turtlemint, a chief InsurTech platform, has skilled exponential expansion pushed via a surge in its motor insurance coverage industry all through 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 extreme 12 months.
In keeping with Turtlemint’s knowledge for FY25, the length inauguration from August to October has ended in an build up within the overall top class for motor insurance coverage via 2.three times from extreme 12 months. 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 choice of insurance policies offered and the top class quantity.
The pageant season, recognized for report car gross sales fueled via reductions and offer, coincides with a smart arise in motor insurance coverage purchases as properly. In keeping with FADA knowledge, Republic of India witnessed a 19%* YoY surge in car retail gross sales in 2023, fueling an similarly robust call for for motor insurance coverage. Turtlemint, leveraging its consultant community and electronic achieve, capitalized in this festive momentum via making sure consumers throughout Republic of India have been well-covered, particularly in semi-urban and rural markets.
Tier 2 & 3 Towns Changing into Key Enlargement Markets
The numerous arise in insurance policies offered in Tier 2 and Tier 3 towns alerts that those areas are changing into a very powerful expansion subjects for motor insurance coverage, pushed via expanding car possession and bigger consciousness of the significance of insurance coverage. Turtlemint’s strategic focal point on increasing its consultant community in those areas, coupled with its digital-first means, is positioning the corporate to faucet into this untapped marketplace attainable.
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 assistance insurance coverage advisors to fulfill the emerging call for and lend monetary safety to car house owners national. Because the season progresses, we wait for endured momentum, particularly during the year-end, supported via robust car gross sales and our talent to scale hastily throughout areas.
For advisors having 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 attainable and support extra consumers offer protection to their cars.
About Turtlemint:
Based in 2015 via Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint is an leading 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 deal the best-suited insurance coverage merchandise to their purchasers, decreasing 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 consultant community, serving to thousands and thousands of shoppers book the security they want. To month, Turtlemint has offered over 1 crore insurance policies and is set for additional expansion within the coming years.
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