Turtlemint Listed

Turtlemint describes itself as "a tech-enabled middleman that connects customers, insurance advisors, and insurers."

Turtlemint trains insurance agents or advisors in small cities and towns to help them sell insurance to their customers, extending distribution beyond metros.

Advisors and customers can access products from a broad panel of insurance company partners through a single app.

Independent Point-of-Sale Persons and advisors, largely in small cities and towns, who use Turtlemint's platform to sell insurance to their own customers.

Individual consumers purchasing motor, health, life and term insurance policies through advisors on the platform.

Banks and financial institutions that use Turtlefin's SaaS/API tools for bancassurance distribution.

Advisors/PoSPs on TurtlemintPro get a dedicated relationship manager plus an expert support team that assists them from generating quotes through handling claims, alongside a dedicated PoSP support contact channel.

Retail policyholders get round-the-clock human expert support to guide and handle insurance claims through the Turtlemint Insurance & Claims app, aimed at securing the best payouts rather than leaving customers to file alone.

Customers can manage all family insurance policies digitally and paperlessly in the app, with automated, personalised renewal reminders and coverage-gap alerts reducing the need for manual advisor follow-up.

New PoSPs are onboarded through a structured online certification course covering insurance concepts, the Indian insurance market and compliance/KYC guidelines, delivered via video/tutorials with a graded exam, before they can start advising customers.

Digital Partners/advisors use the Turtlemint Pro app to sell health, life, and motor insurance, along with mutual funds.

A hybrid online-offline model with advisors on chat, phone and in-person helping customers understand and buy car, bike, health and term life insurance.

B2B vertical Turtlefin offers API and cloud-based technology enabling insurers to share offers instantly with bank customers, with a clientele that includes 16 top banks in Asia.

Turtlemint trains insurance agents/advisors, particularly in small cities and towns, to help them sell insurance to their customers.

Building and operating the TurtlemintPro platform and Turtlefin's bancassurance APIs/cloud technology that let insurers share offers instantly with bank customers.

The core insurance-commission business runs through subsidiary Turtlemint Insurance Broking Services (TIB), which holds the IRDAI broking license; the listed parent acquired TIB in May 2024.

A large distributed network of Digital Partners and certified PoSPs is the company's primary distribution asset.

Proprietary app and underlying data/tech stack (strengthened via the IOPhysics Systems data-analytics acquihire) used by advisors to sell health, life and motor insurance and mutual funds.

Turtlemint's Digital Partners/PoSPs work with a panel of insurance company partners to source policies for customers.

Via Turtlefin's technology (strengthened by the Last Decimal acquisition), Turtlemint counts 16 top banks in Asia in its bancassurance clientele.

Backed across funding rounds by Nexus Venture Partners, Sequoia Capital India, GGV Capital, Jungle Ventures, Amansa Capital and others.

Revenue is now overwhelmingly dependent on insurance commissions, which made up 98.9% of top line in H1 FY26, up from 95.8% a year earlier, following consolidation of broking subsidiary TIB.

Before the TIB consolidation, the listed parent earned the bulk of its income from marketing fees paid by insurance companies for advertising and promotional activities rather than insurance commissions.

Turtlefin, Turtlemint's B2B insurtech vertical, earns from bancassurance technology offerings sold to banks and financial institutions.

Commission paid out to PoSPs/advisors is the largest cost line; in FY24 (insurance subsidiary) POSP commission rose 11X and accounted for 61% of total expenses.

Employee benefit expense was the second major cost line for the insurance subsidiary, rising from Rs 65.8 Cr in FY23 to Rs 1,179.8 Cr in FY24 as the company scaled staffing.