Chapter 3, The Portfolio Chronicles


Insurance has always been a opaque and complex necessity. Its not surprising then that only 3.9% of Indians are insured, despite the “necessity” element. With an unprecedented increase in natural calamities like the Kashmir and Chennai floods along with increase in lifestyle diseases and deaths due to changing habits in both urban and semi-urban areas, insurance is an indispensable tool for all households to fend off economic uncertainty in times of crisis and health problems which can also help with.

Trust and transparency are and will continue to be the key influencers for insurance products and, thus, we believe that Research Online and Purchase Offline (ROPO) is the primary solution to increase Insurance penetration in India.

Here’s a snapshot:

The current consumer market for life, health and motor insurance is $19B and is expected to grow to $57B by 2020 (20% CAGR). [Ref: IRDA Reports & projections based on “Insurance at Digital, 20X by 2020” Report by BCG & Google]. Digital as an influence in purchasing is around 12% today, which should move to 60% in the next 5 years, thus the total digital retail insurance market in India is likely to be a $33B market in 2020!

Turtlemint provides the opportunity for the consumer to research, identify and purchase the best match for their 2-wheeler, 4-wheeler and heath insurance requirements. Their powerful back-end algorithms ensure that the consumer gets the right cover at the best possible rate. Moreover, their network of offline facilitators provides the option to the consumer to have their policy explained and purchased at their doorstep. 

Its the way to build the startup of 2016 – full stack experience controlled all the way by the brand – in this case, Turtlemint is redefining the digital first experience in insurance.


Traditionally, insurance companies used a push mechanism to sell their insurance products through the network of agents (facilitators) who were linked to only one company (i.e. – an agent registered with a particular company can sell policies only of that firm).  Now, this facilitator will be able to offer a consumer a variety of covers from different companies at fördelarna med la na pengar med aktiv skuld hos kronofogden. This network is what Turtlemint will empower. Efficiencies galore!

Dhiren and Anand bring extensive experience from their time at Quikr, Yahoo and ICICI Lombard. As head of Sales at Quirk and VP of products at ICICI Lombard, Dhiren has a wealth of knowledge in the offline consumer and enterprise space, related to Insurance. Anand’s role as VP of mobile at Quikr brings online consumer behavior and targeting expertise to the team’s leadership.

Together, we think they will empower consumers and agents in a new-age marketplace like that never seen before in India. Turtlemint will change the way India buys insurance – with the comfort of a click, but also the transparency and the trustworthiness of the powerful offline network that they are building.

Turtlemint is a Blume portfolio company based in Mumbai. With the rise in healthcare costs and with increasing untoward incidents, there will be a need for continuous innovation in insurance products. Turtlemint will be at the forefront of such innovation, delivered with an unmatched convenience to consumers. Providing clarity and the ‘right’ match along with the required offline assistance will be the main differentiator. Blume has been a believer for some time in ROPO – Research Online, Purchase Offline, accompanied by full-stack experience   – we learn a lot through our investment in Zopper (one of our star growth stories from Fund I).

Investment announced: 2015 (Blume Fund IA)

Series A: Nexus Venture Partners

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