Prajakt Deolasee, Chief Technology Officer, Turtlemint, highlights that embedded insurance has revolutionised his company’s approach to customer engagement and retention. By partnering with digital enterprises to integrate insurance solutions seamlessly into their platforms, Turtlemint has expanded its reach and provided tailored products that meet specific customer needs. This article discusses the impact of embedded insurance on Turtlemint’s customer engagement and retention, highlighting the benefits of this innovative approach.
How has Turtlefin technology played a role in scaling up Turtlemint’s distribution and reaching this milestone?
Turtlefin is an Enterprise SaaS & API solutions provider that enables digital insurance distribution. We work with 25+ enterprises across PSU & private banks, NBFCs, conglomerates, fintech companies, and new-age startups in India and the Middle East. By equipping them with digital tools, we facilitate wider and more relevant insurance recommendations to customers and complete the entire insurance buying process without paperwork. By partnering with enterprises in sectors like insurance, banking, and e-commerce, we have expanded our reach and provided tailored solutions to a diverse customer base. This has allowed us to utilise their existing distribution channels and bring insurance to even the most remote areas of the country.
How will Turtlemint leverage emerging technologies and market trends to drive future expansion and innovation?
Turtlemint continuously leverages emerging technologies and market trends to drive innovation. Our platform aggregates various insurance types, enabling easy comparison, purchase, and management of policies. AI and machine learning capabilities provide personalised product and marketing recommendations based on user profiles. Advanced data analytics offer insights into customer behaviour and market trends, optimising our marketing and service delivery. Utilising scalable and secure cloud technology and robust cybersecurity measures ensures data security and regulatory compliance. Our platform’s integration capabilities with third-party services allow for instant policy issuance, real-time pricing, and efficient claims processing. We are also using generative AI to automate repetitive workflows and optimise the bandwidth of our operations and sales teams.
How is Turtlemint utilising Artificial Intelligence in its underwriting and claims processing operations?
As an intermediary and distribution platform, underwriting is not Turtlemint’s direct responsibility. However, we leverage AI capabilities and big data analytics to identify key customer and asset features, recommending suitable products. This technology also helps detect fraud, allowing us to either block sales or flag them to insurers for underwriting decisions. In claims processing, AI/ML digitises the process by extracting information from documents and automating workflows, speeding up claims processing and standardising customer interactions.
In what ways is Turtlemint using big data analytics to enhance its services and operations?
We use big data analytics to understand the requirements and behaviours of our advisors, aiding in business growth, retention, and increased revenue. This allows us to provide the best experience for both our advisors and clients.
What impact has the adoption of embedded insurance had on Turtlemint’s customer engagement and retention?
The adoption of embedded insurance has allowed us to partner with numerous digital enterprises, seamlessly integrating insurance solutions into their platforms’ selling journeys within days. Our technology supports the distribution of small, bite-sized products like Hospicash, shop insurance, personal insurance, travel insurance, and two-wheeler insurance. These products, offered as embedded insurance within various customer journeys, effectively meet specific needs and contexts, enhancing customer engagement and retention.
Can you elaborate on some of the innovative partnerships Turtlefin has formed to drive growth and innovation?
Turtlefin has established multiple innovative partnerships with banks, e-commerce platforms, and various enterprises, enabling embedded insurance with instant issuance. One notable partnership with a payment bank enabled the sale of over 1.5 million insurance policies to customers in a short period. Another partnership with a UAE-based bank improved the efficiency of their insurance specialists by 150%, optimising the time taken to create quotes. On the technology side, we have collaborated with AI platforms and early-stage startups to develop innovative generative AI solutions.