AI-driven solutions at Turtlemint slash time for claims support, streamline the process and provide tailored products: Prajakt Deolasee, CTO, Turtlemint

In an insightful conversation with Express Computer, Prajakt Deolasee, Chief Technology Officer, Turtlemint, sheds light on the transformative role of technology in revolutionising the insurance sector in India. He discusses how Turtlemint is leveraging AI, machine learning, data analytics, and cloud technology to enhance customer engagement, streamline processes, and increase insurance penetration, particularly in tier-2 and tier-3 cities. Deolasee also highlights Turtlemint’s milestones in digital transformation, cybersecurity initiatives, and plans for expansion into new markets, both in India and internationally.

How do you see the role of technology in transforming the insurance industry in India? What are the key trends and opportunities that Turtlemint is focusing on?

Technology is fundamentally transforming the insurance industry by making it more accessible, personalised, and efficient. At Turtlemint, we’re focusing on key trends such as AI, machine learning, embedded insurance, data analytics, and cloud technology. 

These innovations are helping us provide tailored products, improve customer engagement, and streamline the overall experience for both consumers and advisors. There’s immense opportunity in leveraging these technologies to increase insurance penetration, especially in tier-2 and tier-3 cities, and drive growth through digital enablement.

The insurance industry has historically been slow to adopt digital solutions. How has Turtlemint approached this challenge, and what have been your biggest milestones in digital transformation?

Lack of digital accessibility was holding back the insurance industry in India but it is now rapidly embracing digital solutions, driven by factors like widespread internet and smartphone penetration. 

Turtlemint has approached the insurance industry’s traditional resistance to digital transformation by focusing on two key strategies. One is the user-centric design, where we prioritised building an intuitive digital-first platform that simplifies the insurance buying process to meet the expectations of both customers and advisors in an increasingly digital world. And the other is the strategic partnerships, where we’ve forged strong partnerships with insurance providers to integrate our technology into their existing platforms. This collaborative approach has allowed us to scale our solutions rapidly and reach a wider customer base.One of our biggest milestones has been providing comprehensive training to ensure advisors can fully adopt and utilise these digital tools. Inadequate training often results in low adoption of digital capabilities. This, combined with innovations like paperless onboarding and instant quotes, has allowed us to scale rapidly and deliver a superior customer experience, positioning us as a leader in digital insurance distribution.

How is Turtlemint leveraging data analytics to innovate its product offerings and improve risk management?

As mentioned earlier, Turtlemint is heavily invested in leveraging AI, machine learning, data analytics, etc., to increase focus on value enhancement. We use data analytics (for example – customer segmentation based on various factors) to gain deep insights into customer behaviour, market trends, and risk factors. This helps us tailor our product offerings, to develop targeted marketing campaigns to individual needs, ensuring they receive the most relevant coverage. 

What role does AI play in automating processes like claims management, underwriting, and customer service at Turtlemint? Are there any specific AI-driven solutions that have had a significant impact?

As an intermediary and distribution platform, underwriting and claims is not Turtlemint’s direct responsibility. In claims processing, AI and machine learning (ML) have been pivotal in digitising the workflow, automating document extraction, and accelerating claims settlements. We are focusing on claims automation to make the process of claims seamless for our customers or anybody seeking claim assistance. 

By standardising customer interactions and automating routine processes, AI-driven solutions at Turtlemint have significantly reduced the time it takes for claims support, underwriting recommendations, and customer service, enhancing both operational efficiency and customer satisfaction.

 Given the sensitive nature of personal and financial data in the insurance sector, how does Turtlemint approach cybersecurity? What measures are in place to safeguard customer data?

At Turtlemint, cybersecurity is a top priority. We implement robust security protocols, including data encryption, multi-factor authentication, and regular audits to safeguard customer information. Our cloud infrastructure is designed to be both scalable and secure, ensuring compliance with regulatory standards while protecting sensitive personal and financial data from potential breaches.

 What are the biggest challenges in providing a seamless and personalised customer experience in the insurance industry? How is Turtlemint addressing these challenges through technology?

Turtlemint is leveraging technology to overcome many of the traditional hurdles faced by the insurance industry. A key challenge in delivering a seamless, personalised insurance experience is managing complex processes like claims and policy issuance efficiently. We address this through tech innovations such as embedded insurance platforms, automated KYC, and AI tools for faster quotes and claims. Our generative AI bot also supports sales managers by handling repetitive tasks, ensuring a smoother experience for both advisors and customers improving scalability and productivity. 

What are Turtlemint’s plans for expanding into new markets? How will technology play a role in facilitating this expansion?

Turtlemint has been a pioneer in driving business in the remote locations of India by empowering insurance advisors (PoSP) with technology. With the user-friendly multilingual app, we have successfully expanded our reach, particularly in tier-2 and tier-3 cities, contributing to increased insurance penetration in India. 

Our plans involve further expansion into key geographies in the Middle East and Southeast Asia as we continue to grow and extend our reach internationally with technology as the key enabler.