Insurance is a very important and an equally personal subject. Typically, an insurance advisor would visit you at home and over a cup of tea and some Marie biscuits have a conversation with you about your need for insurance. You would discuss your family, your plans for your children, and even your concerns regarding who will take care of them if something untoward was to happen to you. Your insurance advisor will also begin to play the role of a trusted friend, one on whom you can rely for the right insurance advice. Thus, when it comes to finally buying the insurance policy most Indians would inevitably purchase it from their trusted insurance advisor. As a matter of fact, in India, almost 90% of the insurance policies are bought from advisors. This means that if Turtlemint wished to meet its goal of improving insurance penetration in the country, then it had to empower the insurance advisor.
Typically, an insurance advisor faces several challenges which could range from lead generation and networking to educating the client and ensuring seamless on-boarding. At the same time, insurance advisors also need to constantly upskill themselves and be aware of the latest product and services in the insurance space in order to guide their clients more effectively. All these things can be extremely challenging, especially if you consider that each insurance advisor is basically a micro-entrepreneur who is running his / her own business. Turtlemint reviewed and understood the prevailing challenges and then envisaged easy and accessible solutions for insurance advisors by leveraging technology.
Through Turtlemint’s intuitive mobile app, insurance advisors have access to a wide variety of insurance products, customized recommendation tools, and a wide range of courses on financial products. In addition, the platform allows for instant online issuance, across 50+ insurers while reducing the average turnaround time to less than 10 minutes vs. the traditional market standards of 48 hours. Some of the innovative products that were launched included:
- Providing insurance advisors with digital tools that can enable them to sell multiple insurance products of multiple insurance companies through one single and multilingual mobile application.
- Creating a seamless on-boarding process for insurance advisors along with online training, examination, and certification.
- Building a comprehensive online skill development program for insurance advisors. The program offers more than 70+ courses ranging from insurance advisor certification to personality development courses, sales skills, podcasts, etc.
- Enabling the advisor to grow her business by providing access to a complete suite of products and information required to become a great insurance advisor. The company’s app also provides relevant analytics and information on lead management and shares marketing tools like brochures, posters, own profile, etc.
While these initiatives are the right step towards improving insurance penetration in the country, they also enabled people to embark on their own entrepreneurial journey, creating new advisors in geographies where no competitor had presence. Turtlemint recognised early on that the insurance advisor is the most important cog in the insurance wheel and if India is to move forward towards its dream of achieving universal insurance, then it is the advisors that need to be empowered with the right set of technology tools.