Motor Insurance Grows 2X

The company issued over 4 lakh motor insurance policies, with a 2.3x increase in premiums between August and October 2024.

Dhirendra Mahyavanshi, Co-founder & CEO of Turtlemint,

FinTech BizNews Service

Mumbai, 27th November, 2024: Turtlemint, a leading InsurTech platform, has experienced exponential growth driven by a surge in its motor insurance business during the festive season of FY’25. The company has issued over 4 lakh motor insurance policies through its extensive network of insurance advisors, marking an almost 2x increase in sales compared to the same period last year.

According to Turtlemint’s data for FY25, the period starting from August to October has resulted in an increase in the total premium for motor insurance by 2.3 times from last year.

A deeper dive into the data reveals that Tier 2 and 3 cities have emerged as a critical growth engine for motor insurance. These regions contributed to more than 90% to the number of policies sold and the premium amount. The festival season, known for record vehicle sales fueled by discounts and offers, coincides with a sharp rise in motor insurance purchases as well. According to FADA data, India witnessed a 19% YoY surge in automotive retail sales in 2023, fueling an equally strong demand for motor insurance. Turtlemint, leveraging its advisor network and digital reach, capitalized on this festive momentum by ensuring customers across India were well-covered, especially in semi-urban and rural markets.

Notable cities showing impressive growth include as YoY (April-Oct FY25 compared to April-Oct FY25):

These results underscore the growing demand for motor insurance across India’s diverse regions.

Dhirendra Mahyavanshi, Co-founder & CEO of Turtlemint, commented: "The festive season is always a critical time for vehicle sales, and this year we’ve seen a remarkable increase in motor insurance policies on our platform. India’s insurance sector is on a growth trajectory, with motor insurance being a substantial contributor. We are already witnessing a YoY growth of 85% in our motor policy sales. With our digital-first approach and expansive insurer network, Turtlemint is well-positioned to support insurance advisors to meet the rising demand and provide financial security to vehicle owners nationwide. As the season progresses, we anticipate continued momentum, especially through the year-end, supported by strong vehicle sales and our ability to scale rapidly across regions.”

The significant rise in policies sold in Tier 2 and Tier 3 cities signals that these regions are becoming crucial growth areas for motor insurance, driven by increasing vehicle ownership and greater awareness of the importance of insurance. Turtlemint’s strategic focus on expanding its advisor network in these regions, coupled with its digital-first approach, is positioning the company to tap into this untapped market potential.

For advisors looking to tap into this growing market, the opportunity to sell motor insurance has never been bigger. With Turtlemint’s strong presence and support, advisors can maximize their potential and help more customers protect their vehicles.