Is digital disruption redefining insurance for policyholders and sellers? Here’s the Turtlemint perspective

Rajeev Kumar
insurance turtlemint

Prajakt Deolasee, Chief Technology Officer – Turtlemint, believes technology is disrupting businesses across the world and the insurance is sector is not an exception. In an interaction with FE Online, he said that clients are showing a proclivity towards customised products and solutions that reflect their idiosyncratic requirements. Data analytics lies at the core of this value proposition. The Turtlemint CTO said that there is a great scope for technology to impact various decisions along the value chain in the insurance industry. "It can help insurers better understand clients' requirements and accordingly show them the products that are most relevant to them. It can also help insurers better assess the risk profile of the behaviour which can have an impact on premium pricing. Technology holds great potential in elevating the way insurance is bought and sold," he said.

The officials said that at every stage of insurance journey, Turtlemint is building deep technology solutions to improve efficiency, transparency and make the experience seamless for advisors and customers.

"We have standardised the process of integration with insurance companies such that it has become easy to onboard a new product or insurance company quickly. Chatbots are used to answer advisor and customer queries without any manual interventions and to onboard new insurance products a custom-built integration-framework has been built which helps to expedite and make process efficient."

He further said that Turtlemint is deploying technology to remove human interventions in the pre-sales and post-sales processes to boost efficiency and reduce errors. "An example of this is the Robotic Process Automation which is used to automate human interventions. This helps us with automating certain manual processes like following up with insurance companies or automating complex workflows where APIs are not available," Deolasee pointed out.

"Additionally, we are also working on building machine learning techniques that will help reduce fraud and improve the time taken for settlement in claims," he added.

How Turtlemint is deploying technology at various stages of the insurance cycle

Turtlemint is using technology at various stages like onboarding of advisor, KYC, online training and certification.

The insurance sector in India is identified by two main factors – one is that it is majorly driven by insurance advisors (about 85%) and two is that insurance penetration in India is fairly low.

Talking about how his company is solving client’s problems with the help of technology, Deolasee said, "We have pioneered the online-offline model since insurance is a complex product and there is always a requirement for a trusted advisor who can help the customer make better and more informed decisions."

"We are focused on leveraging technology to empower the insurance advisor with our mobile-friendly web and android native application which is optimized to work on a slow network. We are deploying technology to make the process of choosing and buying insurance products very transparent for insurance advisors and customers," he added.

How to become insurance advisor with Turtlemint?

"At the onset, we provide the advisor with an opportunity to take a self-paced online course to become a PoSP (Point of Sales Person) with Turtlemint. Post the course he can take the online examination and get the certification. All of this is done in a seamless with the help of technology."

From an onboarding perspective, the KYC process has been totally automated with minimum human interventions to manage the scale.