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PTI mumbai
Updated: 16-01-2019 18:18 IST

Insurance distributor Turtlemint

Wednesday announced it has raised USD 25 million in a funding

round led by Sequoia India which will used to scale up its

digital network across India.

The company, however, did not share any details on

valuations of the funding, which also saw participation from

existing investors Nexus Venture Partners and Blume Ventures.

The company offers recommendations to customers based

on proprietary algorithms and data analytics and caters to

nearly 25,000 licensed insurance experts across 700 cities.

The model is not only bringing new agents into the

insurance domain but also helping them become more productive

and effective with customers, Sequoia's principal Harshjit

Sethi said.

"A lot of customers, while depending on online

research to learn more about the available policies,

ultimately prefer to buy their insurance from an intermediary

they can personally interact with," the company's co-founder

Dhirendra Mahyavanshi said.

Digitisation of insurance value chain is a huge

opportunity and benefits all the participants, including the

customers by providing access to the right products, agents

through significant business growth and productivity and

insurers through improved transparency, Nexus' managing

director Anup Gupta said.