Hyderabad: 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.