Digit Insurance crosses Two Million customers in 16 months

#DigitInsurance #DigitSimplifies #2MnCustomers #InsuranceRedefined

  • Milestone achieved within 16 months of operation making it the fastest growing insurance company in the world.
  • Digit has closed more than 30,000 claims this March 2019

Digit Insurance—a new-age insurance company, which aims to “Make Insurance Simple”— today announced that it crossed a landmark achievement of two million customers within a short span of 16 months of operation. During the tenure the company has also closed more than 30,000 claims this March 2019 with 92% Claim Settlement Ratio for private cars own damage, 91% for two-wheelers own damage, 99.5% for domestic travel, 97% for mobile and 93% for international travel during the period April 2018 to February 2019.

Key Highlights of Digit Insurance:

1. 100% flight delay claims are automated.

2. One of the first companies to launch Advance Cash facility for car and mobile claims.

3. 85 per cent of the customers opt for Advance Cash Facility in mobile claims.

4. 70% Motor Customers opt for Smartphone-enabled Self-Survey for the Own Damage Claims.

Digit started its operations in October 2017, and it has expanded its distribution through its direct channel partners including e-commerce giants like Policybazaar, Flipkart and Cleartrip. Digit Insurance has built a strong network of 1500 strategic partners including agents, brokers and dealers. Today, the company has a presence in large and small cities and towns alike, through its distribution network.

Digit’s Chairman, Kamesh Goyal said, “The one thing that has got us this far, this quick is our strong foundation, our mission of simplifying insurance for people on the back on simple documents, simple processes and reimagined products with real benefits.”

He added, “As we strive to achieve bigger milestones, our focus in the coming year would be to further simplify claims, using technology as an enabler, for example with processes like Video Calls during Claims and to launch more products that would challenge the standard products available in the market currently.”

About Digit:

Digit is a new-age general insurance company started by Kamesh Goyal and backed by Fairfax Group, one of the largest financial services groups in the world. With a mission to ‘Make Insurance Simple’, Digit is reimagining products and redesigning processes to provide simple and transparent insurance solutions. Digit is building a technology-driven platform to offer customised products at reduced costs. It recently raised $44 million from Canadian billionaire Prem Watsa’s Fairfax Holdings. With the second round of investment, Digit’s total funding amounts to $94 million.

Headquartered in Bengaluru, Digit has successfully partnered with some of the leading companies, PayTM, Cleartrip, Sterling Holidays, SOTC, Policy Bazaar and Tanishq.

Digit started with a capital base of around INR 350 crores, which is one of the highest that any insurance company has started with.  It is also one of the fastest to market, having launched products across three categories (motor, travel, personal accessories). Digit Insurance has been ranked #5 among the most attractive start-ups to work for in India by Linkedin in 2018 and is featured in CB Insights top 250 fastest-growing fintech companies globally in 2018.  For more information, please write to [email protected]