Launches a mobile protection plan to insure screen damages, for an amount as low as Rs 150
- Get Flat 20% of the invoice amount in case of screen damage
- Zero Deductible, Zero Depreciation
- Benefits also include Worldwide coverage, IMEI linked cover
Digit Insurance has partnered with India’s largest ecommerce platform Flipkart, to launch a Mobile protection plan intended for people who purchase smartphones on Flipkart’s platform.
Digit insurance has designed this product keeping in mind the gap between the mobile policies currently available in the market and customer expectations. The objective is to make the insurance claim process simple for customers. And for this they have come up with a disruptive model of insurance, an insurance product for mobile screen damage only with pre-decided fixed benefit, a first for an insurance company to introduce in India, for smartphones.
The key feature of this product is that if a screen damage happens, customers get this pre-decided amount i.e. flat 20% of the invoice value of the phone.
Key Product highlights:
- Flat 20% of the invoice value of the phone
- First time in India, a Zero deductible plan
- Zero Depreciation – During claim, invoice value of the phone is considered & not current market value i.e. no depreciation is accounted for
- No Activation – the phone is covered from the time it’s delivered, no lengthy process or app download required for activation
- IMEI linked cover – the phone is covered, no matter who uses it
- Worldwide coverage – Delhi, Rio, New York, no matter where the damage happens.
Speaking about the new product, Jasleen Kohli, Chief Distribution Officer, Digit Insurance said, “One of the biggest areas of discontent people have with insurance companies is claims- the effort and time it takes. And given that we say that ‘We love claims’, we had to work out a product that lives up to it. The beauty of this product is that it reduces the claim processing time drastically which adds to the convenience for the customers. ZERO bills required in this process which is otherwise a process full of frictions. Also, it makes sense for us as an insurance company, as it reduces our operational costs.”
The other process which fastens the claims process is their remote self-diagnosis process, wherein whenever a screen damage happens, customers can shoot the external damages to the phone and share it with Digit. After approval, the fixed claim amount is processed. This has proved to be working for Digit till now: 77% of the claims get done through their Video/Self-diagnostics app and 94% of the mobile claims have been approved within 24 hours of customers’ doing the self-inspection on their smartphones.
Highlighting the importance of the partnership, Prakash Sikaria, Senior Director, Monetization, Flipkart said, “Flipkart offers extended warranty and device insurance across mobile and other electronic devices. At Flipkart, we strongly believe in our “Customer First” approach and are always finding ways to reduce customer pain points while their purchasing online. We identified a major gap in the consumer experience of claiming insurance for mobile phone damages and derived at a proposition to solve this. Digit helped us in beautifully converting this proposition to a plan that significantly reduces the hassles involved in a claim process.”
Digit is a new General Insurance company started by Kamesh Goyal, who has been associated for long in the Insurance space in India, and is backed by Fairfax Group, which is amongst the largest General Insurance companies in the world. With a mission to ‘Make Insurance, Simple’, Digit is reimagining products and redesigning processes to provide simple and transparent insurance solutions that matter to consumers. Digit is building a technology driven platform that can offer customized products at reduced cost and provide a great customer service. Digit is headquartered in Bangalore and the team is a great mix of Industry veterans who know what’s working and new age technology specialists who know what could be improved.
Digit started with a capital base of around INR350 crore 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 3 categories (Motor, Travel, Personal accessories) within the first 12 months of starting operations.