Digit Insurance’s Growth Story, on Becoming India’s Fastest Growing Insurtech

  • Clocked $172mn premium, with 2.8 mn customers in last
    12 months
  • Closed 35,000+ claims in 12 months
  • Market share of 2% in motor category in India in Q1’19
  • Paperless claims processes enabled through DIY (do-it-yourself)
    Mobile App
    bringing down inspection processes from 7 days to 7
    minutes
  • Combined ratio of 140% (IFRS basis) with loss ratio at 79%
  • Digit’s Transparency
    Report 2.0
    a unique report in
    the insurance world

HONG KONG–(BUSINESS WIRE)–#DigitInsurance–Fairfax-backed Digit Insurance, an Indian insurtech startup with
a mission to “Make Insurance Simple”, announced that it has reached 2.8
million
customers with $172mn premium in FY 2018-19. It also
announced crossing 35,000+ claims closed in the same period. Digit has
gained a market share of 2% in motor category in India in Q1’19, with a
remarkable 72% Net Promoter Score (NPS).

The company believes that ‘Simplicity’ has been their biggest
differentiator in achieving this Growth and Customer Satisfaction. They
are bringing simplicity to a complex industry by using technology,
especially when it comes to processes. For instance, they have launched
a Smartphone-enabled Self-Inspection process that cuts down the
inspection time for car claims from 7 days to 7 minutes. Even for
product innovations, they’ve launched innovative products like Mobile
Screen Damage Insurance which has relevance for Indian Millennials who
are always on the move.

In his recent visit to India, Mr. Prem Watsa, Chief Executive, Fairfax
Financial, said, “Digit Insurance’s growth last year has been
phenomenal. Also, I believe their platform will be useful to other
Fairfax companies globally as well. We want to take Digit’s technology
platform to Brazil, the US and other parts of the world for which we are
already working with the Digit team.”

Kamesh Goyal, Founder, Digit Insurance, said, “To make something simple,
you need to be honest with your partners and customers. Which is why we
have recently released a Transparency Report 2.0 that has our service
performance numbers.”

About Digit:

Digit is India’s insurtech startup started by Kamesh Goyal and backed by
the Fairfax Group. The company has raised total funding amounting to $94
million from Prem Watsa’s Fairfax Holdings. Please write to [email protected]
Link
to Digit’s Transparency
Report 2.0

Contacts

Princel Rosario | Gutenberg Communications
E: [email protected]

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