Digit Insurance provides insurance for motor, mobile, jewellery and travel, among others. The company will be launching health insurance soon.
Digit Insurance announced that it has reached 2.8 million customers and closed 35000 claims with USD 174 million premium in the last financial year. The company has been using simplicity as its biggest differentiator and technology as an enabler to achieve its milestones.
Digit Insurance crossed USD 174 million of premium in the last one year with a remarkable 72 per cent Net Promoter Score (NPS). The company has also gained a market share of 2% in motor category in the Q4 FY18-19.
In his recent visit to Digit Insurance’s headquarters in Bengaluru, India, Prem Watsa, Chief Executive of Fairfax Financial and Digit Insurance’s promoter, said, “Digit Insurance’s growth last year has been phenomenal. And I attribute this to their relevant and unique Mission to Make Insurance Simple. They have been working on simplifying processes, customizing products and getting more transparency in the system. Digit’s Transparency report 2.0 is an unheard of and unique initiative to build greater trust with partners and customers. Also, I believe their platform will be useful to other Fairfax companies globally as well and we want to take the Digit 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 and Chairman, 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. For example, 58% of the domestic travel claims are settled on the same day and it takes just 11 days to settle our car claims including the repair time. Not just overall Turnaround Times (TATs), we have also given function wise TATs. These are also shared with our partners, so that at each step, they are aware of the status on their customer’s claim. These are numbers not all insurance companies are comfortable sharing”
Digit has also released a Transparency Report 2.0, which showcases its customers all the processes of Digit and the numbers transparently achieved by them. For example, to speed up the company’s claim process, Digit has started tracking a stage-wise Turn Around Time (TAT) across departments involved in claim settlement.
Highlights of the report mentioned below:
The company’s biggest differentiator is its mission of making insurance simple, which has become the need of the hour for Indians and has the potential to make insurance relevant. The company believes this will lead to an increase in the penetration of relevant products in India, where only one per cent of the country is insured.