Digit Insurance Clocks Phenomenal Growth with 2.8 million Customers and INR 1200 crores Premium

• Prem Watsa, Digit Insurance’s promoter and Chairman of Fairfax Financials visits Digit Insurance on the occasion of crossing 1200 crores in FY18-19 with 2.8 million customers and 35,000 claims
• Digit Insurance has a high Net Promoter Score of 72
• Digit Insurance has gained a market share of 2% in motor category in the Q4 FY18-19

Bangalore, 7 May 2019: Digit Insurance—a new-age general insurance company, which aims to “Make Insurance Simple”— today announced that it has reached 2.8 million customers and closed 35000 claims with INR 1200 cr. 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 1200 crores 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, Mr. 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”

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.

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. Some of the highlights of the report mentioned below:

• 2.8 million customers
• 35,000 claims
• 96% Claim settlement ratio for pvt. Car, 97% for two-wheelers, 100% for domestic travel, 99% for international travel and 97% for mobile

• These healthy settlement times are due to the DIY (Do-It-Yourself) Smartphone-enabled Self-Inspection process. For motor claims, this process has brought down the standard inspection process from 7 days to 7 minutes.
• 70 per cent of Digit’s customers opts for self-inspection for motor claims and then 85 per cent of those inspection cases are checked within 10 minutes.
• 58% of the domestic travel claims are settled on the same day. This is enabled by theIR 100 per cent Automated Claim Process, wherein the customer gets an SMS on their phone if their flight is delayed and the person needs just to share their boarding pass and bank details for the claim to be done.
• 2% market share for motor in Q4 FY18-19
• Claim payment processed in less than 24 hours, after invoice is received for motor claims
• 2500 Cashless Garages across 260 cities across India

Digit Insurance provides insurance for motor, mobile, jewellery and travel, among others. And will be launching health soon.

Link to Digit’s Transparency Report 2.0

About Digit:

Digit is a new-age general insurance company started by Kamesh Goyal and backed by the 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. The company has raised two rounds of funding amounting to $94 million from Canadian billionaire Prem Watsa’s Fairfax Holdings, which is one of the largest insurance investment companies in the world with operations in over 30 countries.

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 companies, 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 mediarelations@godigit.com.