Digit Insurance to focus on the Karnataka market, opens up their second office in Bangalore

• Phenomenal growth with over 5 million Customers within 2 years of operations
• Crossed 1600 crores of premium till now for in FY19-20 (Apr’19 – Dec’19), with an overall market share of 1.2%
• Has been named ‘General insurance company of the year, 2019’ by Asia Insurance Review

Bengaluru, 16 January 2020: Digit Insurance, a new-age general insurance company, which aims to “Make Insurance Simple”— announced to open their second office in Bangalore, Karnataka. This move was taken to increase their growth in Karnataka, which is an important market. Karnataka alone has witnessed 2X growth in the last year and has contributes a sizeable chunk to the overall revenue.

Digit Insurance has clocked over Rs.1600 Cr in FY19-20 (Apr – Dec), and has launched over 20 products in the last 18 months. The Company has been using simplicity as its biggest differentiator and technology as an enabler to achieve its milestones.

Jasleen Kohli, Chief Distribution Officer, Digit Insurance said, “Our distribution philosophy is to be present wherever the customer seeks protection. The backbone of our distribution therefore is our strategic partner network which contributes to more than 80% of the business. And this new office is an attempt to fortify this network, especially in the Karnataka region, where we have a substantial number of partners. Karnataka as a market contributes majorly to our business and therefore this also increases our focus on its further growth. We thank all the partners who came for the opening and would say we are looking forward to growing with you.”

<Pictures from the event>

Digit has a complete portfolio of products, from motor to travel to mobile to now health insurance. It has network managers in 150 + cities, 1000+ network garages and is spread in 36 offices in major cities like Bangalore, Mumbai, Pune, Kolkata etc. as on 31st December 2019.  

Being one of the 1st insurance companies to be fully on cloud, the company relies on a well-designed and customized tech-stack that leverages a combination of advanced technologies like machine learning, AI, and offers a frictionless experience to its customers. Not just for the end customer, Digit also works with partners to bring digitization to their processes. For example, a tool was recently facilitated for partners to help them manage their profit portfolio with a simple excel.

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. The Company has previously raised two rounds of funding amounting to $140 million from Canadian billionaire Prem Watsa’s Fairfax Financial Holdings. Fairfax Financial Holdings is one of the largest insurance investment companies in the world with operations in over 30 countries. Headquartered in Bengaluru, Digit has partnered with some of the leading companies like Cleartrip, Sterling Holidays, SOTC and Policy Bazaar. Digit Insurance has recently won, ‘General Insurance Company of the Year 2019’ award at Asia Insurance Review Awards, Singapore. It has also featured in the Top 25 Indian Startups Lists by LinkedIn in 2018 and 2019 and was in CB Insights’ top 250 fastest-growing fintech companies globally list in 2018.

For more information, please write to mediarelations@godigit.com