Digit Insurance takes swift action to settle Nisarga claims

-          Digit has appointed 4 Nodal officers especially to look over the claims related to the disaster from Nisarga details of whom are available on https://www.godigit.com/claims

-          Amidst the Coronavirus scare, Digit offers a Zero-touch Claims enabled by Audio Claims, Soft-copy Document submission & 24*7 customer care assistance

Bengaluru, 15^thJune 2020:Digit Insurance, one of the fastest-growing general insurance company in India, has upped its processes to settle claims received from the disaster caused by the cyclone Nisarga in Maharashtra, Gujarat and neighbouring states.

Steps taken by Digit

·         Digit has appointed 4 Nodal officers for Mumbai, rest of Maharashtra and Gujarat to supervise and coordinate the entire operation

·         All helpline numbers and point of contacts are highlighted on the website

·         Digit is keeping the customers who have claimed regularly updated through emails and SMSs.

·         Digit’s helplines are available 24*7 to register claims related to damage in Nisarga

·         To tackle the Coronavirusscare, Digit is offering a complete Zero-touch claims process to customers with a seamless online experience.

·         In case of a total loss which requires a manual surveyor, Digit is keeping the customer updated on when the claim can be taken up.

Digit’s Zero-Touch Claims Process is completely digital and paperless with Audio Claims which removes the need to fill any forms, no hardcopies needed to be sent for claim proofs, and a smartphone-enabled self-inspection app that helps customers inspect their vehicles themselves. Plus, the use of Machine Learning, Artificial Intelligence and Image Analytics helps Digit in approvals/processing of the claims post inspection and therefore fastening the overall claims settlement process for products like motor.

Kamesh Goyal, Founder & Chairman, Digit Insurance, said,“As insurers, it is time to stand with the customers and do what they have put in their trust for, i.e. settle their claims seamlessly. Therefore, we are available to our customers 24*7 and will be settling the claims at the earliest.”

Digit Insurance is taking swift and quick actions to abide by directives given by the regulator for Nisarga claims and help its customers. Similar actions were taken to settle Amphan related claims as well, earlier this month.

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 raised three rounds of funding amounting to $140 million from Canadian billionaire Prem Watsa’s Fairfax Financial Holdings and $84 million from three growth equity investors - A91 Partners, Faering Capital and TVS Capital. This combined investment has brought Digit’s total funding to $224 million, one of the largest funding rounds in the Indian General Insurance space.

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. During the ongoing pandemic, Digit Insurance has been able to service a number of commercial and industrial establishments and secured their employees, customers, through relevant health insurance solutions. 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. 

Digit Insurance forays into Bancassurance with Karur Vysya Bank

• Digit Insurance enters Bancassurance with their 1^st tie-up with Karur Vysya Bank
• Focus to be on bringing technology-enabled customized products to hugely underinsured Small & Medium Size Enterprise (SME) segments

Bengaluru, 22^nd August 2019: Digit Insurance, one of the fastest-growing general insurance companies in the world, that is on a mission to make insurance simple, has today announced their ‘First Bancassurance Tie-up’, with Karur Vysya Bank, a bank that has a legacy of 100+ years with 750 plus branches spread across India.

Speaking on the tie-up, P R Seshadri, MD & CEO, Karur Vysya Bank said, ‘We found a lot of synergies between our bank and Digit Insurance in our approach to meeting customer expectations.  Together, we are looking forward to delivering innovative products like the ones aimed for catering insurance needs of SMEs. We are sure that our customers will get the best attention from Digit in terms of pricing and settlements.’

Equally looking forward to their first Bancassurance tie-up, Kamesh Goyal, Chairman of Digit Insurance said, ‘Karur Vysya Bank combines traditional legacy with a digital approach, making them great partners for us to foray into Bancassurance. They have a strong customer base of Small & Medium Enterprise (SME) customers and that is one segment which is hugely underinsured in India. Therefore, this tie-up will help us reach out to the SMEs in India with our innovative solutions that can also help such SMEs to cover for business interruption & loss with a fixed benefit, beyond the regular coverage available in the market. Under our mission of simplicity, the end customer will experience a seamless process as we will be having a customized API for KVB and our tie-up.’

This is Digit Insurance’s first Bancassurance tie-up and a part of their strategy to expand their customer base, with new demographics and customer segments that KVB has to offer. For KVB, this is the first insurance collaboration specifically aimed for their SME segment.

About Digit Insurance:

Digit is a new-age general insurance company started by Kamesh Goyal and backed by Canadian billionaire Prem Watsa’s Fairfax group, one of the largest financial services groups in the world which has operations in over 30 countries. The Company has raised funding amounting to $140 million from Fairfax Group. Headquartered in Bengaluru, Digit has successfully partnered with some of the leading companies, such as PayTM, Cleartrip, Sterling Holidays, SOTC, Policy Bazaar and Tanishq. 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.

About Karur Vysya Bank:

Karur Vysya Bank was started in the year 1916 and today has a gamut of financial services, all under one roof, and service millions of customers across India. The bank innovates consistently to deliver value to its customers.  The app-based delivery of end-to-end digital processing of business and retails loans that offers in-principle sanction of the loans within a 15-minute window is the first and only one of its kind in the industry.

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.