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Founded in 2017, Digit Insurance is headquartered in Bengaluru. The company offers a range of insurance products such as motor insurance, health insurance, home insurance, shop insurance and international travel insurance. With the use of advanced tech and analytics, Digit Insurance has been able to on-board a large customer base. Digit is different from most other insurance companies, as it generates most of its business online. In terms of volume, around 99% of the company’s business comes from online sources. In terms of value, the number is 85%.
Digit has also been able to achieve a high retention rate. This is especially true in case of motor insurance that generates maximum revenues for the company. Around 3/4th of the company’s overall premium income comes from motor insurance. By focusing on a digital model, the company has been able to reduce operational costs. It has also enabled the company to expand operations across the country including smaller cities and localities. In 2021, Digit Insurance achieved the coveted ‘Unicorn’ status after its valuation reached $3.5 billion.
History
When launching Digit Insurance, the primary objective was to simplify insurance for everyone. Traditionally, insurance is a complex and confusing subject. This often prevents people from opting for appropriate insurance cover. Digit has worked to redesign the entire process of how insurance products are created, purchased and claimed. Choosing insurance has become so much easier with Digit Insurance. Evidence to that can be seen in premiums that have grown by 44% in recent times.
Funding
Digit Insurance is a well-funded organization. It has received investments worth $460.8 million via seven rounds of funding. Some of the key investors include Sequoia Capital India, Faering Capital, A91 Partners, TVS Capital Funds and Fairfax Financial Holdings.
Acquisitions
Digit Insurance had acquired ITI Reinsurance in 2018. The deal was valued at around Rs 500 crore. ITI Reinsurance was earlier part of Fortune Financial Services, an associate of Sun Pharma. The company had received its license in 2016 and had a capital of Rs 500 crore.
Competitors
Digit Insurance competes with other insurance companies such as Acko General Insurance, Coverfox, and Bharti AXA.
About the Founder
Digit Insurance was founded by Kamesh Goyal. He currently serves as the chairman of the company. Kamlesh has more than two decades of progressive experience in insurance domain. He had earlier worked with companies like The New India Assurance Co Ltd., KPMG India, Allianz India, Allianz Insurance, Bajaj Allianz, and Allianz Asset Management. Kamlesh holds an MBA degree from Faculty of Management Studies – University of Delhi.
