- The company clocked in INR 5,268 crore in Gross Written Premium in FY21-22
- Reported a growth of 62% in FY21-22 versus the industry average of 10.9%
Wednesday, 29 April 2022: Digit Insurance, one of India’s fastest growing private general insurance companies, today announced that it recorded INR 5,268 crore in gross written premiums in FY21-22. With this milestone, Digit is now one of the fastest growing private general insurers in India with over INR 5,000 crore in revenue in a single year. The company achieved this feat in less than five years of operations.
Led by its motor, property and health lines of business, the company reported a growth of 62% in FY21-22, while the overall industry growth stood at 10.9%. From its motor portfolio alone, Digit clocked in INR 3,276 crore in premiums with its market share (for motor business) going up to 4.7% in FY 21-22 from 3.7% in FY20-21. Since inception, the company has serviced 99.56% of India’s total postal codes.
In FY21-22, across all products, Digit sold over 77.6 lakh policies, an increase of 40% compared to the previous financial year. Further, the company’s health portfolio saw a growth of 132% over FY20-21, led by group business.
Commenting on the milestone, Jasleen Kohli, MD & CEO, Digit Insurance said, “As a young insurer, this indeed is a moment of pride for us but above all, it is a testament of our endeavors towards making insurance simple and more accessible. The collective efforts of our partners and employees have not only helped us accelerate our growth but has also ensured that more customers understand the importance of having adequate financial cushion.”
Digit’s loss ratio – a metric that represents the ratio of losses to premiums earned – narrowed for both health as well as fire segments. The company’s health loss ratio decreased considerably to 47% in FY21-22 from 69% in the previous year.
“Given our innovative group health products, we saw a strong growth in our health portfolio in FY21-22. We were also able to successfully lower our loss ratio by improving our underwriting models and claims management process. To sustain our overall business growth, we will continue to focus on deploying advanced tech tools to empower our partners as well as customers,” added Kohli.
- Reported a Combined Ratio of 112.3% for FY21-22.
- Solvency ratio at over 200% as against the regulatory requirement of 150%.
- Serviced over 10 lakh customer requests via WhatsApp in less than 2 years.
- Market share in motor business grew to 4.7% in FY22 from 3.7% in FY21.
- Overall market share went up to 2.4% from 1.7% in FY21.
- Settled over 6.79 lakh claims amounting to INR 2,186 crore in FY22.
- Insured over 3.85 lakh electric vehicles (EVs) in FY21-22.
- Insured nearly 40,000 corporates under its group health business.
Motor, health, property, and travel insurance continue to be Digit’s top lines of business. With an aim to encourage customers to buy health insurance, in December last year, the company started offering one of the industry’s lowest waiting periods (1 year) for specific and pre-existing illnesses*. This has ensured that more customers get access to good healthcare when required the most.