Foothold in India motor insurance

Fairfax-backed Digit Insurance, an Indian insurtech startup with a mission to “Make Insurance Simple”, has reached 2.8 million customers with US$172 million premium in FY 2018-19.

Over 35,000 claims were closed in the same period, said Digit on 17 June 2019.

Digit has gained a market share of 2% in motor category in India in Q1’19, with a remarkable 72% Net Promoter Score (NPS).

The company believes that ‘Simplicity’ has been their biggest differentiator in achieving this Growth and Customer Satisfaction.

They are bringing simplicity to a complex industry by using technology, especially when it comes to processes.

For instance, Digit has launched a Smartphone-enabled Self-Inspection process that cuts down the inspection time for car claims from 7 days to 7 minutes.

Even for product innovations, they’ve launched innovative products like Mobile Screen Damage Insurance which has relevance for Indian Millennials who are always on the move.

In his recent visit to India, Prem Watsa, Chief Executive, Fairfax Financial, said: “Digit Insurance’s growth last year has been phenomenal. Also, I believe their platform will be useful to other Fairfax companies globally as well.

“We want to take Digit’s 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, 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.”

Digit is India’s insurtech startup and has raised US$94 million funding from Prem Watsa’s Fairfax Holdings. fiinews.com