About Startup – Success Story of Digit Insurance

The future planning process makes insurance an important part of our lives. For example, insurance for health, home, car, etc. Our lives today and into the future are made more secure by insurance. Good insurance helps us to be more secure.

It is common for us to take out different kinds of insurance. Most of the time, we merely listen to family members and we keep going to the same company. Insurance is an important decision, so it should be carefully considered. More importantly, wouldn’t it be nice if you could get all of your insurance from one company?

And to help you with this, Insurance tech company Digit Insurance ventured into the technology arena to make insurance as simple as possible. A general insurance company such as Digit Insurance allows one to get any type of insurance under one roof. A license was then received by the company in 2017, founded by Kamesh Goyal.

 As part of its transformation to a digitally-based insurance space, it is using analytics and data science. Digit is backed by Fairfax Group, which is one of the largest General Insurance companies in the world, and founded by Kamesh Goyal, who has been actively involved in the insurance industry for over two decades.

Additionally, Kamesh served as the CEO and COO of Bajaj Allianz General Insurance and the India Liaison office of Allianz. At Allianz Asset Management, he held numerous positions. He also acted on his Digit Insurance vision in 2016.

Over the past twenty years, he has held several prestigious positions with several different companies. Over this period of time, Kamesh observed that the company and its customers were experiencing a communication gap.

Within the past seventeen years, the insurance industry has undergone significant changes. In today’s world, high tech is a prerequisite, and Digit Insurance chose to invest in technology from the very beginning.

Fairfax Group saw tremendous potential and opportunity in Digit when Kamesh established it. For 350 crores, they acquired 45%. In the insurance sector, this was the most money ever raised by a start-up company.

In order to offer his customers the best insurance coverage, Kamesh decided to offer every type of policy. Digit collaborates with 250 strategic partners for the motor insurance sector with an increase over the years. Partnering with competitors can keep you on track and among the most prominent partners are Paytm and Amazon.

In the first four months after launch, Digit Insurance collected almost 1.5 lakh customers and 100 crores in profit.

Also, during the company’s round of funding in July 2018, $44 million was raised. 94 million dollars was Digit Insurance’s total funding raised. Digit’s total fundraising has now increased to $224 million. With over five million customers.

Digital Insurance Company was the winner of Asia’s General Insurance Company of the Year 2019 award. This award was accompanied by a highly profitable client rating. Furthermore, Digit Insurance has been ranked as one of the two top startup companies in India for the past two years. Aside from that, it is the only Indian Fintech Company listed in the Global Fintech List. Such rapid growth by a young company is indeed remarkable.

Rather than focusing on implementing new technologies from the beginning, Digit has opted for machine learning and AI-based fraud prevention tools. Insurance fraud represents a significant risk to insurers. The new tools are being tested now, however they should prove highly efficient in the long run.