Bangalore, INDIA, November 09, 2018 – Digit Insurance—a new age insurance company which aims to “Make Insurance Simple” today announced that they have crossed 1mn customers within 1st year of their business.
An important aspect of growth so far that helped Digit Insurance achieve this customer milestone has been the super-fast and easy claims settlement across all products. Digit’s claim process is completely paperless:
- 100% of travel flight delay claims are automated and are settled via customers’ smartphone
- Digit is also the first company to launch Advance Cash facility. 85% people opt for advance cash during mobile claims.
Commenting on the achievement, Digit’s Chairman, Kamesh Goyal said, “Digit’s mission from the very beginning is constant ‘Simplifying Insurance’. In order to achieve this, we have made the claims process completely digital so that its fast and provides seamless customer experience. Additionally, we have reduced the documentation process and de-jargonized the language so that it’s easy to understand for our customers.”
Talking about the company’s focus, Kamesh Goyal, Chairman, Digit Insurance said, “Our focus in the coming years would be on customer experience. In the coming quarter we will be launching video calls for better customer experience. Alongside, we will also be empowering our partners to do business real time by creating multiple-technology solutions.”
Digit started its operations in Oct 2017 and have expanded their distribution through their direct channel partners including e-commerce giants like Amazon, Flipkart, Cleartrip and offline players like Tanishq from the house of Tata. They also have 1500 strategic partners including agents, brokers and dealers. They had been recently featured in the Linkedin Top 25 Startups India and featured in CB Insights top 250 fastest growing fintech companies globally 2018.
Digit is a new-age General Insurance company started by Kamesh Goyal, and backed by 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 that matter to consumers. Digit is building a technology driven platform that can offer customized products at reduced cost and provide a great customer service. They recently raised $44 million from Canadian billionaire Prem Watsa’s Fairfax Holdings. With the second round of investment Digit’s total funding amounts to $94 million.
Headquartered in Bangalore, Digit has successfully partnered with some of the leading companies, PayTM, Cleartrip, Sterling Holidays, SOTC, Policy Bazaar & Tanishq with unique products.
Digit started with a capital base of around 350 cr which is one of the highest that any insurance company has started with. It is also one of the fastest to market, having launched products across 3 categories (Motor, Travel, Personal accessories). Digit Insurance has been ranked #5 as the most attractive startups to work for in India by Linkedin in 2018 and featured in CB Insights top 250 fastest growing fintech companies globally 2018.
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