Digit insurance clocks $400 mn in annual premiums, served 20 mn customers

Go Digit General Insurance, a Bengaluru-based general insurance company offering health, motor and travel insurance, announced that it has clocked $400 million in annual premiums and served over 2 crore customers since its inception in 2017.

In the wake of the pandemic, the company’s group health business grew by 11 times to Rs 170 crore. “The pandemic was a testing time for the entire world. Insurance for many was a financial cushioning and for others a wake-up call to seek a robust health insurance cover,” said Kamesh Goyal, Chairman and Founder, Digit Insurance. The company also sold 79,536 health policies and insured 42.5 lakh lives between March 2020 and September 2021. 

The company grew by 44 per cent with a premium of Rs 3,243 crore (as of March 2021), while the overall industry growth was about five per cent last year. In the first half of FY21-22, the company recorded Gross Written Premium at Rs 2,196 crore versus Rs 1,312 crore in the first two quarters of FY20-21, a growth of 67 per cent.  

Digit Insurance, which joined the unicorn list this year, sold its first policy in October 2017 managed to register profits on IFRS basis in just three years and entered the unicorn club in January 2021. Currently valued at $3.5 billion, Digit captured the market share by serving customers through multiple tech-enabled processes. Its motor insurance market share grew from 1.32% in FY19 to 2.89% in FY21.   “We have simplified retail insurance documents in a way that even 15-year-old kids can understand our policies. We have structured our products by embedding benefits that people really need which can actually help them make claims when the need arises,” said Goyal.

“When we started Digit four years ago with a mission to simplify insurance, we couldn’t fathom how powerful the word ‘simple’ could be. With over 2 crore customers today, and our partners and investors trusting us, we realize that the industry was and still is in the need for transparency and honesty. With technology on our side, our goal is to keep innovating and scaling up the self-service modules we have created, which will further simplify processes for our customers,” said Goyal.