Digit Insurance is a general insurance company where one gets any type of insurance done under the same roof. Kamesh Goyal founded the company in 2016 and it received a license in 2017.
Insurance becomes a very vital part of our life when future planning comes into play. Medical insurance, car insurance, home insurance and whatnot. Insurance plays a key role in our present and future lives which cannot be ignored. Our well-being partly depends on proper insurance.
We often tend to make different insurance from different sources. And, most of the time we just listen to some of our relatives and go to the same company. But, a decision which is as vital as insurance should be a properly thought decision. And, moreover wouldn’t it be so much better if one single company providing you with all kinds of insurance?
Digit Insurance is a general insurance company where one gets any type of insurance done under the same roof. Kamesh Goyal founded the company in 2016 and it received a license in 2017.
Kamesh graduated with a B.Sc degree from St. Stephen’s College, Delhi. He also studied law from Delhi University and then pursued his MBA under the same. His first job was at The New India Assurance Co. Ltd. where he worked for nine years.
About the Founder
Kamesh also worked at the Allianz India Liaison office and served as both the CEO and COO of Bajaj Allianz General Insurance. He also served in many positions at Allianz Asset Management. And, in 2016 he finally executed his plan of Digit Insurance.
The Beginning
Kamesh had good experience in the sector of insurance. He worked for different companies and in different prestigious positions for more than twenty years. One important thing that Kamesh noticed during this time is the communication gap is very vivid between the company and the customer.
The insurance sector has made significant development in the past seventeen years. But, only 29% of the total customers are satisfied with the services provided and the terms of the insurance. So, until and unless the company understands the needs and demands of their customers, they cannot come up with something fruitful. This sense of miscommunication drives Kamesh to establish a company providing what is necessary and basic.
Strategies
No matter what field one chooses today, high tech is always a pre-requisite. So, Digit Insurance from the very beginning decided to invest in technology.
When Kamesh established Digit, Fairfax Group saw a huge opportunity and potential in this company. So, they bought 45% stake in the company for 350 crores. This became the highest amount received by a start-up in the insurance sector.
Kamesh decided to offer every kind of insurance to his customers. For motor insurance, Digit collaborated with 250 strategic partners with increased over the years. One way to be on track without competitors is tying up with them. So, Digit also came in partnership with Paytm and Amazon.
A good start
Insurance is a sector which is in demand for every class of people. So, once the company starts making money, good policies and good terms can keep you on track. Within four months of launching, Digit Insurance landed 1.5 lakh customers and 100 crores in pocket.
Funding
In July 2018, the company raised $44 million in the second round of funding. This summed up the total funding raised by Digit Insurance to $94 million.
In 2020, the company raised $84 million from A91, Faering, and TVS Capital. The company which is just two years old is doing absolutely brilliant. The last funding has led Digit’s total fundraising to $224 million. Digit currently serves more than five million customers with extremely diversified categories of insurance.
Success
In 2019, Digit bagged the award of Asia’s General Insurance Company of the year 2019. The customer rating is highly lucrative and impressive. Digit Insurance has also been listed in India’s top two start-ups for consecutive two years. And, it is the only Indian insurance company to be listed in the Global Fintech List. It is absolutely remarkable to witness a young company growing so fast.
Since Digit focuses on the implementation of technology from the first, they are using AI and ML-based tools to prevent fraud. Because, for an insurance company, fraud is the biggest threat. They are experimenting with new tools now but this is going to be very effective in the long run.
Annasha Dey is an NIT student, who apart from studying engineering is also a content writer. She has a great interest in photography, writing, reading novels, and travelling as well. She is a foodie who loves socializing and hanging out with her friends. She is also a trained Kathak dancer and a big fashion enthusiast. Dey also loves watching TV series, which includes F.R.I.E.N.D.S. and Big Bang Theory. To be a better writer she prefers to read more