The first unicorn of 2021- Digit Insurance is flying high with its commendable approach towards its customers. BFSI, specially the insurance sector, is abruptly infamous for its complicated procedures, tedious T&Cs and push strategy for sales. But, Go Digit believes that this outlook can be changed. A change is necessary for the manner in which protection items are seen, bought, and guaranteed. Basically, they are here ‘To Make Insurance Simple.’ They are majorly returning to the nuts and bolts and building basics to have a straightforward protection arrangements that make a difference to individuals and not just the company.
The way we know our bread today- the sliced form; was not how it was intended to be a century ago at its inception. But, then it had to be knifed, torn apart, or bitten-off from the loaf itself. Complicated, right? Especially now, when you can easily toast a slice. Pop, so simple!
But why are we talking about bread? Because insurance today is very much like that unsliced loaf of bread; cumbersome and unnecessarily complicated. Most consumers lack understanding of what product is right for them, and claim settlement is a long, tedious process where paperwork and fine prints make the entire experience unpleasant. Aargh, someone get us a knife here!
Digit Insurance is improving on protection items so that even a 15-year-old can appreciate them. Go Digit accepts this can be changed; the manner in which protection items are seen, bought, and guaranteed. Basically, they are here ‘To Make Insurance Simple.’
Story of Digit Insurance
Digit Insurance is a Bengaluru-based general protection and monetary administrations organization. Its main goal is to simplify protection for the average folks. It additionally gives home and shop protections.
Digit is an overall insurance agency began in 2016 by Kamesh Goyal and upheld by the Fairfax Group. Its administrations incorporate vehicle protection, travel protection, home protection, business vehicle protection, and shop protection. The organization is driven by a mission to rethink items and update value measures.
With central goal, they are reconsidering items, and upgrading measures. They are returning to the nuts and bolts and building basic and straightforward protection arrangements, that make a difference to individuals.
Go Digit- Founder and team
Kamesh Goyal is the Founder and the director of the organization Digit Insurance. He likewise worked at Allianz Insurance as the Head of Asset Management and Group Planning and Controlling. He was likewise the Regional Chief Executive Officer there. He likewise filled in as the Chief Operating and General Officer. He started his profession as a director at KPMG, India. He sought after B.A. LLB and furthermore finished his lords in business organization from Delhi University.
Go Digit-Business Model
The Digit Insurance Business Model targets presenting different new items and administrations to upset the Indian general protection area. It holds an overall protection permit which permits the organization to sell medical coverage items. Vehicle and home protections are normal however Go Digital gives Jewelry and Mobile Insurances too. The organization is reclassifying the protection business by working carefully. Its business methodology is to make gainful associations with different organizations.
Go Digit-Revenue Model
Insurance agencies acquire through their different protection plans. Digit Insurance was granted as Asia’s General Insurance Company of the Year 2019-2020. In 2019, Go Digit was additionally India’s Top Startup on LinkedIn. It’s anything but a 4.9 Facebook rating which implies about 92% of the clients like the organization. All the protection areas are encapsulating different parts. The Digit Insurance income is produced from the charges. For the Two Wheeler Insurance, Premium beginnings from INR 786. Here clients are dealt with like VIPs. On account of a Commercial Vehicle Insurance Policy, if the vehicle meets any harm or a mishap, the organization gives 80% settlement ahead of time to the carport of the client’s decision just if there was a shortfall of credit only carports close by.
Funding and Investors
Digit insurance subsidizing has seen it ascend to unicorn status in 2021. The organization has raised more than $179 million in subsidizing over the 3 financing adjusts.
As indicated by the most recent PR delivered by Go Digit Insurance, dated July 2, 2021, Founder and Chairman of the organization, Kamesh Goyal has declared Go Digit’s new gathering pledges round where the organization would raise up to $200 million. The speculations of this new round would be driven by Sequoia Capital India, IIFL Alternate Asset Managers, and existing financial backer Faering Capital among others, according to the updates. This most recent round would summarize the all-out capital mixed into the organization to $442M and is accepted to be one of the greatest subsidizing adjusts throughout the entire existence of the Indian protection industry. With this raising support round, Digit Insurance will be esteemed at $3.5B.
The Covid pandemic has had its repercussions repeating on a large portion of the significant businesses including the protection area, which saw a development of just 5% last year. Digit Insurance, in any case, has displayed a promising development of 44% regardless of the pandemic hardships. The organization brags of serving more than 2 crore+ clients and has professed to handle multiple lakh claims.
The top contenders of the organization are Acko, Coverfox, and PolicyBazaar.
- Acko is the top contender of Digit Insurance. It is a Mumbai-based organization established in 2016. It likewise works in the protection business.
- Coverfox is one of the top contenders of Digit Insurance. It was established in 2013 and is settled at Andheri East, Maharashtra, India. It likewise works in the protection area.
- PolicyBazaar is additionally a top opponent of Digit Insurance. It was established in 2008 and is settled at Gurgaon, Haryana, India. The organization contends in the protection area.
Digit Insurance developed by 31.9%, procuring an expense of $186 million (April’20-Dec’20) and cases to have 1.5 crore clients since beginning. In the wake of finishing the most recent round of July 2021, where the organization has chosen to raise $200 million, Digit Insurance would be raising a sum of $442 million.
In 2020, the organization extended its business by 30%. Two significant items helped the organization drive development. One is Covid health care coverage and the other one is fire protection. The organization saw solid development as far as its exceptional assortment because of the previously mentioned factors. Reports say that the vehicle protection area is deficient with regards to development yet in 2021 things will turn ordinary and the vehicle protection area would likewise encounter development like different areas. The business is enduring because of the Covid circumstance and furthermore there is an enormous drop in the loan fees yet the dread to people made them purchase Covid health care coverages and help organizations see development.
Mr. Vivek Chaturvedi, CMO, said, “We are by and by regarded and enchanted to get this lofty honor title of being the General Insurance Company of the Year. At Digit, our steady undertaking is to convey the best client experience with items that truly make a difference to our clients. Furthermore, this acknowledgment is an approval that we are on the correct way of straightforwardness!”
The organization from 2019 to 2020 has 87% of development in expenses. It has procured huge trust from the clients and is looking forward towards a decent client base alongside the 1.4 crores of existing client.