Digit Insurance, an India-based insurance company backed by Fairfax Group, has announced that it has gained two million customers during its 16 months of operation, which it claims makes it the fastest growing insurer in the world.
During its tenure, the company has also closed more than 30,000 claims, with 92% claims settlement ratio for private cars own damage, 91% for two-wheelers own damage, 99.5% for domestic travel, 97% for mobile and 93% for international travel.
Digit started its operations in October 2017 and has since expanded its distribution through direct channel partners such as e-commerce giants like Policybazaar, Flipkart and Cleartrip.
“The one thing that has got us this far, this quick is our strong foundation, our mission of simplifying insurance for people on the back on simple documents, simple processes and reimagined products with real benefits,” said Kamesh Goyal, Chairman of Digit Insurance.
“As we strive to achieve bigger milestones, our focus in the coming year would be to further simplify claims, using technology as an enabler, for example with processes like Video Calls during Claims and to launch more products that would challenge the standard products available in the market currently,” Goyal continued.
In June 2018, Digit signed a deal to purchase Indian reinsurer ITI Reinsurance or Rs 545 crore (US $79 million) from The Investment Trust of India. This proposal was subsequently rejected by the Insurance Regulatory Authority of India (IRDAI) in December.