Go Digit General Insurance Limited Unlisted Shares Details:

About Go Digit General Insurance:

The journey of Go Digit, a Fairfax backed non – life insurance company was started in the year 2017 when they received insurance business nod from IRDA. In the year 2017, along with Digit, IRDA had given in – principal approval to 2 more new insurance companies taking the total number of insurance players to 33 in India at that time.

Digit is the technology – driven insurance company, started by Kamlesh Goyal, and a very talented team of Insurance, that provides insurance products at a lower cost as compared to other conventional players in the market. Digit was formed with a motive of making insurance business smooth and hassle – free. The do all the process, interaction with channel partners, issuance of the policy, quotes, documentation on a real – time basis with the use of technology.

Within a year of launching the insurance business, they have covered three products across 3 categories (Motor, Travel, Personal accessories). Today they have almost all the non – life insurance products at its portfolio.

Philosophy of Digit:

Conventional insurance companies think that “Claims are not good”. More the number of claims more will be the effect on the bottom – line of the P & L. So to avoid claims, first, they make insurance policies very difficult to understand and add a lot of conditions. Second, they make the processing of claims very cumbersome and time – consuming.

Digit has broken all these conventional thinking and said, “Claims are good”. Bring it on. At Digit, they follow the philosophy that claims are the reasons that they exist, and customers are buying products for those days, when there would probably be a claim. Obviously, providing a hassle – free claims experience is an extremely important aspects of the insurance business.

Other Details of Go Digit:

Instances of use of technology in Travel and Motor Insurance explained by management:

Ø  “With the use of technology, it is possible for Digit to even predict in advance if a flight that the customer is travelling is delayed or not. They are able to see the route of the aircraft and predict if it will get delayed. They then send a SMS to the customer. There is a link on that SMS and if the customers click it then it allows him to take a picture of his boarding pass. He can put in his bank account number, and then there is an immediate claim registration and approval, and the money gets transferred to the customer’s account”.

Ø  Cut down Claims Inspection process from 7 days to 7 minutes.

Even for motor and mobile claims, instead of people waiting for a third – party inspection, Digit empowers people to go for a self – inspection. This cuts down both operational costs for Digit and time for the customer. To give you an idea, the inspection time for car claims is 7 days on an average but our process takes 7 minutes.

Tie – ups with Business Partners:

In 2017, Digit has tied-up with Sterling Holiday to provide travel insurance to its customers. As per the Sterling holiday, 5 lakh travellers visit their resorts every year, so with the help of Digit Insurance, they will provide insurance cover from departure to arrival for all these customers.

In 2018, Digit has tied-up with Cleartrip to offer unique insurance products to the clients of Clear trip. The product was designed for Domestic travel by airline. To make the claim process smooth, Digit has introduced a simple two-step process.
For instance, if a flight is delayed, the customers receive an SMS; they just need to click a photograph of their boarding pass and get the credit in their account instantly.

In 2018, Digit Insurance had partnered with India’s largest e-commerce platform Flipkart, to launch a mobile protection plan for those people who purchase smartphones on Flipkart’s platform. This insurance will cover the mobile phone from damage.

In 2018, Digit Insurance partners with Xiaomi for screen protection policies. The insurance product was available across more than 50 Mi home stores in the country at a starting price of Rs 399.

In 2019, Digit Insurance had announced a partnership with Karur Vysya Bank for its bancassurance business.