Digit Insurance celebrates its fifth anniversary; has served 30 million customers since its inception


Go Digit General Insurance Limited (Digit), one of the fastest growing insurance players in India, completed five years of business this week. The company, which started operations in October 2017 with a mission to simplify insurance, has a market share of 4.3% in the automotive segment.

Digit has managed to remain one of the fastest growing insurers among private general insurers by GDP over the past three years (FY20 to FY22), establishing a track record of growth. The company recorded revenue of Rs 52.68 billion, Rs 32.43 billion and Rs 22.52 billion in fiscal years 2022, 2021 and 2020, with a CAGR of 52.9%. The insurer offers 56 products across auto, health, travel, property, marine, liability and more, and has successfully served more than 30 million people since its inception.

Digit had a 74% loss ratio in fiscal 2021 and 2022 and also managed to reduce its net expense ratio from 42.4% in fiscal 2020 to 38.7% in fiscal 2022, highlighting its improvement in operational efficiency. The insurer’s combined ratio (a measure of underwriting profitability) improved from 117.4% in fiscal 2020 to 112.7% in fiscal 2022.

“I’m thrilled to see how Digit’s story has unfolded over the past five years. Celebrating these milestones truly belongs to our strong team of more than 2,500 employees and partners who, from day one, have brought a culture of change and helped the company achieve these bold goals. We hope to continue to drive our growth by expanding into untapped geographies, acquiring new customers and expanding our product portfolio to meet ever-changing needs. of the Indian market, said Jasleen KohliMD and CEO, Digit Insurance.

Digit managed to increase its market share from 1.22% in fiscal year 2021 to 2.12% in fiscal year 2022 in terms of total GDP of private and public general insurers. * Since its creation, it has also succeeded in capturing market share in the automotive segment. The company’s auto GDP grew 53.7% year-on-year in FY22 compared to the private auto insurance market, which grew 9.16% as measured by GDP. He also had net promoter scores of 78% for no claims and 86.4% for auto claims as of FY22.

The company over the years has been able to differentiate itself by adopting a distribution model. It strengthened its ecosystem of 32,613 partners by digitizing offline networks. Digitally empowering partners through 470 AI-powered microsystems and 1,063 API integrations helped the company significantly reduce fixed costs and scale quickly without incurring significant overhead.

Predictive underwriting models using its database helped the company assess risk more accurately and target markets that should be more profitable. He has also succeeded in promoting a high-quality client experience by providing relevant, transparent and customizable coverage through simple, easy-to-understand policy documentation and by designing simple, paperless processes. Technology integrations have also helped the insurer reduce the claims settlement time (TAT).

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