Digit insurance, new age of insurance

About

Established in 2016, Digit Insurance is an insurance company that strives to simplify insurance products for everyone, with the goal of changing the perception of insurance products among individuals. The company's first funding in 2020 attracted widespread attention as Indian celebrity couple Virat Kohli and Anushka Sharma contributed $340K to support the cause.

This significant financial support is attributed to the fact that more than 20 lakh Indians have bought illness insurance against COVID-19 and other diseases like malaria, chikungunya, dengue, and others.

Mr. Goyal has devoted his entire professional career to finance and insurance, during which he held multiple high-level positions in firms directly affiliated with the renowned German insurance corporation Allianz. Notably, he spent six and a half years at Bajaj Allianz, a joint venture between the aforementioned firm and Indian financial services company Bajaj Finserv.

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Beginning as the COO in 2001, he progressed to become the CEO in 2004 and continued to serve in this role until 2007. In his most recent role, he served as the Head of Strategy Planning for the entire Allianz Group.

This extensive professional history has granted Mr. Goyal invaluable insights into the intricacies of the complex and highly specialized insurance industry. However, he experienced a pivotal moment when he struggled to explain the fundamental aspects of insurance to his teenage son. This realization ultimately led him to depart from Allianz and establish his vision for a streamlined and efficient insurance process.

He identified the digital channel as the optimal means of achieving his objectives and subsequently founded Go Digit General Insurance. This new venture represents a subsidiary of Go Digit Infoworks Services, which operates under the auspices of FairFax Financial Holdings.