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.
Credit: Google
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As a Bangalore-based start-up, Digit has managed to reach its break-even point in 2020, primarily due to its lower operating costs and excellent business metrics. The Chairman, Kamesh Goyal, confirmed that despite the struggles facing the entire insurance industry, Digit expanded its business by 30% in 2020. The company has also received several accolades, including the “Hottest Startups in India 2019,” “Asia’s Best General Insurance Company of the Year 2019,” and the “Fintech 250 List.”
The successful and ongoing funding rounds demonstrate a deep commitment to the company’s goals and objectives to provide simplified insurance products to the public. With an expanding customer base and a growing list of awards and accomplishments, Digit Insurance is positioned to continue its growth trajectory as it strives to enhance insurance product accessibility for everyone.
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The best product one can buy is two-wheeler insurance, even in some showrooms, they provide Digit two-wheeler insurance. Which clearly shows how deep the connections have been by the company.
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Board of directors
Kamesh Goyal- chairman
Chandran Ratnaswami- Director
Rajendra Beri- Independent Director
Vandana Gupta- Independent Director
Christof Mascher- Director
Jasleen Kohli- MD & Chief Executive Officer.
Products available
Car Insurance
Bike Insurance
Travel Insurance
Health Insurance
Property Insurance
Shop Insurance
Group Health Insurance
Arogya Sanjeevani Policy
Commercial Vehicle Insurance
Super Top-Up Health Insurance
Flight Delay
FairFax Funding
In July of last year, Digit Insurance received a substantial investment of $45m (£35m) from FairFax Holdings, a partner of Go Digit Infoworks. This contribution brought FairFax’s total investment figure to $94m (£72m). FairFax chairman, Prem Watsa, a well-known Indo-Canadian billionaire often referred to as “the Canadian Warren Buffet” due to his investment approach, stressed the importance of a company’s leadership in its long-term success. He cited this as a key reason for investing in Digit Insurance, a company focused on insurance in the digital world that can effectively serve all types of people in India who are transitioning to a digital and mobile lifestyle. Watsa expressed his confidence in the entrepreneur behind the company, Kamesh Goyal, citing his impressive track record. As a general practice, FairFax only invests in companies whose leadership it trusts and respects, allowing the entrepreneurs to take the reins and lead the growth and progress of their company.
Credit: Google
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