Digit Insurance, an India-based online insurance platform, has reached the two million customer milestone, just 16 months of being in operation.
During this time, the InsurTech has also closed over 30,000 claims with a 92 per cent claim settlement ratio for private cars, 91 per cent on two-wheelers own damage, and 99.5 per cent on domestic travel. Other claim ratios include 97 per cent on mobiles and 93 per cent on international travel.
Launching its operations in October 2017, the company has increased its distribution channel partners to include e-commerce companies like Policybazaar, Flipkart and Cleartrip. Cirrently, the platform has a network of 1,500 strategic partners which include agents, brokers, and dealers.
Consumers can access Digit to purchase insurance policies for cars, bikes, travel, homes, mobiles, jewellery and commercial vehicles. A health insurance product is currently in the company’s pipeline. Its solution aims to streamline the claims process with certain incidents, such as flight delays being gully automated.
Digit Insurance chairman Kamesh Goyal said, “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.
“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.”
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