BENGALURU – Digit Insurance, a General Insurance company, which started in 2017, becomes this year’s 1st Indian Unicorn at a valuation of $1.9 billion.
In almost a slowdown year for most businesses and when the insurance industry grew by 0.1%, Digit grew by 31.9%, earning a premium of $186 million from April to December 2020 and claims to have 1.5 crore customers since the beginning.
Moreover, Digit has also gathered profits in all 3-quarters of FY 20-21, within a short span of 3 years. They also hold a customer rating of 4.9 stars on Facebook based on 14,000+ customer reviews.
Furthermore, the young Unicorn uses technology to simplify processes for their customers, like smartphone-enabled self-inspection and audio claims.
They have launched several innovative offerings relevant to the ever-emerging needs of customers and they are 100% on the cloud.
Besides that, they launched a novel COVID-19 product, a Fixed benefit cover for COVID-19, under the unique and commendable sandbox initiative of IRDAI.
They were also able to reach out to more than 20 lakh Indian lives through their Digit Group Illness Insurance product.
The Fairfax-backed Insurance Company, headquartered in Bengaluru, is founded by insurance veteran Kamesh Goyal, who is with over 30+ years has worked in both General and Life Insurance spaces.