Digit Insurance: Revolutionizing General Insurance Through Technology

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Life is risky and uncertain. We don't know what is waiting for us. One may face an untimely death or lose a limb at a time. Accidents do not appear after knocking on your front door, we just meet with them unexpectedly.

Digit Insurance is a security provider for all the insecurities that may occur in one's life. It has a range of insurance policies such as Bike Insurance, Commercial Vehicle Policy, Car Insurance Policy, Health and Travel Insurance Policies, and more, which are aimed at getting its users covered without any hassles. Read the Digit Insurance success story below, where you will get to know everything about Digit, its Startup Story, Founders and Team, Business Model, Revenue Model, Funding and investors, Challenges, and more.

Digit Insurance - Company Highlights

Digit Insurance - About
Digit Insurance - Startup Story
Digit Insurance - Founder and Team
Digit Insurance - Logo
Digit Insurance - Business Model
Digit Insurance - Revenue Model
Digit Insurance - Funding and Investors
Digit Insurance - Shareholding
Digit Insurance - Growth and Revenue
Digit Insurance - Financials
Digit Insurance - Awards and Achievements
Digit Insurance - Competitors
Digit Insurance - Future Plans

Digit Insurance - About

Digit Insurance is a Bengaluru-based general insurance and financial services company. Its mission is to make insurance simple for the common people. Digit General Insurance has come up with numerous insurance plans that can be primarily categorized as:

• Go Digit health insurance
• Go Digit car insurance
• Digit 2-wheeler insurance or GoDigit bike insurance for bikes
• Go Digit commercial vehicle insurance
• Go Digit travel insurance

Digit Insurance - Startup Story

Previously bread had to be sliced from loaves. It wasn't simpler like today's slices. People find insurance to be like those unsliced loaves. Customers also don't understand which plan is appropriate for whom. The company believes that this thinking can be changed. With this Digit Insurance started making insurance simple with an aim to go back to the basics and simpler transparent insurance solutions. Simple meant no twisted rules. The company needed a simple name and hence it found the name digit to be perfect and appropriate for them.

Digit Insurance - Founder and Team

Kamesh Goyal

Kamesh Goyal is the Founder and the Chairman of the company, Digit Insurance. He previously worked at Allianz Insurance as the Head of Asset Management and Group Planning and Controlling. He was also the Regional Chief Executive Officer there. Goyal also served as the Chief Executive Officer, Chief Operating Officer, and Country Manager at Bajaj Allianz. The Digit owner began his career as a Manager at KPMG, India. He pursued B.A. LLB and also completed his Master's in Business Administration from Delhi University.

On the appointment of Jasleen as the new MD and CEO of Digit Insurance, taking over Vijay Kumar, Kamesh Goyal, the Chairman of Digit Insurance, said, “The bold ideas that Vijay brought to the table and the guidance he provided across the board will surely be missed by all our colleagues including me. Jasleen’s agile market strategies and her prudent operational planning have aided the company in expanding its presence at an accelerated pace despite the pandemic. Her people and result-oriented focus will surely put Digit on the path of rapid growth that we have all envisioned.”

Philip Varghese

Philip Varghese currently serves as the Executive Director of Digit Insurance. Philip started as the Manager of Projects at Allianz after his brief stint at Alpic Finance. He then served as the Senior Manager of Property Underwriting, CIO, and CIO & Head Direct at Bajaj Allianz General Insurance. Varghese then joined Bajaj Allianz Life, where he served as a CEO and COO before joining as the Board Member of Allianz Technology. Philip eventually joined Digit Insurance at a very early stage, when he teamed with the founder of Digit.

Vijay Kumar

Vijay Kumar served as the CEO and Principal Officer at Digit Insurance before the job role of MD and CEO was announced to go to Jasleen Kohli, who will be assuming the position effective from April 20, 2022. Starting as the Senior Executive Service & Quality at Kirloskar Pneumatic Company, Vijay Kumar has served in a range of companies in key leadership positions including Maruti Udyog Ltd, Hyundai Motor India Ltd., and Bajaj Allianz, before joining Digit. Vijay Kumar served as the CEO of the organization since Digit was founded in 2017, and his superannuation is dated April 19, 2022.

Vijay Kumar, on his retirement said, “I have had a fulfilling inning at Digit and I’m happy to see this baby grow into a giant player in such a short span of time. I am confident Jasleen will execute Digit's ambitious growth plans with ease and take the company to greater heights in the coming years. As a passionate veteran of this industry, I will keenly keep an eye on Digit as it transforms the insurance space through its tech capabilities in the coming years.”

Jasleen Kohli

Jasleen Kohli has been appointed as the MD and CEO of Digit Insurance, effective from April 20, 2022. Kohli has previously worked as the Chief Distribution Officer (CDO), has been working with Digit since the inception of the company, better known as the first employee of the company. As part of her responsibilities as the CDO of Digit, Jasleen had to oversee all the sales and distribution channels of Digit. Kohli is brimming with experience too, with around 19 years of experience in the life and general insurance industry. Allianz Technology was the last company that Kohli worked with as a Director before she joined Digit. Jasleen Kohli is aged 42 now, and with her latest appointment, she will become one of the youngest CEOs in the insurance industry.

On her appointment announcement as the new MD and CEO of Digit, Jasleen Kohli said, “I am delighted about this new responsibility entrusted in me by the Digit team. While it will be hard to fill Vijay’s experienced shoes, I am excited about this challenge.”

Appointments followed with the announcement of Jasleen Kohli as the MD and CEO. The company also promoted Adarsh Agarwal from the role of Appointed Actuary to Chief Distribution Officer (corporate business). The former position of Adarsh Agarwal has been filed by Nikhil Kamdar, who became the new Appointed Actuary, as per the reports dated April 19, 2022.

Sriram Shankar was another Digit executive, who has been a part of the early leadership team of Digit. Since Shankar left Digit in August 2018, he has served Goodera as a Business head and eventually co-founded Findeed.

Digit Insurance currently works with over 1000 employees.

Digit Insurance - Logo

Digit Insurance - Business Model

The Digit Insurance business model works just like the business models that the insurance companies opt for, the only difference is that Digit aims to introduce a range of new products and services to disrupt the Indian general insurance sector. It holds a general insurance license, which allows the company to sell health insurance products. Car and home insurance are common but Digital Insurance provides jewellery and mobile insurance as well. Furthermore, the company is redefining the insurance industry by working digitally. Its business strategy is to create beneficial partnerships with various companies.

Among various other insurance plans, Digit is one of the insurance companies that launched Go Digit Covid insurance. The coronavirus health insurance of the company is similar to a customized health insurance policy, which helps to cover the hospitalization and treatment costs of the COVID-19 infected persons who have previously registered with Digit.

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Digit Insurance - Revenue Model

Digit Insurance earns the majority of its revenues from its business line of products which includes its insurance plans and their premiums. The general insurance company extends a wide range of insurance plans for health, motor, and travel. Digit clocked in $400 million in annual premiums when last recorded in October 2021.

Digit Insurance - Funding and Investors

Digit Insurance funding has seen it rise to unicorn status in 2021. The company has raised around $585.6 million in funding over the 9 funding rounds that it saw. The latest funding round that Digit witnessed on January 18, 2022, came from Wellington Hadley Harbor and Ithan Creek Master Investors, where the company raised $70 mn.

The valuation of the company is estimated at $3 billion, as of May 2024.

Digit Insurance is funded by 4 lead investors. IIFL Asset Management and Faering Capital are the most recent investors of the firm.

Digit Insurance IPO

Go Digit IPO raised INR 2,614.65 crore, with a fresh issue of 4.14 crore shares (INR 1,125 crore) and an offer for sale of 5.48 crore shares (INR 1,489.65 crore). The IPO was open from May 15 to May 17, 2024, with allotment finalized on May 21 and listing on BSE and NSE on May 23. The price band was INR 272 per share. Retail investors could apply with a minimum lot of 55 shares for ₹14,190 (cutoff bid: INR 14,960). Minimum investments were INR 2,09,440 for sNII (770 shares) and INR 10,02,320 for bNII (3,685 shares).

Digit Insurance - Shareholding

Digit Insurance's shareholding pattern as of April 2024, sourced from Tracxn:

Digit Insurance - Growth and Revenue

Joined the Unicorn Club with a $1.9B Valuation

Digit Insurance became the 1st Indian Startup in 2021 to join the Unicorn Club, following its latest undisclosed investment round.

It also launched a novel COVID-19 product, a Fixed benefit cover for COVID-19. They have been able to reach out to over 20 lakh Indian lives through their Digit Group Illness Insurance product.

Digit Insurance has already achieved a wide array of milestones. Here are some of the popular growth highlights of the company:

• Digit achieved the coveted unicorn valuation in less than 4 years of operation
• The company boasts of serving 2 crore+ customers
• Digit saw a whopping 11X growth in the company’s group health business, which was last recorded at Rs 170 crore
• Digit Insurance claims to have sold over 79,536 health policies and insured 42.5 lakh lives between March 2020 and September 2021
• The company grew by 44% with a premium of Rs 3,243 crore
• Digit is hailed as the first Indian company that achieve a unicorn valuation in 2021
• Digit valuation has crossed the $4 billion mark as per the reports dated May 4, 2022

Digit Insurance - Financials

Digit Insurance has shown significant financial improvement in recent years, with notable growth in revenue and a shift from losses to profits.

Revenue rose sharply from INR 39.2 crore in FY23 to INR 656.8 crore in FY24. Profit after tax increased from INR 35.5 crore to INR 181.7 crore.

Digit Insurance Revenue:

Revenue from investments increased from INR 105.2 crore to INR 172.1 crore. Fire insurance income more than doubled from INR 22.1 crore to INR 54.2 crore.

Digit Insurance Expenses:

Other expenses increased sharply from INR 3.6 crore in FY23 to INR 475.2 crore in FY24. Contribution to policyholder funds was a significant cost of INR 467.5 crore.

Digit Insurance Profit/Loss:

Digit Insurance achieved a net profit of INR 181.7 crore in FY24 compared to INR 35.5 crore in FY23.

Quick Summary:

• Revenue Growth: Significant increase from INR 39.2 crore to INR 656.8 crore, driven by investments and insurance income.
• Expense Surge: Other expenses rose from INR 3.6 crore to INR 475.2 crore, impacting profit margins.
• Profit Improvement: Net profit increased fivefold from INR 35.5 crore to INR 181.7 crore, reflecting better operational performance.
• Insurance Segments: Fire and miscellaneous insurance showed strong growth, while marine insurance returned to profitability.

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Digit Insurance - Awards and Achievements

Some of the prominent awards and achievements that Digit Insurance achieved throughout the years are:

• Digit Insurance Recognized as ‘Top Employer in India’ for 2024 and 2025 for Fostering Culture of Growth and Innovation
• Digit Insurance was announced as the General Insurance Company of the Year at the 24th Asia Insurance Industry Awards in 2020
• It earned the Insurance Startup of the Year - India award, which was awarded by the Insurance Asia Awards 2020
• Asia Insurance Review declared Digit as Asia's Best General Insurance Company of the Year
• Digit Insurance was one of the Hottest Start-ups in India in 2019
• In the CMO Confluence & Corporate Awards 2019, Digit was conferred the title of the Best General Insurance Company
• The company ranked 5th among the LinkedIn Top Start-ups of 2018

Digit Insurance - Competitors

The top competitors of the company are Acko, Coverfox, and PolicyBazaar.

• Acko is the top competitor of Digit Insurance. It is a Mumbai-based company founded in 2016. It also works in the insurance industry.
• Coverfox is one of the top competitors of Digit Insurance. It was founded in 2013 and is headquartered in Andheri East, Maharashtra, India. It also operates in the insurance sector.
• PolicyBazaar is also a top rival of Digit Insurance. It was founded in 2008 and is headquartered in Gurgaon, Haryana, India. The company competes in the insurance sector.

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Digit Insurance - Future Plans

Digit Insurance plans to capitalize on a favorable macroeconomic climate and accelerate digital transformation, with a strong focus on AI adoption. Key priorities include improving customer-facing services such as claims management and customer support to enhance user experience. While exploring the potential of AI and Generative AI, Digit will adopt a cautious approach, balancing innovation with risk management. The company also aims to strengthen its fraud detection capabilities to address the rising threat of insurance fraud.

FAQs

Who is Digit Insurance Founder?

Kamesh Goyal is the founder of Digit Insurance as well as its chairman.

What insurances does Digit Insurance provide?

Digit Insurance covers insurance policies such as Bike Insurance, Car Insurance Policy, Health and Travel Insurance Policies, Property Insurance, Shop Insurance, Fire Insurance, and many more.

What is Digit Insurance valuation?

Digit Insurance was last valued at $3 billion in May 2024.

What is Digit Insurance business model?

Digit Insurance operates as a digital-first general insurance company. It offers motor, health, travel, property, and commercial insurance products. Its model focuses on using technology for simplified processes, quick claim settlements, and a seamless customer experience. The company generates revenue through insurance premiums and investment income while managing risks through underwriting and reinsurance.

Who is the CEO of Digit Insurance?

Jasleen Kohli has been appointed as the new Digit Insurance CEO and MD on April 19, 2022, effective from April 20, 2022, and has taken over the position from Vijay Kumar.

Which famous cricketer has funded Digit?

The popular Indian cricket team skipper, Virat Kohli has funded Digit. Virat Kohli has invested Rs 2 crore in the insurance startup while his wife, Anushka Sharma has invested Rs 50 lakhs in the firm around the same time.

What is Jasleen Kohli relation with Virat Kohli?

There is no relation between Jasleen Kohli and Virat Kohli. Jasleen Kohli is the Managing Director and CEO of Digit Insurance, while Virat Kohli is an Indian cricketer. Their shared last name is coincidental.