The Power Of Simplicity

1) Founder

Chairman Kamesh Goyal had worked for Bajaj Allianz and Bajaj Finserv, among others, in his three-decade-long career. Before starting Digit, he was CEO of Bajaj Allianz general and life insurance businesses, Asia CEO of Bajaj Allianz and headed the Allianz Group's Planning and Performance Management segment.

2) The Trigger

When Goyal tried and failed to explain the basics of insurance to his teenage son, he decided to take a relook at the jargon-heavy industry and its complex operations. While customers required simple, de-jargonised solutions, there were other pain points such as lack of innovation and tardy claims processing. So, Goyal decided to build a business which would provide simplified and customised products and ensure fast and easy settlements. In 2016, he had set up Go Digit Infoworks Services - an IT development and consultancy firm - as a joint venture with Oben Ventures and Fairfax Financial Holdings. Digit, registered as Go Digit General Insurance in the same year as a subsidiary of Go Digit Infoworks, received its licence from IRDA in September 2017 and launched the first product - travel insurance - in October, followed by mobile, auto, jewellery and healthcare insurance services.

3) Focus on Partnerships

The start-up focusses on building partnerships and selling insurance at the point of product sale. It has tied up with more than 1,500 partners such as Amazon, Flipkart, Xiaomi, Tanishq, Cleartrip as well as a huge number of auto dealers, small insurance agents and brokers.

4) What Sets It Apart

It is an online-focussed insurance solutions provider but has physical presence in a few states, largely for sales support. To make things simple, it has been developing consumer-friendly products with similar features across age and income groups. Each product comes with a two-page summary document and ensures quick processing of claims. Goyal says nearly 85 per cent of claims received are approved within 24 hours. Digit is India's first insurance company to offer advance cash facility for cars and mobiles - upfront cash instead of post-repair reimbursement. Other innovative features include a 75-minute flight-delay cover; a flat fixed benefit of up to `10,000 (domestic claim) and $1,000 (international) for delay or loss of baggage; an IMEI-linked cover for mobile phones (Digit puts these numbers in its database at the time of policy purchase and customers need not submit them again if phones get lost) and worldwide, no-depreciation cover for jewellery.