Digit Insurance is officially referred to by its official name Go Digit General Insurance is now one of the most rapidly growing digital insurance companies in India. Since its launch in the year 2016 Digit Insurance has stood out with its completely online, seamless insurance experience. Its goal is to streamline insurance procedures and make them easier to access, Digit Insurance has established itself as a major player within India. Indian market.
This article offers a complete review on Digit Insurance as well as its services as well as its business model, financial performance, as well as Digit Insurance’s determination to transform the insurance sector in India.
About Digit Insurance
Digit Insurance was established in the year 2016 by Kamesh Goyal in the year 2016 with the aim of making insurance easy, transparent and user-friendly. It is a subsidiary of Fairfax Financial, the world’s largest financial services provider, Digit Insurance has experienced rapid growth and has grown into a major player in the Indian digital insurance market. The firm’s strength is in its completely digital customer-centric model. policies are bought, administered, and claims processed completely online.
Digit Insurance provides a range of insurance products for general purposes which include health, motor and home insurance, as well as travel along with business, health and travel insurance. It is notable for its clear policies, fast claim settlements, and a customer-first method of operation.
Product Offerings by Digit Insurance
Digit Insurance provides a variety of insurance services designed to meet the requirements of corporate and individual customers. Here’s a look at the most popular services:
1. Motor Insurance
Digit Insurance offers both insurance for cars as well as Two-wheeler Insurance policies, as well as third-party and comprehensive coverage. They are intended to safeguard vehicles from catastrophes caused by nature, theft and many more.
| Feature | Car Insurance | Two-Wheeler Insurance |
|---|---|---|
| Comprehensive Coverage | Yes | Yes |
| Third-Party Liability | Yes | Yes |
| Own Damage Coverage | Yes | Yes |
| Roadside Assistance | Yes | Yes |
| Add-On Covers | Yes (e.g., Zero Dep) | Yes (e.g., Engine Protect) |
2. Health Insurance
Health insurance plans offered by Digit Insurance offer family and individual floating policies that provide hospitalization costs as well as critical illness and pregnant health care.
| Plan Type | Individual Plan | Family Floater Plan |
|---|---|---|
| Coverage for Critical Illness | Yes | Yes |
| Maternity Coverage | Yes | Yes |
| Hospitalization Coverage | Yes | Yes |
| Cashless Network Hospitals | 10,000+ | 10,000+ |
| Pre and Post-Hospitalization | 30-60 days | 30 to 60 days |
3. Travel Insurance
If you’re planning to travel within India or overseas, Digit Insurance provides insurance for travel that covers cancellation of your trip or medical emergencies as well as lost baggage.
| Feature | Domestic Travel | International Travel |
|---|---|---|
| Medical Emergency Coverage | Yes | Yes |
| Trip Cancellation | Yes | Yes |
| Loss of Luggage | Yes | Yes |
| Emergency Evacuation | No | Yes |
4. Home Insurance
Home insurance policies offered by Digit Insurance offer protection from natural catastrophes and theft and property damage.
| Coverage Type | Fire Coverage | Theft Coverage | Natural Calamities Coverage |
|---|---|---|---|
| Property Damage | Yes | Yes | Yes |
| Loss of Personal Belongings | Yes | Yes | Yes |
| Third-Party Liability | Yes | Yes | Yes |
5. Commercial Insurance
Digit Insurance also offers businesses with insurance solutions that include commercial property insurance and business liability insurance as well as health insurance for employees.
| Coverage Type | Property Insurance | Liability Insurance | Employee Health Insurance |
|---|---|---|---|
| Fire and Theft Coverage | Yes | Yes | Yes |
| Business Interruption | Yes | Yes | Yes |
| Employee Health Benefits | Yes | Yes | Yes |
Key Features of Digit Insurance
1. Digital-First Approach
As an Digital-first Insurance company, Digit Insurance lets customers easily access all of their services online. From purchasing policies to handling insurance claims and more, it’s all accessible via their mobile and website application, making it a desirable option for customers looking for an effortless, digital experience.
2. Transparent and Simple Policies
One of the best aspects that is unique to Digit Insurance are its dedication to transparency. The policies of the company are written in plain words that are easy to understand, ensuring that clients are aware of the conditions, coverage and exclusions. There aren’t any hidden costs or jargon which makes it simpler for clients to make informed choices.
3. No Paperwork
In keeping with its digital-first approach, Digit Insurance removes the need to fill out paperwork. Everything from purchasing policies to filing claims online, which makes it quicker and more efficient.
4. Quick Claims Settlement
Digit is renowned for its speedy processes for settlement of claims which has some claims settled in only two hours. This speedy turnaround is a key advantage to customers who appreciate efficiency and speed.
Financial Performance of Digit Insurance
Digit The insurance industry has shown astounding growth in both market share and revenue. Here are some important financial statistics:
| Metric | FY 2022-23 | FY 2021-22 |
|---|---|---|
| Gross Written Premium (GWP) | Rs1,800 Crore | Rs1,400 Crore |
| Net Profit | Rs138 Crore | Rs105 Crore |
| Combined Ratio | 97% | 98% |
With an total ratio of about 97 percent, Digit Insurance has maintained a strong financial health, which indicates an efficient cost management system and profitable operations.
Awards and Recognition
Digit Insurance is awarded for its innovative and customer-focused method:
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Best Digital Insurer – India: Insurance Asia Country Excellence Awards 2024
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Technology Champion of the Year (GI): Elets BFSI Leadership Awards 2024
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General Insurance Company of the Year: Asia Insurance Industry Awards 2024
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Top Employer in India 2024 & 2025: Top Employer Institute, Netherlands
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Most Innovative Insurtech Platform: Fintech Festival India Awards 2024
These awards highlight the Digit Insurance’s position as a leader in the insurance industry that is digital.
Social Initiatives by Digit Insurance
Digit Insurance is also involved in effective social initiatives designed to improve the general well-being of the society. These initiatives include:
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Weather-based insurance for migrant Workers In collaboration with local authorities, Digit Insurance has offered a payout of Rs3,000 for migrant workers affected by extreme temperatures. This is a sign of their dedication to social responsibility.
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Financial Literacy Training Programs: Digit Insurance is actively engaged in educating the people about the value of insurance and the best way to navigate digital platforms in order to handle policies efficiently.
- Trustage Life Insurance: Your Complete Guide to Coverage, Benefits, and More
Future Outlook for Digit Insurance
The future is bright, Digit Insurance intends to:
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Expands Its Product Line The company is in the process of the introduction of new insurance products to will meet the new demands of customers.
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Enhance the Technological infrastructure: Digit Insurance invests in AI and machine learning technology to improve the underwriting and claims process.
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Enhance Market Permeation With the aim to expand the reach of underserved segments Digit Insurance will expand its client base in cities in tier-2 and tier-3.
With its cutting-edge products and rapid development, Digit Insurance is set to lead the way in India’s digital insurance industry.