Digit plans to disrupt the traditionally run Indian general insurance sector by introducing new products, services and giving a completely new dimension to various business models. It holds a General Insurance license which allows the company to sell P&C and health insurance products.
In a price sensitive domain, Digit aims to challenge predecessors by disrupting established business processes and by equipping and authorising partners and distributors more on policy issuance, quotes, documentation and claim processing.
Partners include Policybazaar (car insurance), Paytm (mobile insurance), Tanishq (jewellery insurance) and ClearTrip (travel insurance), which allows Digit to reach a wider audience. ClearTrip enables travelers to opt for Digit insurance while booking their trip. Digit’s USP is that it promises an insurance coverage for flight delays starting from 75 minutes and up as opposed to traditional travel insurance companies covering flights with delays from six hours onwards. Digit also has the technology to auto-detect delayed flights and send policyholders a text message to initiate their claim process. To avail the claim, policyholders need to submit a picture of their boarding pass to Digit.
The InsurTech is supported by FairFax holdings which controls 45% of the firm while the balance is held by Indian investors led by Kamesh Goyal (former Allianz executive). The company’s team is a combination of insurance and e-commerce executives.