Digit Insurance, a new age insurance startup, which wants to make insurance simple, has raised $44m in a second round of funding. The funding is the largest round in the Indian general insurance ecosystem. This investment brings Digit's total funding to $94m.
Canadian billionaire Prem Watsa’s Fairfax Holdings has invested second round of capital ($45m) in Digit Infoworks, a parent company for Digit insurance of which a significant part of the investment ($44m) is given to Digit Insurance.
Bangalore-based Digit Insurance plans to invest the funds in technology to drive its mission of making insurance simple. A significant use of fund will also be invested in launching new lines of products and expansion of distribution network across the country.
Kamesh Goyal, founder & chairman, Digit Insurance, said, “Our investors have shown confidence in our mission of 'Making Insurance Simple' which is heartening. And this round of funding will further help us in doing that.
“Our long term investment is directed towards bringing in technology that can automate and fasten processes and resolve customer pain points. For example, 100% of our flight delay claims are automated and claims are processed in minutes; 87% of our claim approvals happen in just 24 hours due to innovations like smartphone-enabled self-inspections. We also believe that claims are the sole reason why a customer buys our policies, so for us claims are good.”
Digit has also successfully partnered with companies like Flipkart, PayTM, Cleartrip, Sterling Holidays, SOTC, Policy Bazaar and Tanishq with products like Screen Damage for mobile phones or the flight delay cover starting from 75 minutes.
Digit has diversified into mobile, car, two wheeler, travel, jewellery insurance and has built a large base of over 400,000 customers