New age insurer Go Digit General Insurance (Digit) has crossed Rs 5,000 crore-mark in gross written premium in FY22, driven by higher demand from motor, property and health segments.
With over four-year of operations, the Bengaluru-headquartered insurtech is backed by Canadian billionaire Prem Wasta’s Fairfax Financial Holdings through its parent company Go Digit Inforworks Services. It was founded by Kamesh Goyal.
Digit clocked in Rs 5,268 crore in gross written premium in 2021-22 and reported a growth of 62 per cent against the industry average of 10.9 per cent, the company said.
Claiming that it is one of India’s fastest-growing private general insurance companies, Digit said it has crossed the milestone of Rs 5,000 crore in revenue in a single year in less than five years of operations.
Motor, property and health verticals helped the company register the 62 per cent growth in FY22, while the industry average stood at 10.9 per cent, it added.
From its motor portfolio alone, Digit clocked in Rs 3,276 crore premium, helping it increase its market share to 4.7 in 2021-22 from 3.7 per cent in FY21. The overall market share of the company grew to 2.4 per cent from 1.7 per cent.
Further, the company settled over 6.79 lakh claims worth Rs 2,186 crore during the year.
Digit said it has insured over 3.85 lakh electric vehicles in the fiscal ended March 2022 and insured nearly 40,000 corporates under its group health business.
Also, as many as 10 lakh customers were serviced via WhatsApp in less than 2 years, it said.
Motor, health, property, and travel insurance continue to be Digit’s top lines of business. To encourage customers to buy health insurance, in December last year, the company started offering one of the industry’s lowest waiting periods of 1 year for specific and pre-existing illnesses, it added.
This has ensured that more customers get access to good healthcare when required the most.
Commenting on the milestone, Jasleen Kohli, MD & CEO, Digit Insurance said, “As a young insurer, this indeed is a moment of pride for us but above all, it is a testament to our endeavours towards making insurance simple and more accessible.
“The collective efforts of our partners and employees have not only helped us accelerate our growth but also ensured that more customers understand the importance of having an adequate financial cushion,” Kohli said.
Crossing Rs 5,000 crore premium in a year is a testament to the company’s endeavours towards making insurance simple and more accessible, she added.
The insurtech also trimmed its loss ratio — a percentage of losses to the premium earned — to 47 per cent last fiscal from 69 per cent earlier.
“Given our innovative group health products, we saw strong growth in our health portfolio in FY22. We were also able to successfully lower our loss ratio by improving our underwriting models and claims management process. To sustain our overall business growth, we will continue to focus on deploying advanced tech tools to empower our partners as well as customers,” Kohli said.
Since its inception, the company has serviced 99.56 per cent of India’s total postal codes, Digit said.
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