Digit Insurance Success Story 2023-24 | A Startup Funded by Virat Kohli

Life is dangerous and unreliable. What is in store for us is unknown. A person could pass away suddenly or lose a limb at any time. Accidents don’t happen when we knock on your door; instead, we just run into them unprepared.

For all of the uncertainties that could arise in one’s life, Digit Insurance offers security. It offers a variety of insurance products, including Bike Insurance, Commercial Vehicle Policy, Car Insurance Policy, Health and Travel Insurance products, and more, all of which are designed to provide coverage for its consumers with the minimum of inconvenience. Get to know everything about Digit, its startup narrative, founders and team, funding and investors, challenges, and more by reading the Digit Insurance success story down below.

Digit Insurance – Company Highlights

Digit Insurance – About

General insurance and financial services provider Digit Insurance is situated in Bengaluru. Its goal is to make insurance accessible to the general public. Numerous insurance products developed by Digit General Insurance fall under the following broad categories:

1. Go Digit health insurance
2. Go Digit car insurance
3. Digit 2-wheeler insurance or GoDigit bike insurance for bikes
4. Go Digit commercial vehicle insurance
5. Go Digit travel insurance

Digit Insurance – Startup Story

Before, loaves of bread had to be cut into slices. Unlike the slices of today, it wasn’t simpler. Many people compare insurance to those unsliced loaves. Additionally, customers don’t know which plan is best for whom. The business thinks that this way of thinking may be altered. In order to return to the fundamentals and provide more transparent, straightforward insurance solutions, Digit Insurance set out to make insurance simple. Simple meant that there were no complicated rules. The business needed a short, memorable name, so it decided that the word “digit” was ideal.

Digit Insurance – Founder and Team

kamesh goyal

The company, Digit Insurance, was founded by Kamesh Goyal, who also serves as its chairman. Prior to joining Allianz Insurance, he served as the group planning and controlling and asset management head. There, he served as the Regional Chief Executive Officer as well. At Bajaj Allianz, Goyal also held the positions of chief executive officer, chief operating officer, and country manager. Owner of Digit started out as a manager at KPMG in India. He completed both his Master of Business Administration and his B.A. LLB degrees from Delhi University.

On the appointment of Jasleen as the new MD and CEO of Digit Insurance, taking over Vijay Kumar, Kamesh Goyal, the Chairman of Digit Insurance, said, “The bold ideas that Vijay brought to the table and the guidance he provided across the board will surely be missed by all our colleagues including me. Jasleen’s agile market strategies and her prudent operational planning have aided the company in expanding its presence at an accelerated pace despite the pandemic. Her people and result-oriented focus will surely put Digit on the path of rapid growth that we have all envisioned.”

Philip Varghese

At the moment, Philip Varghese leads Digit Insurance as executive director. After a brief stay with Alpic Finance, Philip joined Allianz as the Project Manager. Later, he worked at Bajaj Allianz General Insurance as the Senior Manager of Property Underwriting, CIO, and CIO & Head Direct. Prior to becoming a board member of Allianz Technology, Varghese worked as the CEO and COO of Bajaj Allianz Life. When Philip partnered up with the Digit founder, he eventually joined Digit Insurance at a very early stage.

Vijay Kumar

Before it was reported that Jasleen Kohli will be taking over as MD and CEO of Digit Insurance with effect from April 20, 2022, the position was held by Vijay Kumar as CEO and Principal Officer. Vijay Kumar began his career as the Senior Executive Service & Quality at Kirloskar Pneumatic Company. Prior to joining Digit, he held important leadership positions with a number of other organizations, including Maruti Udyog Ltd, Hyundai Motor India Ltd., and Bajaj Allianz. Since the company’s founding in 2017, when Digit was established, Vijay Kumar has served as its CEO. His superannuation is scheduled for April 19, 2022.

Vijay Kumar, on his retirement said, “I have had a fulfilling inning at Digit and I’m happy to see this baby grow into a giant player in such a short span of time. I am confident Jasleen will execute Digit’s ambitious growth plans with ease and take the company to greater heights in the coming years. As a passionate veteran of this industry, I will keenly keep an eye on Digit as it transforms the insurance space through its tech capabilities in the coming years.”

Jasleen Kohli

Effective April 20, 2022, Jasleen Kohli will assume the roles of MD and CEO at Digit Insurance. Previously, Kohli served as the Chief Distribution Officer (CDO), also known as the firm’s first employee. He has been with Digit since the beginning of the company. Jasleen had to manage all of Digit’s sales and distribution channels as part of her duties as the company’s CDO. Having worked in the life and general insurance industries for about 19 years, Kohli is also rich with experience. Kohli’s final employer before joining Digit was Allianz Technology, where she served as a director. At 42 years old, Jasleen Kohli will soon rank among the youngest CEOs in the insurance sector thanks to her most recent appointment.

On her appointment announcement as the new MD and CEO of Digit, Jasleen Kohli said, “I am delighted about this new responsibility entrusted in me by the Digit team. While it will be hard to fill Vijay’s experienced shoes, I am excited about this challenge.”

Jasleen Kohli’s appointment as the MD and CEO was announced after the announcement of appointments. Adarsh Agarwal was also elevated by the organization from the position of Appointed Actuary to Chief Distribution Officer (corporate business). According to sources from April 19, 2022, Nikhil Kamdar, the new Appointed Actuary, has applied for the old position held by Adarsh Agarwal.

Another executive from Digit, Sriram Shankar, was a member of the company’s founding leadership group. Shankar has worked as the business head for Goodera since he left Digit in August 2018 and eventually co-founded Findeed.

Currently, Digit Insurance employs approximately 1000 people.

Digit Insurance – Logo

Digit Insurance – Business Model

The sole difference between the Digit Insurance business model and the business models chosen by insurance companies is that Digit seeks to bring a variety of new goods and services to disrupt the Indian general insurance sector. The business is authorized to market health insurance products by virtue of its general insurance license. protection for homes and cars is typical, but Digital Insurance also offers protection for jewelry and smart devices. The business is also striving digitally to redefine the insurance sector. Its business strategy is to establish mutually beneficial alliances with numerous businesses.

One of the insurance firms that introduced Go Digit Covid insurance is Digit, along with a number of other insurance policies. The company’s coronavirus health insurance, which aids in defraying the hospitalization and treatment costs of Covid-19 infected individuals who have previously registered with Digit, is comparable to a personalized health insurance policy.

digit insurance revenue

The majority of Digit Insurance’s earnings come from its commercial line of goods, which includes its insurance plans and their premiums. The general insurance company offers a variety of health, auto, and travel insurance coverage. When it was last recorded in October 2021, Digit generated $400 million in annual premiums.

Digit Insurance – Funding and Investors

In 2021, Digit Insurance has received enough funding to achieve unicorn status. Over the course of the company’s 8 investment rounds, it has raised over $530.8 million in funding. On January 18, 2022, Wellington Hadley Harbor and Ithan Creek Master Investors contributed to the most recent investment round that Digit experienced, in which the business raised $70 million.

In a press release dated July 2, 2021, Digit Insurance stated that its founder and chairman, Kamesh Goyal, had revealed the company’s upcoming fresh financing round, in which it will seek to raise up to $200 million. According to the reports, Sequoia Capital India, IIFL Alternate Asset Managers, and current investor Faering Capital among others would lead the investments in this new round. One of the largest investment rounds in the history of the Indian insurance business, this deal increased the company’s total capital infusion to $442M. Digit Insurance had a $3.5B valuation after this round of funding.

According to news dated August 26, 2021, Digit Insurance again raised a sum of ($16.30 mn)Rs 121 crores in a round led by TVS Growth Fund and other high net worth individuals after raising $200 million in its previous round. However, the Ministry of Corporate had not yet received the company’s $200 million filing. According to the most recent regulatory filings, Digit has allegedly passed a special resolution to allot a total of 38,47,427 equity shares at an issue price of Rs 314 per share in order to raise the money.

As of January 2022, the projected market value of the company was $3.54 billion.

Digit Insurance IPO – digit insurance virat kohli

The firm founded by Virat Kohli, which is also supported by the Fairfax Group of Canadian billionaire Prem Watsa, has thought about raising $500 million in an IPO at a valuation of $4.5 to $5 billion. The book runners are Morgan Stanley and ICICI Securities. According to sources who requested anonymity, the drafting paperwork will probably be delivered to the market regulator by September, and the company plans to list by January 2023. These same sources stated that Digit Insurance intends to seek an IPO financing of approximately Rs 4000 crore.

Digit Insurance – Growth and Revenue

Digit Insurance reported having more than 1.5 crore members since its founding and increased by 31.9% between April 2020 and December 2020, earning a premium of $186 million. Digit Insurance announced that it raised a total of $442 million after concluding the most recent investment round in July 2021, where the business had chosen to raise $200 million.

The business of the corporation grew by 30% in 2020. The company’s success was fueled by two key items. Covid health insurance is one, while fire insurance is the other. The aforementioned elements allowed the company to experience significant growth in terms of its premium collection. Since the company’s founding, its gross written premiums have increased significantly and reached Rs. 5268 crore in the fiscal year 2021–2022.

According to reports, the automobile insurance industry isn’t growing, but in 2021, things are expected to return to normal and the industry will grow just like the rest. Although the Covid-19 incident caused a significant decline in interest rates and caused a great deal of damage to the industry, people’s panic caused them to get Covid health insurance, which helped the sector develop more rapidly than was anticipated.

Almost all of the major industries have been affected by the coronavirus epidemic, including the insurance industry, which grew by only 5% in 2017. However, in spite of the pandemic difficulties, Digit Insurance has shown a promising rise of 44%.

Joined the Unicorn Club with a $1.9B Valuation

Digit Insurance became the 1st Indian Startup in 2021 to join the Unicorn Club, following its latest undisclosed investment round.

A Fixed Benefit Cover for COVID-19, a novel COVID-19 product, was also introduced. Through their Digit Group Illness Insurance product, they have been able to connect with over 20 lakh Indian citizens.

Numerous significant milestones have already been reached by Digit Insurance. The company’s most well-known growth achievements include the following:

In little than 4 years of operation, Digit reached the coveted unicorn valuation.
The business boasts of serving more than 2 crore clients.
The company's group health business at Digit, which was previously reported at Rs 170 crore, had an astounding 11X growth.
Between March 2020 and September 2021, Digit Insurance asserts to have sold over 79,536 health insurance and insured 42.5 lakh lives.
According to information last indicated in March 2021, the corporation increased by 44% with a premium of Rs 3,243 crore.
The first Indian business to reach a unicorn valuation in 2021 is acclaimed as Digit.
According to sources from May 4, 2022, the $4 billion mark has been reached for digit valuation.

Digit Financials

The entire consolidated revenue of the company increased to Rs 2324 crore during the same fiscal year as Digit Insurance’s consolidated revenue from operations increased by more than 56% to become Rs 1943. The expenses at Digit also increased significantly, from Rs 1619 crore in FY20 to Rs 2358 crore in FY21.

However, Digit’s net loss shrunk from Rs 193 crore in FY20 to Rs 58.67 crore in FY21, bringing the business a little bit closer to profitability.

Digit Insurance – Awards and Achievements

Some of the prominent awards and achievements that Digit insurance achieved throughout the years are:

1. Digit Insurance was announced as the General Insurance Company of the Year at the 24th Asia Insurance Industry Awards in 2020
2. It earned the Insurance Startup of the Year – India award, which was awarded by the Insurance Asia Awards 2020
3. Asia Insurance Review declared Digit as Asia’s Best General Insurance Company of the Year
4. Digit Insurance was one of the Hottest Start-ups in India in 2019
5. In the CMO Confluence & Corporate Awards 2019, Digit was conferred upon the title of the Best General Insurance Company
6. The company ranked 5th among the LinkedIn Top Start-ups of 2018

Digit Insurance – Competitors

The top competitors of the company are Acko, Coverfox, and PolicyBazaar.

1. Acko is the top competitor of Digit Insurance. It is a Mumbai-based company founded in 2016. It also works in the insurance industry.
2. Coverfox is one of the top competitors of Digit Insurance. It was founded in 2013 and is headquartered in Andheri East, Maharashtra, India. It also operates in the insurance sector.
3. PolicyBazaar is also a top rival of Digit Insurance. It was founded in 2008 and is headquartered at Gurgaon, Haryana, India. The company competes in the insurance sector.

Digit Insurance – Future Plans

Mr Vivek Chaturvedi, CMO, said,

“We are once again honoured and delighted to receive this prestigious award title of being the General Insurance Company of the Year. At Digit, our constant endeavour is to deliver the best customer experience with products that really matter to our customers. And this recognition is a validation that we are on the right path of simplicity!”

The company from 2019 to 2020 has witnessed an 87% of growth in premiums. It has earned massive trust from the customers and is looking forward to a good customer base along with the 1.4 crores of existing customers.

Digit Insurance is currently eyeing to cross the Rs 6,500 crore-mark in its premia sales when it will be completing its 5 years of operation in October 2022.

FAQs

digit insurance founder

Kamesh Goyal is the Founder of Digit Insurance as well as its chairman.

What insurances does Digit Insurance provide?

Digit Insurance covers insurance policies such as Bike Insurance, Car Insurance Policy, Health and Travel Insurance Policies, Property Insurance, Shop Insurance, Fire Insurance, and many more. It also covers COVID-related insurances.
What is Digit Insurance valuation?

In January of 2021, Digit Insurance raised its valuation to $1.9 Billion, making it the first Unicorn of 2021 in India. The Digit Insurance net worth is currently $3.54 bn.
Who is the CEO of Digit Insurance?

Jasleen Kohli has been appointed as the new Digit Insurance CEO and MD on April 19, 2022, effective from April 20, 2022, and has taken over the position from Vijay Kumar.
Which famous cricketer has funded Digit?

The popular Indian cricket team skipper, Virat Kohli has funded Digit. Virat Kohli has invested Rs 2 crore in the insurance startup while his wife, Anushka Sharma has invested Rs 50 lakhs in the firm around the same time.