Go Digit General Insurance Ltd, commonly known as Digit Insurance, is a pioneering digital insurance company in India. Founded in 2017 by Kamesh Goyal, Digit Insurance aims to simplify the complex processes associated with insurance, providing customers with transparent, straightforward, and affordable insurance products. Operating entirely online, Go Digit uses technology to revolutionize the insurance industry, focusing on a seamless customer experience. Its services include health, motor, travel, home, and commercial insurance policies.
In this blog, we explore Digit Insurance's history, key milestones, and innovative services, providing valuable insights for those preparing for interviews in the insurance sector.
1. Overview Of Go Digit General Insurance Ltd
About
| Attribute | Details |
|---|---|
| Founders | Kamesh Goyal |
| Industry Type | Insurance |
| Founded | 2017 |
| Headquarters | Bengaluru, Karnataka, India |
History
Digit Insurance was established in 2017 with the vision to make insurance simpler and more accessible for everyone. By leveraging technology, Digit Insurance aims to eliminate the traditional hassles associated with insurance processes. With a user-friendly digital platform, Go Digit quickly gained recognition for its innovative approach, transparency, and customer-first policies.
Early Years (2017–2020):
- 2017: Digit Insurance is founded by Kamesh Goyal with financial backing from Fairfax Group. The company launched with a focus on motor, health, and travel insurance.
- 2018: Within a year, Go Digit achieved remarkable growth, serving over 5 million customers. The company introduced innovative products such as mobile-based inspection for claims, making it easy for users to document claims.
- 2019: Digit Insurance received a valuation of over $1 billion, achieving "unicorn" status. Recognized for its customer-centric approach, Digit won multiple awards, including the 'Asia’s General Insurance Company of the Year' by Asia Insurance Review.
- 2020: During the COVID-19 pandemic, Digit introduced specialized health policies and add-ons related to COVID-19, such as a hospital cash benefit for pandemic treatment. This rapid response to emerging health risks further solidified Digit's reputation as an agile and responsive insurer.
Growth and Expansion (2021–Present):
- 2021: Digit expanded its product range by introducing new policies tailored to evolving market needs, including more flexible health insurance plans. The company also strengthened its technological infrastructure to handle increased demand.
- 2022: Digit achieved 20 million customers and further expanded its market presence. The company enhanced its digital platform to provide an even more user-friendly experience.
- 2023: Continued innovation with new insurance products and digital tools for claim processing. With an increasing focus on technology, Digit launched features like AI-based fraud detection to streamline operations and improve service reliability.
Key Milestones
| Year | Milestone |
|---|---|
| 2017 | Founded by Kamesh Goyal with backing from Fairfax Group, launching with a focus on simplicity in insurance. |
| 2018 | Surpassed 5 million customers and introduced mobile-based inspection for easier claim documentation. |
| 2019 | Achieved unicorn status with a valuation over $1 billion; won 'Asia’s General Insurance Company of the Year.' |
| 2020 | Launched COVID-19-specific policies, addressing new health needs during the pandemic. |
| 2022 | Reached 20 million customers and expanded product offerings. |
| 2023 | Introduced AI-based fraud detection for enhanced reliability and efficiency in claim processing. |
Go Digit continues to redefine insurance in India with a customer-first approach and a focus on digital innovation, making insurance more accessible and understandable for everyone.
2. Company Culture and Values
Mission
Go Digit is on a mission to simplify life insurance, breaking down complex policies and processes into straightforward, understandable components. Since 2017, the focus has been on creating insurance solutions that are easy to navigate, empowering over 3 crore Indians with products that meet diverse needs, from health and motor to travel and pet insurance.
Vision
Go Digit envisions redefining life insurance for the modern customer, moving away from traditional complexities. The aim is to create an insurance experience that feels approachable, empowering individuals with the knowledge and confidence to make informed decisions about their policies.
Core Values
- Simplicity: Breaking down life insurance into clear, manageable parts to eliminate confusion and create a smooth user experience.
- Transparency: Ensuring that customers understand what they’re buying, with complete clarity on terms and benefits.
- Flexibility: Offering customizable products that can adapt to diverse individual needs, giving customers greater control over their policies.
- Customer Education: Committed to educating customers about insurance terminology and benefits, empowering them with the knowledge to make informed choices.
- Innovation: Constantly redefining and enhancing life insurance solutions to meet the evolving needs of modern consumers.
- Trustworthiness: Building a relationship of trust by ensuring policies are straightforward and delivering on promises at every step of the customer journey.
These values guide Go Digit’s approach to life insurance, making it a refreshing alternative in the industry and ensuring customers feel supported and confident in their choices.
3. Comprehensive Product & Service Offering
Go Digit General Insurance Limited, commonly known as Digit Insurance, is a leading general insurance company in India, committed to simplifying insurance products and processes for its customers. Their offerings encompass a wide range of insurance products designed to meet diverse needs:
1. Motor Insurance
- Car Insurance: Provides comprehensive coverage for private cars, including options for third-party liability and own damage.
- Two-Wheeler Insurance: Offers protection for motorcycles and scooters against accidents, theft, and other damages.
- Commercial Vehicle Insurance: Covers commercial vehicles such as trucks, buses, and taxis, ensuring business continuity.
2. Health Insurance
- Individual Health Insurance: Tailored plans for individuals covering hospitalization, critical illnesses, and more.
- Family Floater Health Insurance: Comprehensive health coverage for the entire family under a single policy.
- Senior Citizen Health Insurance: Specialized plans addressing the healthcare needs of senior citizens.
3. Travel Insurance
- International Travel Insurance: Covers medical emergencies, trip cancellations, and other unforeseen events during international travel.
- Domestic Travel Insurance: Provides protection against travel-related contingencies within India.
4. Home Insurance
- Home Structure Insurance: Protects the physical structure of the home against risks like fire, natural calamities, and more.
- Home Contents Insurance: Covers household contents such as furniture, electronics, and personal belongings.
5. Business Insurance
- Property Insurance: Safeguards business properties against damages from fire, theft, and other perils.
- Liability Insurance: Provides coverage against legal liabilities arising from business operations.
- Marine Insurance: Covers goods in transit, ensuring protection against losses during transportation.
Digit Insurance emphasizes customer-centric services, offering features like:
- Simple Online Processes: From purchasing policies to filing claims, processes are designed to be paperless and hassle-free.
- No Age-Based or Zone-Based Co-payment: Policies come with no age or zone-based co-payment, ensuring transparency.
- No Room Rent Restriction: Health insurance plans allow policyholders to choose any hospital room without restrictions.
- Sum Insured Refill Benefit: If the sum insured is exhausted during the policy period, it is refilled at no extra cost.
- Extensive Network Hospitals: Access to over 16,400 network hospitals across India for cashless treatment.
These offerings reflect Digit Insurance's commitment to providing innovative and customer-friendly insurance solutions, making insurance accessible and straightforward for all.
4. Key Competitors of Go Digit
Go Digit General Insurance known for its easy-to-use online platform and transparent policies, Digit Insurance has grown rapidly in the Indian insurance sector. Here are the key competitors of Go Digit Insurance in the digital and general insurance space.
1. Policybazaar
Overview: Policybazaar is India’s leading online insurance aggregator, providing a platform for customers to compare and purchase various insurance products.
Services: Policybazaar offers a range of insurance products, including health, motor, life, and travel insurance from multiple insurers. It also provides advisory services and policy comparisons.
Market Position: Policybazaar competes with Go Digit by offering a one-stop platform for comparing and purchasing insurance. Its wide network of partnerships with insurers and strong brand presence make it a major player in digital insurance distribution.
2. Acko General Insurance
Overview: Acko is a digital insurance provider focused on providing simplified and affordable insurance products, primarily through an online platform.
Services: Acko offers motor, health, and travel insurance policies, with a focus on personalized pricing and a seamless claims experience through digital channels.
Market Position: Acko competes directly with Go Digit in digital insurance. Known for its innovative products and online-only model, Acko has become a popular choice among younger, tech-savvy customers seeking motor and health insurance.
3. Bajaj Allianz General Insurance
Overview: Bajaj Allianz is a well-established insurance provider in India, offering a wide array of general insurance products with a strong offline and online presence.
Services: Bajaj Allianz provides motor, health, travel, and home insurance, focusing on both individual and business insurance needs.
Market Position: Bajaj Allianz competes with Go Digit in both digital and traditional insurance markets. Its strong brand recognition, extensive agent network, and digital services make it a key player in the general insurance industry.
4. ICICI Lombard General Insurance
Overview: ICICI Lombard is one of India’s largest private sector general insurers, known for its broad range of insurance products and customer-centric approach.
Services: ICICI Lombard offers health, motor, travel, and home insurance, as well as corporate insurance solutions, supported by digital services and a robust claims process.
Market Position: ICICI Lombard competes with Go Digit in the motor and health insurance markets. Its established reputation and comprehensive digital solutions provide it with a competitive edge in the industry.
5. HDFC ERGO General Insurance
Overview: HDFC ERGO is a prominent general insurance company in India, offering a diverse range of insurance products, both online and through a large offline network.
Services: HDFC ERGO provides health, motor, travel, home, and cyber insurance, focusing on customer service and efficient claims processing.
Market Position: HDFC ERGO competes with Go Digit in the digital insurance space, especially in health and motor insurance. Its strong digital presence and customer-friendly policies make it a popular choice for online insurance buyers.
5. Corporate Social Responsibility (CSR)
Go Digit General Insurance, commonly known as Digit Insurance, is committed to corporate social responsibility (CSR) through initiatives that promote environmental sustainability, education, and community development.
6. Future Outlook and Strategic Plans
Digit Insurance is focused on technology-driven expansion, product innovation, and enhancing customer experiences. Below are some of Digit Insurance’s key strategic initiatives:
1. Expansion of Digital Insurance Products
Digit Insurance is expanding its product portfolio to cater to a broader range of customer needs and to simplify complex insurance policies.
- Introduction of New Products: Offering innovative insurance products such as pet insurance and more tailored health insurance plans.
- Customization and Flexibility: Providing options that allow customers to customize policies based on their individual needs and preferences.
2. Focus on AI and Automation for Claims Processing
Digit is investing in artificial intelligence and automation to streamline claims processing, reduce human intervention, and provide faster customer service.
- Automated Claims Assessment: Using AI to assess claims and detect fraudulent activities, ensuring faster claim settlements.
- Data-Driven Decision Making: Leveraging machine learning algorithms to make data-driven decisions in underwriting and pricing.
3. Expansion in Emerging Markets
Digit Insurance aims to expand its presence in untapped regions to make insurance accessible to a wider audience.
- Regional Expansion: Targeting Tier II and Tier III cities in India where the insurance market has significant growth potential.
- Strategic Partnerships: Collaborating with local companies to increase reach and improve service availability in underserved areas.
4. Improving Customer Self-Service Capabilities
Digit Insurance is focused on enhancing self-service options to allow customers to manage their policies, file claims, and get support independently.
- Self-Service Portals and Apps: Developing mobile and web applications that let customers access information, manage claims, and update policies at their convenience.
- User-Friendly Interfaces: Ensuring that digital platforms are intuitive and easy for users to navigate without needing extensive assistance.
5. Sustainability and Community Support Initiatives
Digit is committed to promoting corporate social responsibility and sustainable practices in its operations.
- CSR Programs: Engaging in community programs focused on health, safety, and disaster relief to give back to society.
- Sustainable Business Practices: Incorporating eco-friendly processes in office operations, such as paperless transactions and energy-efficient practices.
6. Investing in Talent Development and Employee Wellbeing
Digit emphasizes talent development and maintaining a positive work environment that fosters growth and employee satisfaction.
- Training Programs: Offering training on industry knowledge, technical skills, and customer service to enhance employee performance.
- Work-Life Balance Initiatives: Providing a supportive work environment with initiatives that promote employee wellness and mental health.
7. Latest News & Updates about Go Digit
Stay updated on the latest from Go Digit, including new insurance products, digital innovations, and customer-centric services. Discover how Go Digit is simplifying insurance with transparent, easy-to-understand policies and leveraging technology to make protection accessible and hassle-free for individuals and businesses alike.
8. Conclusion
Digit Insurance is a disruptive player in the insurance industry, known for its focus on technology-driven innovation, customer satisfaction, and simplifying the insurance experience. With a strong commitment to expanding its product offerings, automating claims processing, and enhancing self-service capabilities, Digit offers exciting career opportunities across technology, customer service, sales, and corporate functions. Aspiring candidates can prepare for a rewarding career at Digit by aligning their skills with the company’s mission to make insurance simpler, faster, and more accessible.
Key Takeaways for Aspiring Digit Candidates:
- Research the Company: Understand Digit’s core products, its digital-first approach, and its mission to simplify insurance for customers. Familiarize yourself with its unique selling points and customer-centric initiatives.
- Prepare for the Interview Process: For technical roles, focus on software development skills, automation, and analytics. For customer-facing roles, be ready to discuss customer engagement strategies and problem-solving in insurance.
- Demonstrate Analytical and Customer-Centric Skills: Digit values innovation, simplicity, and customer satisfaction. Highlight your problem-solving skills, technical expertise, and customer-oriented mindset.
- Stay Informed: Keep up with the latest trends in digital insurance, AI-driven automation, and customer self-service capabilities. Understanding these trends will help you stand out during the interview process.