About Digit Insurance
Digit Insurance is a tech-driven insurance startup based in Bengaluru, India. The company seeks to build simple and transparent solutions, focusing on car, travel, mobile, jewelry, and bicycle insurance. Digit Insurance was founded in 2006 and is based in Bengaluru, India.
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Digit Insurance's Products & Differentiators
Digit Health Care Plus
A comprehensive health insurance plan with simple online processes, no age-based co-payment, no room rent restriction, the option to bump up sum insured, a large network of hospitals pan India for cashless claims. The product is designed to suit youngsters, families, old & wise, fitness enthusiasts, corporate hotshots, employees and finally, value seekers. Customers can choose from three options - Smart, Comfort and Comfort Pro based on what suits their needs best.
Research containing Digit Insurance
Get data-driven expert analysis from the CB Insights Intelligence Unit.
CB Insights Intelligence Analysts have mentioned Digit Insurance in 4 CB Insights research briefs, most recently on Oct 25, 2022.
Expert Collections containing Digit Insurance
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Digit Insurance is included in 6 Expert Collections, including Unicorns- Billion Dollar Startups.
Unicorns- Billion Dollar Startups
250 of the most promising private companies applying a mix of software and technology to transform the financial services industry.
Companies and startups that use of technology to improve core and ancillary insurance operations. Companies in this collection are creating new product architectures, improving underwriting models, accelerating claims and creating a better customer experience
Health Plans & Benefits Management
Companies developing or offering digital platforms and services, including online insurance marketplaces, data analytics for claims adjustment, benefits administration, and payments systems, that help make private health insurance more affordable, navigable, or transparent.
Latest Digit Insurance News
Nov 26, 2022
Share story As per Go Digit’s draft red herring prospectus, its IPO will comprise fresh issue of equity shares worth INR 1,250 Cr The company is also likely to consider a pre-IPO placement of equity shares aggregating up to INR 250 Cr The Fairfax and Sequoia-backed startup filed its draft IPO papers on August 17 Insurtech startup Go Digit General Insurance has bagged the approval from insurance regulator the Insurance Regulatory and Development Authority of India (IRDAI) to go public. As per Go Digit’s draft red herring prospectus (DRHP), its IPO will comprise fresh issue of equity shares worth INR 1,250 Cr and an offer for sale (OFS) of 10,94,45,561 equity shares, CNBCTV18 reported. The company is also likely to consider a pre-IPO placement of equity shares aggregating up to INR 250 Cr. Proceeds from the fresh issuance will be utilised for the augmentation of the company’s capital base, maintenance of solvency levels, and general corporate purposes. The Fairfax and Sequoia-backed startup filed its draft IPO papers on August 17. However, the Securities and Exchange Board of India (SEBI) had kept its proposed IPO in ‘abeyance’ . While the market regulator said, “Issuance of observations kept in abeyance,” it didn’t give any other clarification or reason. Recommended For You: 25th November, 2022 Founded in 2017 by Kamesh Goyal, Go Digit offers insurance policies across verticals such as health, property, motor vehicle, travel, and more. It claims to have served over 25 Mn customers as of March 31, 2022. Go Digit is also backed by prominent names such as Virat Kohli and Anushka Sharma. The company widened its net loss to INR 295.86 Cr in FY22 from INR 122.7 Cr in FY21. Its gross written premium (GWP) in FY22 stood at INR 5,268 Cr versus INR 3,243 Cr in FY21. In August this year, HDFC Bank announced that it had signed an ‘indicative and non-binding’ term-sheet with Go Digit Life Insurance to invest INR 49.9 Cr to INR 69.9 Cr in two tranches in Go Digit Life Insurance for an equity stake of up to 9.94% . In the booming fintech space of India, insurtech is expected to emerge as the second biggest sub-sector and is estimated to account for 26%, or $339 Bn, of the total addressable market value by 2025, according to Inc42 data . The surge in both life and non-life insurance categories since the pandemic is driving the growth. It is pertinent to note that insurance penetration in India inched up 4.2% in FY21 from 3.76% in FY20, as per IRDAI data . Go Digit General Insurance, a part of the promoter group of Go Digit General Insurance, competes with the likes of ICICI Lombard, Acko, Allied Insurance, among others. Note: We at Inc42 take our ethics very seriously. More information about it can be found here. Loading Next…
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Digit Insurance Frequently Asked Questions (FAQ)
When was Digit Insurance founded?
Digit Insurance was founded in 2016.
Where is Digit Insurance's headquarters?
Digit Insurance's headquarters is located at Atlantis, 95, 4th B Cross Road, Bengaluru.
What is Digit Insurance's latest funding round?
Digit Insurance's latest funding round is Series F.
How much did Digit Insurance raise?
Digit Insurance raised a total of $478.85M.
Who are the investors of Digit Insurance?
Investors of Digit Insurance include IIFL, Sequoia Capital, RS Filmcraft, TVS Capital, Sachin Pillai and 14 more.
Who are Digit Insurance's competitors?
Competitors of Digit Insurance include MobiKwik, Metromile, Alan, BIMA, PolicyGenius, Acko General Insurance, Snapsheet, Next Insurance, Bright HealthCare, Spruce Holdings and 13 more.
What products does Digit Insurance offer?
Digit Insurance's products include Digit Health Care Plus and 3 more.
Compare Digit Insurance to Competitors
PolicyGenius is an online insurance platform. Through its highly tailored Insurance Checkup, users can discover their coverage gaps and read about solutions for their exact needs. The company provides a place to shop online for life, long-term disability, renters, and pet insurance through its highly accurate quoting engines that offer side-by-side comparisons of tailored policies.
Snapsheet develops a cloud-based technology platform that facilitates customer engagement and intelligent workflows. Snapsheet builds software to adapt to workflows, operational needs, and systems environments.
Collective Health is a technology company aiming to make health insurance work better for everyone. The company provides employers with an integrated software platform that allows them to administer their benefits plans, take better care of their people, and optimize their investment-all in one place. The company was founded in 2013 and is based in San Mateo, California.
Spruce is built from the ground up to help make real estate transactions fast, frictionless and secure. The company provides title and settlement services that empower lenders to efficiently close loans and deliver excellent customer experience.
Groundspeed Analytics uses machine learning for commercial insurance data automation, to help brokers and carriers improve financial performance. The Groundspeed platform automatically turns loss runs, exposure documents and policy files into actionable information, empowering users to identify profitable pools of risk and drive better financial outcomes.
BIMA provides mobile-delivered insurance to mobile operators and insurance companies. The company also provides product development expertise, a dedicated distribution force, efficient customer service with rapid claims payment, and a mobile insurance platform. It was founded in 2010 and is based in London, England.
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