Digit Insurance gets USD 44 million in 2nd round of funding

The funding is the largest round in the Indian general insurance ecosystem. This investment brings Digit’s total funding to $94 million. 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 and 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 & fasten processes and resolve customer pain points. For example, 100 per cent of our flight delay claims are automated & 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,” he further added. 

Digit has also partnered with companies like Flipkart, PayTM, Cleartrip and Tanishq with products like Screen Damage for mobile phones or the flight delay cover starting from 75 min. From a claim terms perspective, they have some differentiated features like IMEI-linked cover