Digit Insurance covers even slight flight delays in India, raises US$44M from Canada’s Fairfax Holdings
The company covers fight delays starting from 75 minutes and above, and also covers you if the arrival of your checked-in baggage is delayed by more than two hours
The Digit Insurance team
Bangalore-based Digit Insurance, a new-age insurance company providing unique customisable insurance products, has raised US$45 million from Canadian billionaire Prem Watsa’s Fairfax Holdings, a financial holdings company engaged in property, casualty, and life insurance and reinsurance, investment management, and insurance claims management.
This brings Digit’s total funding raised so far to US$94 million.
Digit Insurance plans to use the funds to improve its technology, launch new products lines, and expand distribution network across the country.
Kamesh Goyal, Founder and Chairman, Digit Insurance, said: “Our long-term investment is directed towards bringing in technology that can automate and fasten processes and resolve customer pain points. For example, 100 per cent of our flight delay claims are automated and claims are processed in minutes; and 87 per cent 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.”
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Digit Insurance is building a technology-driven platform that offers customised products at reduced cost. The firm has launched products across three categories — motor, travel, and personal accessories. Its products include bike/car/commercial vehicle insurance, mobile phone insurance, health insurance, travel insurance, and jewellery insurance.
Unlike other online insurance companies, Digit covers fight delays starting from 75 minutes and above. It also covers you if the arrival of your checked-in baggage is delayed by more than two hours. Additionally, it offers theft and accidental damage insurance for jewellery, and mobile phones, besides advance cash for their repair.
It also provides you daily conveyance with cab vouchers worth INR 200 (US$3) per day for three days after your claims registration.
The company has partnered with companies like Flipkart, Paytm, Cleartrip, Sterling Holidays, SOTC, Policy Bazaar and Tanishq.
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