In the Indian insurance sector, Kamesh Goyal has the image of a founder who does not sell frills or hype or big promises. By selling over 20,000 policies since the launch of Digit Insurance late last November, he has lived up to this image. Digit is one of only two online-first insurance companies in India that have the licence to sell insurance policies. It is also the first one to enter the previously unchartered territory of selling innovative insurance products in India.
greener on the other side
Can digital insurers replicate ZhongAn’s success in India?
China’s online-only insurer has sold seven billion policies and raised $1.5 billion in an IPO, with a valuation of $13 billion. Its Indian counterparts are inspired, but they have a lot less going for them
Digit Insurance has received the licence to sell India’s first online-only insurance policy
It has sold over 20,000 policies and settled over 100 claims since it launched late last November
Three online-only insurers launched—Acko, Digit and Toffee—last year. All of them have different business strategies to introduce Insurtech in India
The potential market for innovative insurance products is estimated at Rs 9000 crore ($1.4 billion)