Fairfax-backed Digit insurance receives IRDAI approval to begin operations
Digit said that it is building a technology driven platform that can offer customized products at reduced cost and will provide customer service.
September 22, 2017 / 06:13 PM IST
Prem Watsa's Fairfax-backed Digit Insurance has received the Certificate of Registration (R3) from the Insurance Regulatory and Development Authority of India (IRDAI) to carry on general insurance including health insurance business in India. The company will introduce its products and services in the next four to six weeks in the Indian market.
In a statement, Digit said that it is building a technology driven platform that can offer customized products at reduced cost and will provide customer service.
Jasleen Kohli, Director and Chief Distribution Officer said, “For us, Making Insurance Simple translates into – Easy interface for customers and partners to interact and transact with us, Simple products, Simple and effective claims’ process."
The company plans to initially offer retail insurance products through strategic partners.
Digit is backed by Fairfax Group and started by Kamesh Goyal and a very seasoned team of Insurance and other new age sectors. Digit has already raised Rs 350 crore, which it said is one of the highest capital that any insurance company commenced its operations with, in India.