M Saraswathy Moneycontrol News
Digit Insurance, the newest general insurance company backed by Prem Watsa’s Fairfax Financial Holdings, is taking the partnership route to add new customers. The insurer that launched its products in November 2017, crossed 1,50,000 customers and has written Rs 94 crore of gross direct premium in 4 months.
In an interaction with Moneycontrol, Chief Marketing Officer Sandeep Komaravelly said that Digit Insurance has launched products in motor (four wheeler and commercial vehicles), travel insurance, mobile handset insurance and jewellery insurance by partnering with technology companies.
“For all the categories we want to operate in, we are looking at the needs of the customers and what are the gaps in the market. Not only is the aim to have a superior product, we want to improve onboarding and claims settlement as well,” he added.
For jewellery insurance, the company has partnered with brands such as Tanishq. Komaravelly explained that their product has been launched on a pilot basis at a few Tanishq stores in Bengaluru.
“Customers buying jewellery from these stores can buy our insurance that will protect them against incidents of theft and accidental insurance,” he added.
For the travel segment, the insurer has partnered with Cleartrip and their policy covers flight delays, checked-in baggage, missed connections and accidental death. Komaravelly highlighted that unlike other policies that pay claims if a flight is delayed by more than 6 hours, “we will pay the claim if the flight is delayed by 75 minutes which will go down to 60 minutes soon.”
The insurer has tied-up with Amazon and Paytm Mall for mobile handset insurance to tap the e-commerce space. This will provide cover against accidental damage and for repairs.
In terms of distribution, Komaravelly said that their go-to-market strategy is classified into three different channels. One is their own website, second is strategic partnerships including e-commerce firms and third is agents/brokers/dealers.
Within the next 3 months, Digit will be launching products in the two-wheeler and health segments. International travel products and home insurance are categories that will next be in line.
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