The insurer posted a 338.8 percent YoY growth in gross written premium in Q1
Private sector general insurer Digit Insurance will soon be entering the health insurance segment. The company that currently sells motor insurance, international travel insurance, home insurance and mobile insurance will sell medical policies as well.
Vivek Chaturvedi, head of marketing and direct (online) sales, Digit Insurance told Moneycontrol that they will launch their health insurance product in the next few days.
According to data from Insurance Regulatory and Development Authority of India (IRDAI), Digit had a gross written premium of Rs 460.03 crore in the June quarter (Q1), which is a 338.83 percent year-on-year (YoY) growth.
The company that is less than two years old had begun its business selling motor insurance.
"Motor was a difficult business to crack. However, we wanted our claims settlement to be our USP," he added.
Unlike other insurers, Chaturvedi said they have simplified their policy document.
"We created bite-sized documents for our products and also started testing it with 15-year-old children. The idea was that if a 15-year-old child can understand the product features/documents, any regular customer will also be able to understand. If it is complicated, we also rewrite the documents accordingly," he added.
The company also has a net promoter score of 77 and Chaturvedi credits some of the above steps for this score. Net Promoter Score is a management tool that can be used to gauge the loyalty of a firm's customer relationships.
It is a reflection of how satisfied a customer is with the company's services and the index ranges from -100 to 100.
Digit relies on technology for claims settlement as well. Chaturvedi said that their mobile application makes it easier to settle claims as the documents and pictures of damaged vehicles can be uploaded on this platform.Going forward, he said that the company is looking to diversify into newer segments by offering niche products and services.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.