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Virat Kohli joins hands with Digit Insurance to spread insurance awareness
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Successful rebrands are grounded in business logic and not exercises in vanity
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From Rs 2.7 crore to Rs 2,151 crore premium: How Digit became the first unicorn of 2021
Digit Insurance became the first unicorn of 2021. Here s how it achieved this milestone in just three years of business in the non-life segment. January 21, 2021 / 01:48 PM IST
Digit’s founder-Chairman Kamesh Goyal is a veteran of the insurance industry with close to 33 years’ work experience
When Digit Insurance started operations in November 2017, the general insurance sector was only used to business done physically, via brokers and field agents, and occasionally through web-based sales. So, to become relevant in the market, Digit had to work smartly but differently to ensure traction for its products.
The Bengaluru-based general insurer’s latest Rs 135-crore funding round, led by existing private equity investors A91 Partners, Faering Capital and TVS Capital, has valued the company at $1.9 billion, making it the second insurtech startup after Policybazaar to enter the coveted unicorn club, or those with valuations of over $1 billion. Last year, 11 startups achieved unicorn status.
The capital infusion was predominantly to shore up its solvency ratio to comply with the Insurance Regulatory and Development Authority of India’s (IRDAI) norms, Kamesh Goyal, founder and chief executive, told ET.
IRDAI norms stipulate that insurance companies must maintain a minimum solvency ratio of 150% always.
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