General insurance company Digit Insurance announced on Friday that it has recorded 5,268 crore in gross written premium in the financial year 2021-2022. With this milestone, Digit is now one of the fastest growing private general insurance companies in India 5,000 crore revenue in a year. Notably, the company has raised a cumulative capital of 2,806 crore since its inception and is valued at over $3 billion.
points insuranceLtd., led by its Motor, Property and Health lines of business, registered a growth of 62% in FY 2011-22, while the overall industry growth stood at 10.9%. While from its motor portfolio alone, the insurance firm looked into 3,276 crore in premium with its market share (for motor business) rose to 4.7% in FY21-22 from 3.7% in FY2020-21. Since its inception, the company has serviced 99.56 percent of the total postal codes of India.
Digit sold over 77.6 lakh policies in FY 2011-22 as compared to the previous financial year, which is a growth of 40% across all products. Additionally, the health portfolio of the Company witnessed a growth of 132% over FY 2012-21 led by group business.
Jasleen KohliMD & CEO, Digit Insurance said, “As a young insurer, this is indeed a proud moment for us, but above all, it is a testament to our efforts towards making insurance simpler and more accessible. The collective efforts of partners and employees have not only helped us accelerate our growth but have also ensured that more customers understand the importance of adequate financial support.”
Meanwhile, Digit’s damage ratio — a metric that represents the ratio of damage to premium earned — narrowed for both health as well as fire sectors. The health loss ratio of the company has come down significantly to 47% in the financial year 2011-22 from 69% in the previous year.
Kohli further added, “Looking at our innovative group of health products, we saw a strong growth in our health portfolio in FY 2011-22. We were able to successfully reduce our loss ratio by improving our underwriting model and claim management process.”
“To sustain our overall business growth, we will continue to focus on deploying advanced technological tools to empower our partners as well as customers,” Kohli said.