Digit Insurance is a new insurance company in India that combines eCommerce and insurance. According to Vivek Chaturvedi, marketing head of the company, Digit’s mission is to ‘Make Insurance Simple’. He tells Banking Frontiers that since biggest revolution that eCommerce as an industry has brought to the Indian market is the fact that it has simplified the entire purchase journey for people. His company’s aim too is to simplify the entire journey for people. “Though insurance and simplicity may sound like an oxymoron but that’s what we’re gunning for,” says he, adding: “From our policy documents to our terms to our processes, we have made sure that the pain points for customers are reduced. So, if you see our policy documents, you will find that we have used simple to understand English and have created 2-pager summary documents that have everything you definitely need to know about your policy. The intent here is to make the terms so simple that even 15-year-olds get it. From a product point of view, we have created modular products that people can choose from with claim terms that are really beneficial to people in times of need. Even from a claim process point of view, we have made it seamless for people. We have a philosophy of having zero hardcopies, automated processes as far as possible, including self-inspection through the customers’ smartphones that fastens the claims process overall.”
The company has also ensured that people can buy its products from whichever channels convenient to them, whether it is on the website or while they are making a purchase of product through one of the eCommerce portals and they would want to insure the product, or through our 1500 strategic partners (agents & brokers). The company has 4 lakh customers with a premium of Rs2 billion.
– Manoj Agrawal, Group Editor, [email protected]
