GoDigit Insurance Recorded Rs. 1,205 Crore Premium in its First Full Year of Business
Updated On Jan 22, 2020
GoDigit, which runs Digit Insurance, ended its first full year of business in May 2019 with a premium income of Rs. 1,205 Crore. The company met this record following an aggressive push in the motor segment.
Backed by Canadian billionaire, Prem Watsa and promoted by Kamesh Goyal who set up Allianz’s insurance business in India, GoDigit received the fund of Rs. 825 Crore from its promoters. Experts are of the view that this will help the insurer go up to Rs. 1,000 Crore this financial year.
To be precise, GoDigit, which is based in Pune and Bangalore, has made unique strategies of multi-channel distribution like agents and dealerships. The company always remains focused on the customer-friendly digital platform when it comes to claims and customer services.
These days, GoDigit is working on the development of artificial intelligence (AI).
Kamesh Goyal, chairman at GoDigit Insurance said, “The use of AI would bring down management costs and reduce turnaround time even further. Even now the claims process is paperless and image-based, however, there is human intervention in assessing the damage.”
The AI technology will help GoDigit assess damage to automobile exteriors by scanning images and matching them with its various car parts and their repair costs.