Digit

[nwoodman]

Some links regarding Digit (formerly Oben),  Fairfax's (45% holding)  insurance start up in India

 

http://godigit.com/

https://www.linkedin.com/company-beta/18073064/

 

 

(June 2017) "The company, which has already received preliminary approvals from the Insurance Regulatory and Development Authority of India (IRDAI), will start with a paid-up capital of Rs 385 crore ($US60m). Fairfax Holdings will control 45% of the firm while the balance will be held by Indian investors led by Goyal, who will be chairman of the bank.....

 

....Speaking to Times of India (TOI), Komaravelly said that the plan is to launch within the next 6-12 weeks, subject to final approvals from IRDAI. "We want to bring about a change in insurance. The differentiation is from the point of view of making the entire experience for the customer seamless," he said. "We are based out of Bengaluru because it has the right culture for startups and also we will be using technology extensively."

 

http://timesofindia.indiatimes.com/business/india-business/fairfax-to-back-general-insurance-startup-digit/articleshow/59124968.cms?TOI_browsernotification=true

 

 

(March 2017) IRDAI wants reduction of stakes by Fairfax in ICICI Lombard before the regulator considers the second level of approvals — known as R2 — for the new joint venture Oben Insurance. The second stage approvals for Oben Insurance, according to sources, is at least three months away when IRDAI board will meet.

 

http://indianexpress.com/article/business/companies/fairfax-gets-preliminary-irdai-nod-for-2nd-insurance-venture-4561044/

 

 

"A Fairfax backed company, started by Kamesh Goyal, Digit is here ‘To Make Insurance Simple’. With that as our mission, we are reimagining products and redesigning processes. We are going back to the basics and building simple and transparent insurance solutions, that matter to people. We call our employees, ‘Simplifiers’ because that is their ultimate goal here. Our Chief Simplifiers are from insurance, tech and e-commerce, helping us shape this digital-first company. "

 

https://www.linkedin.com/company-beta/18073064/

 

 

"After 30 years in the industry, living and breathing insurance, I feel time is ripe to change the status quo. The Insurance industry has seen lots of changes in the last fifteen years in India. Most of the changes are related to making companies more efficient and processes better. However, unlike other sectors we have not seen Insurance companies redefining the customer experience."

 

http://godigit.com/why-i-started-digit/

 

An article on another Indian  insurtech company, Acko,  that is also pursuing an R2 license

 

https://techcrunch.com/2017/05/24/acko-is-an-ambitious-digital-play-to-disrupt-indias-10b-insurance-industry/

 

cheers

 

nwoodman

[nwoodman]

ICICI Lombard OK withinvestor backing rival co

 

Mumbai: ICICI Lombard is beefing up its digital platform to consolidate its position as the country's largest private non-life insurer even as partner Fairfax Financial Holdings prepares to pick up 49% stake in a rival non-life startup Digit. However, the private insurer does not see any conflict in Fairfax being the biggest shareholder by retaining close to 10% stake in ICICI Lombard.

 

Speaking to TOI, ICICI Lombard MD & CEO Bhargav Dasgupta said that the settlement with Fairfax has been amicable. "They are extremely bullish on general insurance — their core business — and they are very bullish on India. Fairfax was very keen to hold 49% in their India business," Dasgupta said.

However, this was not possible as ICICI Bank's stated objective was to list its insurance subsidiaries. "Since they had to obviously dilute because of the IPO, it made sense for them to invest in a business where they could hold 49%," he added.

 

ICICI Lombard has been the first general insurer to file for an IPO through which Fairfax and ICICI Bank are diluting their shareholding by 12% and 7% respectively. "The company has 8.5% share of the Rs 1.28-lakh-crore non-life industry and has been growing at a compounded annual rate of 26.7% from FY15 to FY17" said Dasgupta. The non-life venture is valued by analysts at around Rs 30,000 crore. Going by current valuations the IPO is likely to raise Rs 5,700 crore.

 

 

http://timesofindia.indiatimes.com/business/india-business/icici-lombard-ok-withinvestor-backing-rival-co/articleshow/60266918.cms

[nwoodman]

Final approvals received for the new insurance venture in India

 

"A day after the Rs 5,600 crore initial public offer (IPO) of ICICI Lombard General Insurance sailed through successfully, the Insurance Regulatory and Development Authority of India (IRDAI) has granted the final approval to the new general insurance company Go Digit General Insurance floated by India-born Prem Watsa, who controls Fairfax, the parent firm of Lombard."

 

http://indianexpress.com/article/business/prem-watsa-gets-irdai-nod-for-new-insurance-venture-4853484/

[valueinvesting101]

Faering, A91 lead funding round in insurance distributor Go Digit

 

The equity funding round, which was also led by TVS Capital, values the three-year-old firm at $800 mn.

 

Digit is also backed by Canadian billionaire Prem Watsa’s Fairfax Holdings, which has invested $140 million across rounds.

 

https://www.livemint.com/companies/start-ups/faering-a91-lead-funding-round-in-insurance-distributor-go-digit-11579545903956.html

[nwoodman]

https://bfsi.eletsonline.com/digit-is-aiming-to-expand-with-simple-and-relevant-products-vijay-kumar-ceo-principal-officer-digit-insurance/

 

Digit Insurance was founded by Kamesh Goyal, an insurance veteran with over 30 years of experience in the industry. Digit’s core idea was to simplify the insurance customers’ journey and provide them with a seamless experience. Right from products to processes and documents, we are trying to simplify their journeys. We are glad that with this mission within three years of operations:

 

• we have crossed a base of 14 million customers
  
• with a premium of $674 million and
  
• closed more than 260k claims.
  

We have gained 1.34% overall Market Share, as on 30th September 2020, all this in less than 3 years of operation and also, we’ve achieved breakeven as of June 2020.

 

Pretty amazing what Kamesh Goyal  and team are doing here.  It does make you wonder what multiple the Robinhood crowd would place on them.  Lemonade (LMND) has in force premiums of around $200mm and is losing money.  Market Cap $6.9B.

 

Cheers

Nwoodman

[nwoodman]

https://www.moneycontrol.com/news/business/digit-insurance-becomes-first-unicorn-of-2021-with-1-9-billion-valuation-6350981.html

 

Fairfax-backed digital insurance company Digit Insurance disclosed on January 15 that it has achieved the valuation of $1.9 billion, becoming the first start-up to enter the unicorn club in 2021.

 

The company said it's valuation has doubled since last year.

 

The insurer said it achieved the $1 billion plus valuation (Rs 14,050 crore to be exact) in three years of operations after existing investors pumped in Rs 135 crore of additional capital in January 2021.

 

In January 2020, Digit had raised raise $84 million (approximately Rs 600 crore) from three growth equity investors - A91 Partners, Faering Capital and TVS Capital. Digit is backed by Prem Watsa’s Fairfax.

 

The terms are a bit mysterious.  Looks like the same players so not sure this provides any real price discovery.

 

Edit: Around 11 minutes in.  Money was raised via the 10% PE investors they brought in last year, marks all round :)  Very interesting to learn though that Kamesh pitched the idea to Ajit Jain and Buffett in 2011.  Apparently still catching up with Ajit to this day

 

https://www.timesnownews.com/videos/et-now/shows/digit-insurance-becomes-the-first-unicorn-of-2021-startup-central/86678

 

Cheers

nwoodman

[drzola]

I sat with the Ceo of Bangalore airport in Jan 2018 when a young employer had to present a shatty presentation because the CEO could not make it and I was very impressed and others in our group were not HAHA

[Dazel]

 

So how much is Digit going to trade for if it does an IPO on the Nasdaq? I think you have to consider this option

In this environment which comes along once every 20 or 30 years...why not cash in...would be huge $$$$ for Fairfax at the holding company level...support for the hard market and buybacks...what an opportunity.

 

Dazel

[TwoCitiesCapital]

 

So how much is Digit going to trade for if it does an IPO on the Nasdaq? I think you have to consider this option

In this environment which comes along once every 20 or 30 years...why not cash in...would be huge $$$$ for Fairfax at the holding company level...support for the hard market and buybacks...what an opportunity.

 

Dazel

 

Would love to see them list 49% if they could get the same types of prices described as above. Not to cash out or support Fairfax business TBH, but to rapidly grow and take market share in the Indian markets.

[Viking]

Nwoodman, thanks for posting. Can someone explain what a new $1.9 billion total co valuation for Digit Insurance means for Fairfax? Does Fairfax still own 49%? Will this new, much higher valuation for Digit flow though to BV for Fairfax when Q1 report comes out?

 

Fairfax certainly has a lot of significant tailwinds. The news just keeps getting better :-)

 

Here is a review of Fairfax’s ownership in Digit from 2019 AR.

 

Page 68: On December 23, 2019 Go Digit Infoworks Services Private Limited (‘‘Digit’’) entered into definitive agreements whereby its general insurance subsidiary Go Digit Insurance Limited (‘‘Digit Insurance’’) subsequently issued approximately $91 (6.5 billion Indian rupees) of new equity shares primarily to three Indian investors. This transaction valued Digit Insurance at approximately $858 (61.2 billion Indian rupees) and resulted in the company recording net unrealized gains on investments of $350.9 on its investment in Digit compulsory convertible preferred shares. The company also holds a 49.0% equity interest in Digit as described in note 6.

 

Page 72: On December 23, 2019 Digit entered into definitive agreements whereby its general insurance subsidiary Digit Insurance subsequently issued approximately $91 (6.5 billion Indian rupees) of new equity shares primarily to three Indian investors. This transaction valued Digit Insurance at approximately $858 (61.2 billion Indian rupees) and valued the company’s 49.0% equity interest in Digit at $122.3 at December 31, 2019. The company’s 49.0% equity interest in Digit is comprised of a 45.3% interest in Digit common shares and a 3.7% interest through Digit compulsory convertible preferred shares that are considered in-substance equity. Foreign direct ownership in the insurance sector in India is limited to 49.0% and as a result the remainder of the company’s investment in Digit compulsory convertible preferred shares are recorded at FVTPL as described in note 5.

[petec]

They still Own the same shares and prefs, as far as I know, but a lower % since they’ve just been diluted a bit.

 

Yes it should flow to book value.

[KFS]

 

So how much is Digit going to trade for if it does an IPO on the Nasdaq? I think you have to consider this option

In this environment which comes along once every 20 or 30 years...why not cash in...would be huge $$$$ for Fairfax at the holding company level...support for the hard market and buybacks...what an opportunity.

 

Dazel

 

Would love to see them list 49% if they could get the same types of prices described as above. Not to cash out or support Fairfax business TBH, but to rapidly grow and take market share in the Indian markets.

 

Given the hoops that Fairfax had to jump through before starting Digit (reduction of ICICI ownership), and given their stated focus and optimism of growth of the business in India, I'd honestly be surprised if they considered selling or listing Digit.  Wouldn't this be a bit like "cutting the flowers and watering the weeds"?  Then again, I suppose it wouldn't be the first time; the sale of First Capital a few years ago comes to mind.  I understand the cash would be great for support of the hard market and buybacks, but I'm not so sure this is the best place to start. 

 

From the 2017 shareholders letter::

"ICICI Lombard is an Indian insurance company that we began in 2001 from scratch as a minority partner with ICICI Bank. Over the following 16 years, ICICI Lombard went on to become the largest non-government-owned property and casualty insurance company in India. Until fairly recently, our ownership interest was limited to 26% by government mandate. About three years ago, the government allowed the foreign ownership to go to 49%, which resulted in our going to 35% by buying 9% from ICICI Bank. Since then, given ICICI Lombard’s intent to go public, ICICI Bank wanting to control ICICI Lombard with at least 55% ownership, and Indian law requiring that the public own at least 25% of a public company, our ownership would be reduced to a mere 20%. As property and casualty insurance is our core business and we are very optimistic about the growth prospects in India, and as Indian law does not permit an ownership of 10% or more in more than one insurance company, we agreed with ICICI Bank that we would reduce our interest in ICICI Lombard to below 10% so that we could start our own property and casualty company in India, Digit. ICICI Lombard is a great company led by an exceptional leader, Bhargav Dasgupta, and we wish them much success in the years to come. We have thoroughly enjoyed our partnership with ICICI Bank and its CEO Chanda Kochhar and we wish them also much success in the future."

[petec]

 

So how much is Digit going to trade for if it does an IPO on the Nasdaq? I think you have to consider this option

In this environment which comes along once every 20 or 30 years...why not cash in...would be huge $$$$ for Fairfax at the holding company level...support for the hard market and buybacks...what an opportunity.

 

Dazel

 

Would love to see them list 49% if they could get the same types of prices described as above. Not to cash out or support Fairfax business TBH, but to rapidly grow and take market share in the Indian markets.

 

Given the hoops that Fairfax had to jump through before starting Digit (reduction of ICICI ownership), and given their stated focus and optimism of growth of the business in India, I'd honestly be surprised if they considered selling or listing Digit.  Wouldn't this be a bit like "cutting the flowers and watering the weeds"?  Then again, I suppose it wouldn't be the first time; the sale of First Capital a few years ago comes to mind.  I understand the cash would be great for support of the hard market and buybacks, but I'm not so sure this is the best place to start. 

 

From the 2017 shareholders letter::

"ICICI Lombard is an Indian insurance company that we began in 2001 from scratch as a minority partner with ICICI Bank. Over the following 16 years, ICICI Lombard went on to become the largest non-government-owned property and casualty insurance company in India. Until fairly recently, our ownership interest was limited to 26% by government mandate. About three years ago, the government allowed the foreign ownership to go to 49%, which resulted in our going to 35% by buying 9% from ICICI Bank. Since then, given ICICI Lombard’s intent to go public, ICICI Bank wanting to control ICICI Lombard with at least 55% ownership, and Indian law requiring that the public own at least 25% of a public company, our ownership would be reduced to a mere 20%. As property and casualty insurance is our core business and we are very optimistic about the growth prospects in India, and as Indian law does not permit an ownership of 10% or more in more than one insurance company, we agreed with ICICI Bank that we would reduce our interest in ICICI Lombard to below 10% so that we could start our own property and casualty company in India, Digit. ICICI Lombard is a great company led by an exceptional leader, Bhargav Dasgupta, and we wish them much success in the years to come. We have thoroughly enjoyed our partnership with ICICI Bank and its CEO Chanda Kochhar and we wish them also much success in the future."

 

Absolutely agree. They will own Digit for a long time, and rightly so. It might get listed though, to give the PE partners a way out.

 

I don't think the sale of First Capital counts as selling a flower. I understand what you're saying, and it's a great business, but in the view of it's CEO Fairfax could not support its next phase of growth as well as Mitsui.

 

Plus they got a great price and were able to keep a 25% profit share for no equity.

[KFS]

 

So how much is Digit going to trade for if it does an IPO on the Nasdaq? I think you have to consider this option

In this environment which comes along once every 20 or 30 years...why not cash in...would be huge $$$$ for Fairfax at the holding company level...support for the hard market and buybacks...what an opportunity.

 

Dazel

 

Would love to see them list 49% if they could get the same types of prices described as above. Not to cash out or support Fairfax business TBH, but to rapidly grow and take market share in the Indian markets.

 

Given the hoops that Fairfax had to jump through before starting Digit (reduction of ICICI ownership), and given their stated focus and optimism of growth of the business in India, I'd honestly be surprised if they considered selling or listing Digit.  Wouldn't this be a bit like "cutting the flowers and watering the weeds"?  Then again, I suppose it wouldn't be the first time; the sale of First Capital a few years ago comes to mind.  I understand the cash would be great for support of the hard market and buybacks, but I'm not so sure this is the best place to start. 

 

From the 2017 shareholders letter::

"ICICI Lombard is an Indian insurance company that we began in 2001 from scratch as a minority partner with ICICI Bank. Over the following 16 years, ICICI Lombard went on to become the largest non-government-owned property and casualty insurance company in India. Until fairly recently, our ownership interest was limited to 26% by government mandate. About three years ago, the government allowed the foreign ownership to go to 49%, which resulted in our going to 35% by buying 9% from ICICI Bank. Since then, given ICICI Lombard’s intent to go public, ICICI Bank wanting to control ICICI Lombard with at least 55% ownership, and Indian law requiring that the public own at least 25% of a public company, our ownership would be reduced to a mere 20%. As property and casualty insurance is our core business and we are very optimistic about the growth prospects in India, and as Indian law does not permit an ownership of 10% or more in more than one insurance company, we agreed with ICICI Bank that we would reduce our interest in ICICI Lombard to below 10% so that we could start our own property and casualty company in India, Digit. ICICI Lombard is a great company led by an exceptional leader, Bhargav Dasgupta, and we wish them much success in the years to come. We have thoroughly enjoyed our partnership with ICICI Bank and its CEO Chanda Kochhar and we wish them also much success in the future."

 

Absolutely agree. They will own Digit for a long time, and rightly so. It might get listed though, to give the PE partners a way out.

 

I don't think the sale of First Capital counts as selling a flower. I understand what you're saying, and it's a great business, but in the view of it's CEO Fairfax could not support its next phase of growth as well as Mitsui.

 

Plus they got a great price and were able to keep a 25% profit share for no equity.

 

Ok, I suppose listing Digit as a way out for the PE partners would make sense.  Thanks. 

 

 

[bluedevil]

I think Digit is the single most exciting piece of the Fairfax empire.

Certainly, the fact that their investment has gone up 17x or so in a few years is exciting.  But to me even more so are:

 

(1) The runway for future success.  When you think of the penetration level in India, and future GDP growth, if the company can grow like this in a flat year, the possibilities when the wind resumes at the company's back will be very interesting.  Obviously hard to say how much of the pie Digit will capture as things go forward, but it has evidenced an ability to grow fast.  It is clearly winning at the customer level. 

 

(2)  What Digit could mean for the broader Fairfax insurance empire.  I imagine the success has turned a few heads at Fairfax.  The principles that Digit is applying could be applied to Fairfax's insurance operations all over the world.  Eastern Europe, Latin America, Middle East.  That's both good from an offensive perspective, and a defensive perspective.  If Fairfax doesn't do it, someone else will.  I am hoping this lights a fire across Fairfax's insurance operations to innovate with technology.  Same concept with Ki.  It seems inevitable that insurance will face serious disruption in the next decade.  The experience at Digit and Ki hopefully increase the odds that Fairfax will be on the right side of that disruption. 

[ourkid8]

#2 is the most exciting aspect as Fairfax has no choice but to implement all the learnings from Digit across their insurance empire.  Look at LMND and their growth! 

 

I think Digit is the single most exciting piece of the Fairfax empire.

Certainly, the fact that their investment has gone up 17x or so in a few years is exciting.  But to me even more so are:

 

(1) The runway for future success.  When you think of the penetration level in India, and future GDP growth, if the company can grow like this in a flat year, the possibilities when the wind resumes at the company's back will be very interesting.  Obviously hard to say how much of the pie Digit will capture as things go forward, but it has evidenced an ability to grow fast.  It is clearly winning at the customer level. 

 

(2)  What Digit could mean for the broader Fairfax insurance empire.  I imagine the success has turned a few heads at Fairfax.  The principles that Digit is applying could be applied to Fairfax's insurance operations all over the world.  Eastern Europe, Latin America, Middle East.  That's both good from an offensive perspective, and a defensive perspective.  If Fairfax doesn't do it, someone else will.  I am hoping this lights a fire across Fairfax's insurance operations to innovate with technology.  Same concept with Ki.  It seems inevitable that insurance will face serious disruption in the next decade.  The experience at Digit and Ki hopefully increase the odds that Fairfax will be on the right side of that disruption.

[Daphne]

Forget LMND and reproducing DIGIT, FFH already has underway the next digital platform through a Brit and Blackstone arrangement announced in Sept 2020 that saw FFH pony up $250m seed money for a 60/40 position.

 

Adding to the growing list of potential multi baggers is FFh investment in Altius minerals currently trading at $15. FFH holds +600m warrants it can exercise at $15 worth $2.50 each.  And, FFH has another three years of potential growth before it’s obliged to exercise them.

[doc75]

Forget LMND and reproducing DIGIT, FFH already has underway the next digital platform through a Brit and Blackstone arrangement announced in Sept 2020 that saw FFH pony up $250m seed money for a 60/40 position.

 

Adding to the growing list of potential multi baggers is FFh investment in Altius minerals currently trading at $15. FFH holds +600m warrants it can exercise at $15 worth $2.50 each.  And, FFH has another three years of potential growth before it’s obliged to exercise them.

 

Isn't it something like 6.7 million ALS warrants, that they got in conjunction with a preferred share purchase?  (Similar to what they did with Westaim.).

 

[ourkid8]

Would you be able to elaborate on Ki?

 

1. Is Brit the only company to roll this out or will all the members in lloyds of london do so?

2. Fairfax and blackstone own this venture

3. Will Ki write policies and own the risk or will that be only with Brit

 

Sorry, i have a lot of questions as I do not understand the venture however I believe they have started to write policies as of Jan 21.

 

Forget LMND and reproducing DIGIT, FFH already has underway the next digital platform through a Brit and Blackstone arrangement announced in Sept 2020 that saw FFH pony up $250m seed money for a 60/40 position.

[Daphne]

This is what I know

 

Digital Lloyd’s syndicate Ki reported that it has raised US$500 million from funds managed by Blackstone Tactical Opportunities and Fairfax Financial Holdings, parent of specialty insurer Brit that is behind Ki.

 

Ki said the capital commitment will fund its expansion as it launches in the fourth quarter of 2020. The follow-only digital entity hopes to write its first risk in January 2021.

 

 

Brit first announced its new venture Ki in May 2020. Ki was incubated by BritX, Brit’s innovation team, working in collaboration with Google Cloud.

 

Ki promises to reduce the amount of time needed by brokers to place their follow capacity. Ki’s algorithm, developed with support from University College London, will evaluate Lloyd’s policies and automatically quote for business through its digital platform, built by Google Cloud and accessed directly by brokers

 

Ki will underwrite using an algorithm-driven approach and offer instant follow capacity through its proprietary digital platform.

 

Ki is the first fully digital-only syndicate to be approved by Lloyd’s of London, in keeping with its Future at Lloyd’s initiative.

 

Ki is targeting a range of specialty business following selected leaders in the Lloyd’s market, including Brit.

 

Qasim Abbas, senior managing director at Blackstone, said Ki’s digital model will “enable it to build to significant scale, while its algorithmically-driven approach represents an important evolution in the portfolio management of specialty risks.”

 

Matthew Wilson, CEO of Brit and chairman of Ki, said the investments in Ki will allow the business to reach its full potential with significant committed capital ad that Blackstone is “entering the Lloyd’s market at a pivotal moment, with increased acceptance of digital models and a flight to quality.”

 

Mark Allan, CEO of Ki and Group CFO of Brit, said support from Blackstone is a “significant statement of confidence in Ki and the vision we have set out.”

[Cigarbutt]

^This trend ('tech' driven) is quite revolutionary for Lloyd's where tradition still relied on trusted person-to-person interactions.

Even if 'fancy' words are used, this is basically a way to modernize and make interactions more efficient, attracting alternative capital (and fees) along the way.

The 'lead' underwriter still does the technical work and the complex risks will still require personalized attention but the 'follow-only' syndicate can efficiently match the more commoditized risk products to alternative capital looking for uncorrelated (and reasonable) return.

For some more information on foundational work, intent, process etc, write "Quarterly InsurTech Briefing Q3 2020 - Willis Towers Watson pdf" in Google, download the document and see pages 27-28.

[no_free_lunch]

In one of the more recent articles on Digit insurance they had mentioned how they were expanding to build out an api to allow other companies to use their infrastructure. Does anyone have any more insight into what that means?  It's all very preliminary but that would have huge potential if they can become some type of cloud provider in addition to their core insurance business.

[Pedro]

The 'lead' underwriter still does the technical work and the complex risks will still require personalized attention but the 'follow-only' syndicate can efficiently match the more commoditized risk products to alternative capital looking for uncorrelated (and reasonable) return.

 

 

I've yet to see convincing evidence that blindly following a lead's term is a good strategy. Leads sometimes have very speicific niche expertise (ie refineries) where they underwrite well and price properly as evidence by their historical loss experience but too many time's I've seen the brokers choose who the lead is based on their pricing being the cheapest. If you are blindly following a lead terms without doing your own due diligence thats a receipe for failure so I'm super curious to see if KI suceeeds. Understanding who its following, at what prices and terms to me is going to be fun to watch cause if its profitable i have no doubt other syndicates will just say "well if KI's on I'll be on. The super comptuer knows best"

[nwoodman]

Short interview with Kamesh Goyal by ToI

 

https://timesofindia.indiatimes.com/business/india-business/around-73-of-claims-are-seeing-straight-through-processing-digit-insurance-ceo/articleshow/80674975.cms

 

Most start-ups differentiate themselves using technology for scale. How about digit?

We use technology a lot as an enabler. We are developing tools so that will give decision-makers a deeper and faster way to look at data. We have developed a host of technologies that can scan invoices for data and use images for pre-inspection acceptance. We are making policy issuance a straight-through process across all lines of products. We are also trying to make workflows to make endorsements to policies a straight-through process.

In the claims process, we are looking at being digital. Today our systems can read drivers license, RC books and motor invoices in case of claims. The level of digitization is increasing every day. Around 73% of claims are seeing straight-through processing based on videos and images. But it is not just about technology, but it is also about risk-selection and pricing skills, product design simplification, user interface, user experience and execution. Pricing is crucial, even if you have the best technology but go wrong in pricing things can go haywire.

[nwoodman]

In cricket mad India, having Virat Kohli, the captain of the national team, as “the face your company” makes good sense to me. A personal investment in Digit by Kohli should make him a most enthusiastic advocate 

 

https://bestmediainfo.com/2021/04/virat-kohli-joins-hands-with-digit-insurance-to-spread-awareness-about-insurance/

Kohli  invested $340,000 back in early 2020

https://inshorts.com/en/news/virat-kohli-anushka-sharma-invest-₹25-cr-in-startup-digit-insurance-1582106868622

https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/virat-kohli-anushka-sharma-invest-in-prem-watsa-backed-digit-insurance/articleshow/74197271.cms?from=mdr

Edited April 2, 2021 by nwoodman