Digit Insurance, a “new age” insurance company aiming to “Make Insurance Simple”, is offering a protection plan for stretches as short as a day. The protection covers burglary of contents, including appliances, gadgets and also jewellery. In addition, damage due to natural disasters and fire is covered. Digit’s home insurance product can extend between one and 180 days. Speaking about this offering, Vivek Chaturvedi, Head of Marketing, said: “When we leave home for a vacation, we worry about our home contents especially from the fear of burglary. Which is why we put an extra lock, give the guard extra money, ask our neighbours to keep an extra watch, etc. The idea of this product is that people can secure their home for that period of time only, while they are travelling and are away from their homes. And that too at extremely affordable costs.” Founded by Kamesh Goyal, and backed by the Fairfax Group, Digit hopes to reimagine products and redesign processes. Ultimately, the end goal is to provide simple and transparent insurance solutions that matter to consumers. Headquartered in Bangalore, it recently raised $44m from Canadian billion Prem Watsa’s Fairfax Holdings. Following its second round of investment, its total funding stands at $94m. Loading ... In addition, it has partnered with companies such as PayTM, Cleartrip, Sterling Holidays, SOTC, Policy Bazaar, Dr Cycle, Scott & Tanishq, Digit insurance started with a capital base of 350 cr ($49m), a high base for any insurance company. Furthermore, it was ranked fifth in attractive start-ups to work for in India by LinkedIn. The insurance-tech sector in India is flourishing. In December 2018, online startup Acko General Insurance reportedly raised $25m from Flipkart co-founder Binny Bansal. Earlier, in May it raised $12m in a funding round led by e-commerce giant Amazon. In June 2018, ETechAces Marketing & Consulting that manages online insurance selling platform PolicyBazaar.com, raised over $200m in a funding round led by SoftBank Vision Fund.
Canada-based insurtech Digit Insurance is offering policyholders short-term home coverage ranging from one to 180 days. The firm is aiming to cash in on the fact people often feel insecure about the safety of their properties when travelling or spending time away from home, according to Digit's head of marketing. The company, which is backed by Bangalore's Fairfax Holdings, has raised $94m in funding to-date. It has partnered with other fintechs such as PayTM and Policybazaar.