Digit Insurance honored for achievements and growth in the insurtech space in India, backed by their mission to Simplify Insurance through simple documentation, innovative products and smartphone-enabled processes.
Bangalore, India, 23 October 2018: Digit Insurance—a new age insurance company which aims to “Make Insurance Simple” has been listed in the CB Insights 2nd annual Fintech 250 list, the only Indian insurance company to have made it to the list.
“When Digit set out on the mission to Make Insurance Simple, we did not fathom the power of simplicity. In this one year of operation we’ve seen, the simple documents, modular products and smartphone-backed processes, really make a difference to our customers. Encouraged with this change, we’ll continue simplifying insurance. And we are truly honoured to be in the list and feel elated that our efforts are being noticed,” said Digit Insurance Chairman, Kamesh Goyal.
“After we named the inaugural Fintech 250 in 2017, they went on to raise $23B including 30 rounds of over $100 million. 22 of the Fintech 250 have already exited with half via IPO. This year, we’ve added 113 new companies to the Fintech 250 using the CB Insights Mosaic algorithm, and the group is broad, covering everything from insurance tech to consumer banking to capital markets tech. We look forward to the success of this year’s group,” said CB Insights CEO Anand Sanwal.
The CB Insights research team selected the Fintech 250 companies based on several factors including data submitted by each company and their Mosaic Score. The Mosaic Score, based on CB Insights’ algorithm, measures the overall health and growth potential of private companies. Through this evidence-based, statistically-driven approach, the Mosaic Score can help predict a company’s momentum, market health and financial viability.
Digit Insurance is the only Insurance company from India to have been featured in the list.
Digit started its operations in December 2017 with their travel insurance product which had a 75 min delay product. Since then they have launched motor, mobile products. They have expanded their distribution through their direct channel and over 12 institutional partners including e-commerce giants like Amazon, Flipkart, Cleartrip and offline players like Tanishq from the house of Tata. They also have 1500 strategic partners including agents, brokers and dealers. They had been recently featured in the Linkedin Top 25 Startups India as well.
Quick facts on the 2018 Fintech 250:
- 30 of the Fintech 250 companies have reached a unicorn valuation of $1B or more.
- Since 2017, these 250 private companies have raised $31.8B across 373 deals.
- 113 new companies were introduced to the 2018 Fintech 250 list.