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Go Digit General Insurance Limited (Digit Insurance), one of India’s leading new-age insurance companies, on Monday released the 10th edition of its Transparency Report. Titled "Navigating the Time Vortex in Insurance Realm", the report delves into different time- related metrices like turnaround times (TATs) for cashless facility approval, hospital discharge approval, reimbursement claims settlement in health insurance; work approval and claims settlement in motor insurance, medical and non-medical TATs in domestic travel insurance; home insurance, among others. Staying true to its core value to "be transparent", Transparency Report is Digit's bi-annual exercise where it shares key successes, learnings and insights.
The Report, among other voluntary disclosures, measures various customer servicing metrices from the lens of time. The concept of time in insurance realm can differ, especially when a customer is waiting for the claim to be settled or when insurers are trying to process the request swiftly. The report captures this dichotomy by transparently showcasing various customer servicing metrices from the angle of turnaround time.
The report showcases data-led insights, including key financials, claims settlement ratios, unique claims stories, growth numbers, among others.
Here is a snapshot of various TATs for FY 23-24:
- Average TAT for health insurance cashless pre-authorization in FY 23-24 for the company stood at 25.58 minutes. The fastest approval for cashless facility came at 3 minutes 37 seconds.
- Average TAT for hospital discharge approval stood at 54 minutes, while the fastest the hospital discharge was authorised was 5.2 minutes.
- Average TAT for health insurance in reimbursement claims was 3.15 days, while the fastest it was processed by us in FY 23-24 stood at 12.5G hours.
- Average TAT for motor insurance work approval stood at 15.4 hours, while the fastest work approval came in at a record time of 5 minutes.
- Average TAT for motor claims settlement was 16 days. The fastest four-wheeler claim was settled in 20 minutes, while the fastest two-wheeler claim was settled in 31 minutes.
- 82% of the travel claims were processed via automation. Average TAT for non-medical domestic travel insurance claims stood at less than 24 hours, while the average TAT for medical domestic travel insurance claims was a little over 24 hours.
The company for FY23-24 also reported overall Claims Settlement Ratio of G7%. In FY 23-24, Digit's Customer Happiness Team handled 1.3 million calls, an increase of 45% YoY. It also said that G2% customers received first-time resolutions (FTR), meaning the queries or issues were handled, actioned, and closed on the same call itself.
Here are the key growth numbers of the company for FY23-24:
In FY23-24, Digit clocked $1.1 billion (₹90.2 billion) in gross written premium (GWP), a growth of 24.5% YoY. It sold 11.1 million policies and served 47.1 million customers since inception. The company’s motor market share also rose to 6%, while its overall market share in FY 23-24 stood at 3.1%.