Digit Insurance Reports 5.7M Policies Sold in H1FY25

Go Digit General Insurance Limited (Digit Insurance), one of India’s leading new-age insurance companies, on Friday released the 11th edition of the Transparency Report. 

Titled "Breaking the Doubt Cycle: Creating Moments of Delight in Insurance", the report shares insights around various turnaround times, approval times and claim settlement timelines around health insurance, motor insurance, home insurance and travel insurance. The report also disclosed various customer-centric turnaround times pertaining to customer-care resolution, social me dia response time, among others.

The report measures various “doubt” factors that customers experience during their insurance journey and showcases how Digit in contrast strives to create “delightful” experiences for the customers. As part of its core value of "Being Transparent", Transparency Report is Digit's bi-annual exercise where it goes beyond mandatory disclosures and shares various data-led insights and stories to its customers, partners and all other stakeholders.

Here is a snapshot of various claims-related turnaround times for H1FY25: 

• 26 minutes: Average TAT of cashless health insurance pre-authorization approval. 

• 53 minutes: Average TAT for Hospital Discharge Approval.

• 2.96 days: Average TAT to settle reimbursement health insurance claims.

• 12 hours 17 minutes: Average TAT to provide Motor Insurance work approval. 

• 37 days: Average TAT for settling home insurance claims. 

• 96.2%: Overall Claims Settlement Ratio.

The company also disclosed the biggest amount of claims it settled in H1FY25. It settled third-party two-wheeler claim of Rs 1.4 crore and third-party private car claim of Rs 1.15 crore. The biggest health insurance claim during the same period was settled worth Rs 27.43 lakh for a Bangalore-based customer, while an STFI loss under home insurance worth Rs 4.28 lakh was settled for a Delhi-based customer. 

It also made various disclosures around various customer-servicing metrics. Here is a snapshot of H1FY25: 

• 92.55%: Number of customers who received first-time resolution (FTR) on calls.

• 2 hours 13 minutes: Average time taken to resolve and close requests of customers who call.

• 4.16 lakh: Number of customers who used WhatsApp self-service to get updates. 

• 20 minutes and 7 seconds: Time taken to provide First Level Response (FLR) to customers who reach out on social media platforms.

Here are the key growth numbers of the company for H1FY24-25:

In H1FY25, sold over 5.7 million policies and settled 441,275 claims, serving over 60 million* customers since inception. It clocked gross written premium of Rs 5,029 crore in H1FY25 compared to Rs 4,252 crore in the year-ago period.