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New age insurance start-up Digit Insurance has raised $44 million in the second round of funding.
Canadian billionaire Prem Watsa’s Fairfax Holdings has invested second round of capital ($45 million) in Digit Infoworks, a parent company for Digit insurance of which a significant part of the investment ($44 million) is given to Digit Insurance, a release from the company said.
This brings the Bangalore-headquartered Digit’s total funding to $94 million.
The insurance start-up is planning to invest the funds in technology to drive its mission of making insurance simple. Kamesh Goyal, founder and Chairman of Digit Insurance said the company’s vision has been in directing the investments towards bringing in technology that would automate and quicken processes and resolve customer pain points.
“Cent percent of our flight delay claims for instance are automated and claims — processed in minutes; 87 per cent of claim approvals happen in less than a day due to innovations like smartphone-enabled self-inspections.
“We also believe that claims are the sole reason why a customer buys our policies, so for us claims are good.” he added.
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