Mumbai: Digit Insurance, who recently raised funds with an assessment of $ 3.5 billion, is seeing opportunities to improve business in fiscal now because some insurance companies face capital constraints after a detrimental claims ratio.
With capital at almost three times legal requirements, the company also has technology infrastructure to support growth.
Private insurance companies, which are ranked 15th among 30 non-life companies (including health), have recorded the written premium written Rs 2,196 Crore for the first half of FY22, which is 67% more than the same period before fiscal.
At present, around 55% of the premium comes from motor insurance.
“We must end the year with a market share of around 2%,” said Chairman of the Goyal Digit Digit Insurance.
This is apart from the company, which only in the fourth year of operation, was not involved in plant insurance that formed a significant volume business for the insurance industry.
“Our solvency margin will be around 300% of legal requirements after the current funding round is complete.
This gives us a great opportunity to grow our business,” said Goyal.
According to Goyal, the ability to increase capital places digits in a profitable position.
“Last year, many non-life insurance companies grow aggressively.
This year, the first quarter has been difficult and some insurance companies have to release their claims.
We are a little careful and have a good combined ratio in Q1 this year,” he said.
The non-life industry is limited by three state-owned companies in losses and some Indian promoters are not in a position to invest.
According to Goyal, the digit will use the capital to provide the capacity for the Indian industry including heat power where there are capacity constraints with reinsurance that retreats for green reasons.
In addition to the opportunity to capture market share, the small ticket policy digit has been pioneered pioneered after the pandemic.
“We see pickups in travel insurance after normalization of air travel guidelines by the government.” Investment companies in technology facilitate growth.
“We are moving towards supermarkets in a great way.
We have activated customers to do pre-acceptable car inspections by sending photos and they get instant decisions in some cases.
The advantage of this is that the customer immediately knows whether quality photos are acceptable and also Does the vehicle be accepted for insurance, “said Goyal.
Insurance digits have also reduced dependence on the center center by activating service requests on WhatsApp using artificial intelligence.
“Previously, for the one lakh policy, we handle 1,800 calls a day.
Now, with 10x number of policies, call volume of around 2,300.
However, we have received 72,000 service requests on WhatsApp,” said Goyal.