Hyderabad: New-age general insurance company Digit Insurance, which sees Hyderabad in the top three markets in South zone, says it will look to the tap the SME segment in Telangana with customised offerings including protection plans against fire and other hazards, said an official.
Digit Insurance is backed by Fairfax Group, one of the largest financial services groups in the world.
“This year our focus in Hyderabad will be on SMEs and will provide them with digital tools. We will also add more brokers and agents as our partners. We will give them tools that will assist them to manage their portfolio effectively. From a product point of view, we will focus on two-wheeler and four-wheeler business in Hyderabad,” said Lalitha Rama, Executive President- Retail, Digit Insurance.
It is planning to up the number of agents from 20 to 350 in a year or so to increase its market penetration, she said. More policies are bought during October- November and again during January-March, which reflects the festival time and seasonality for automobile purchases.
The company, which is now into its second year of operations, has about 65,000 customers across products in Hyderabad contributing about Rs 47.13 crore in premium during the financial year. For the March quarter, it has seen average 8,000-plus customers every month. The premium collected is next to Bengaluru, where it is headquartered. It now has 43 people for Telangana and Andhra Pradesh working for it and will look to recruit more personnel, mainly for the marketing activities, she said.
In the auto segment, it is already an OEM for the likes of Maruti, Mahindra and Jeep and is in talks with more players, she said. It is also working with Yamaha and Vespa in the two-wheeler segment.
“We are working on new retail and health products, some of which are filed before the regulator for nod,” she said.
Digit is 100 per cent on the cloud. Digit provides a link which will complete the pre-inspection of the vehicle. This helps Digit to enable policy issuance by processing the surveys without manual intervention. The AI engine in it will be able to identify the type of the vehicle, color, license plate, dents and damage to the vehicle without human intervention. We have achieved about 88 per cent success for inspection. However, this is now available only for two-wheelers, she said adding that the policy document will have images of pre-existing dents and damages that will not be covered. The policy will be issued within 15 minutes for a two-wheeler and about in one to two hours for a car.
Claims are processed within 2 hours. For car and mobile claims, it has a self-Inspection app that cuts the long inspection process in insurance industry to just 7 minutes. It also tracks claim processing time internally, the official said.