Latest news with #SabyasachiSarkar
Economic Times
09-06-2025
- Business
- Economic Times
Digit Life Insurance FY25 revenue crosses Rs 1,300 crore in first full year of operations
Digit Life Insurance witnessed substantial growth in FY 2024-25. Its revenue surpassed Rs 1,315.9 crore. The company settled claims worth Rs 2.88 billion. Digit Life improved its claim settlement turnaround time to 1.89 days. The claim settlement ratio reached 99.53%. The company focuses on simplifying products and enhancing trust. Digit Life has served 6.7 million customers with over 4,000 agents. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: Go Digit Life Insurance Limited ( Digit Life ), a new-age life insurance company, said its revenue (total gross written premium including reinsurance inward) crossed Rs 1,315.9 crore in FY 2024-25 compared to Rs 492.5 crore in the year-ago company settled claims worth Rs2.88 billion in FY 2024-25 with most claims (worth Rs1.97 billion) being paid under the Group Term Life Insurance category. Digit Life's average TAT of death claims settlement too, improved to 1.89 days during the year from 2 days in FY 23-24 with its claims settlement ratio for the same period hitting 99.53%.Digit Life shared the key figures as part of the second edition of its Transparency Report, a bi-annual exercise where it goes beyond mandatory disclosures and shares various data-led insights and stories.'We are encouraged by the response we have received in the last one year. We now have a robust portfolio of both retail and group products and will look to expand both segments equally in the coming years. We as a company will continue to focus on simplifying life insurance products and improving trust levels in the ecosystem—with the transparency report both as our report card and trust promise," Sabyasachi Sarkar, MD & CEO, Digit Life, company said it has developed a fully automated and secure verification process to identify and check declaration matches and built advanced face matching technology to verify the identity of its customers. It has also developed a claim document classification service that uses an intelligent process to quickly sort claims Life Insurance has served 6.7 million customers since its inception and now has over 4,000 agents and intermediaries. Its Solvency Ratio currently stands at Ventures LLP (promoted by Kamesh Goyal) and FAL Corporation (having Fairfax Financial Holdings Limited as its ultimate parent company) are the promoters of Digit Life Insurance. Fairfax Financial Holdings Limited is listed on the Toronto Stock Exchange in Canada.
Time of India
03-06-2025
- Business
- Time of India
New-age life insurance firms tap group products to boost business
New-age life insurers Acko, Go Digit and CreditAccess, all of whom received life insurance licences in 2023, are betting on group products to drive premium collection and the business. According to data from industry body Life Insurance Council, Acko Life Insurance 's premium collection almost doubled to Rs 63 crore in fiscal 2025, compared with Rs 36 crore in FY24. Go Digit Life recorded Rs 1,068 crore in FY2025 compared with Rs 426 crore a year back. Credit Access Life Insurance recorded Rs 193 crore in insurance premium compared with Rs 97 crore the previous year. This was the first full year of operations for these new-generation life insurance companies. Both Acko and Go Digit had the general insurance licence prior to that. While Go Digit is a publicly listed company now, Acko is privately held and was last valued at $1.4 billion in a funding round in 2023 . by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo 'Most of these new-generation companies have sold group life covers in their first financial year, which has helped them to bulk up premium collection quickly. It also helps set the internal and sales processes quickly,' a senior executive at an insurtech startup said on the condition of anonymity. Under group products, life insurance companies typically sell employer-employee life covers and also club insurance covers to credit customers. Live Events 'Our initial focus was on group products, leveraging the quicker setup of servicing and sales infrastructure. Today, we have a balanced mix of both group and retail products, with plans to expand both segments equally,' Go Digit Life Insurance chief executive officer Sabyasachi Sarkar said. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Go Digit Life has four retail products and three group products and is hoping to scale up both businesses in the coming quarters, Sarkar added. The new-generation insurance companies had adopted a retail-first approach for their general insurance business. Both Go Digit and Acko had focused on retail automobile insurance as the key product to scale up their business, but for life business they have gone the group business route. The industry executive cited earlier in the story pointed out that for the life insurance play, it is always easier to disrupt the group market because most of the business there is pricing driven and also is up for renewal every year. 'For products like life, customer trust is the key, building that takes time, hence one way of getting into the market is through employer-employee products where consumers will get to know the brand, experience the claims settlement process and eventually start trusting the brand,' the executive said. In general insurance, these startups had disrupted the business with strong use of technology and also by adding direct sales as a large part of their business, without depending fully on agents and broker networks. 'Employer-employee products are a focus area for us. Digit Life in its first full year of operations (FY25) has clocked over Rs 1,300 crore gross written premium,' Sarkar of Go Digit told ET. But these brands are likely to face much bigger challenges in the life business, according to industry insiders. 'I think new-age life insurance companies will need to invest heavily in customer experience, ensure smooth claim settlement processes to give confidence to customers and also work very closely with the regulator,' said Vivek Ramji Iyer, partner in charge of financial services at Grant Thornton Bharat. To quickly build trust during the purchase process, startups can invest in creating a claims settlement simulation process, Iyer said. 'They should also target rural areas to increase penetration of insurance cover, for that they can look to partner with common service centres in rural India.'
Time of India
03-06-2025
- Business
- Time of India
New-age life insurers tap group business opportunity in their first year of ops
New-age life insurers Acko, Go Digit and CreditAccess, all of whom received life insurance licences in 2023, are betting on group products to drive premium collection and the business. According to data from industry body Life Insurance Council, Acko Life Insurance 's premium collection almost doubled to Rs 63 crore in fiscal 2025, compared with Rs 36 crore in FY24. Go Digit Life recorded Rs 1,068 crore in FY2025 compared with Rs 426 crore a year back. Credit Access Life Insurance recorded Rs 193 crore in insurance premium compared with Rs 97 crore the previous year. This was the first full year of operations for these new-generation life insurance companies. Both Acko and Go Digit had the general insurance licence prior to that. While Go Digit is a publicly listed company now, Acko is privately held and was last valued at $1.4 billion in a funding round in 2023. 'Most of these new-generation companies have sold group life covers in their first financial year, which has helped them to bulk up premium collection quickly. It also helps set the internal and sales processes quickly,' a senior executive at an insurtech startup said on the condition of anonymity. Under group products, life insurance companies typically sell employer-employee life covers and also club insurance covers to credit customers. Live Events 'Our initial focus was on group products, leveraging the quicker setup of servicing and sales infrastructure. Today, we have a balanced mix of both group and retail products, with plans to expand both segments equally,' Go Digit Life Insurance chief executive officer Sabyasachi Sarkar said. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Go Digit Life has four retail products and three group products and is hoping to scale up both businesses in the coming quarters, Sarkar added. The new-generation insurance companies had adopted a retail-first approach for their general insurance business. Both Go Digit and Acko had focused on retail automobile insurance as the key product to scale up their business, but for life business they have gone the group business route. The industry executive cited earlier in the story pointed out that for the life insurance play, it is always easier to disrupt the group market because most of the business there is pricing driven and also is up for renewal every year. 'For products like life, customer trust is the key, building that takes time, hence one way of getting into the market is through employer-employee products where consumers will get to know the brand, experience the claims settlement process and eventually start trusting the brand,' the executive said. In general insurance, these startups had disrupted the business with strong use of technology and also by adding direct sales as a large part of their business, without depending fully on agents and broker networks. 'Employer-employee products are a focus area for us. Digit Life in its first full year of operations (FY25) has clocked over Rs 1,300 crore gross written premium,' Sarkar of Go Digit told ET. But these brands are likely to face much bigger challenges in the life business, according to industry insiders. 'I think new-age life insurance companies will need to invest heavily in customer experience, ensure smooth claim settlement processes to give confidence to customers and also work very closely with the regulator,' said Vivek Ramji Iyer, partner in charge of financial services at Grant Thornton Bharat. To quickly build trust during the purchase process, startups can invest in creating a claims settlement simulation process, Iyer said. 'They should also target rural areas to increase penetration of insurance cover, for that they can look to partner with common service centres in rural India.'
