- As per its Transparency Report, Digit Life settled Rs 2.88 billion in claims.
- Company’s Claims Settlement Ratio for FY 2024-25 stood at 99.53%.
- Its average claim settlement TAT for death claims improved to 1.89 days.
Bengaluru: Go Digit Life Insurance Limited (Digit Life), a leading new-age life insurance company, announced its revenue (total gross written premium including reinsurance inward) stood at Rs 1,315.9 crore in FY 2024-25 compared to Rs 492.5 crore in the year-ago period. In FY 2024-25, the company’s gross written direct premium increased to ₹1,069.4 crore YoY from ₹426.4 crore.
The company settled claims worth ₹2.88 billion in FY 2024-25 with most claims (worth ₹1.97 billion) being paid under the Group Term Life Insurance category. Digit Life’s average TAT of death claims settlement^ (after receiving all documents), 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. As part of its core value of “Being Transparent”, Transparency Report is Digit Life’s bi-annual exercise where it goes beyond mandatory disclosures and shares various data-led insights and stories.
Commenting on the growth, Sabyasachi Sarkar, MD & CEO, Digit Life, said, “We’re encouraged by the response we have received in 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.”
The company also shared details of its tech innovations built in-house. 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 intelligent process to quickly sort claims documents.
Digit 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 3.85. The company currently has over 950 employees and 36 branches pan-India.
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