14 November 2023, Bengaluru: Go Digit General Insurance Limited (“Digit Insurance”), one of India’s leading digital full-stack insurance companies, announced it has won the “Digital Insurer of the Year” Award at the prestigious 27th Asia Insurance Industry Awards (AIIA) 2023 held in Singapore. This is Digit’s fourth AIIA award in the last five years.
The Asia Insurance Industry Awards, 2023 stated that “Digit’s technological innovations have enabled it to achieve efficient underwriting, which is its differentiator from another insurer.” Digit’s hybrid model of AI-enabled analytics and human assessment along with its partnership-based model has helped the company mitigate India’s geographic limitations. Hong Kong-based AIA Group and FWD Group were the other two finalists for the Digital Insurer of the Year category.
DIGIT INSURANCE: TECH SNAPSHOT*
Digit Insurance is India’s largest digital full-stack insurance player. It accounts for 82.3% of the GWPs (nine months period ended December 31, 2022(E) written by digital full-stack insurance players.#
- Artificial Intelligence & Machine Learning: Used to conduct damage identification, certain claims and loss assessment processes, invoice reading, document collection, and identification.
- Deploying a hybrid model of AI-enabled analytics and human assessment to aid customers and drive efficiency.
- 459 active AI-driven microsystems to automate processes for customers and partners.
- 25.01 million policies issued by partners through 1,435 API integrations.
- Past AIIA Awards: General Insurance Company of the Year (2019 and 2020); Digital Insurer of the Year (2021)
- Other Tech Awards: Most Effective Adoption of Technology Award by Indian Chamber of Commerce (2021); IFTA Excellence in Insurtech Award (2021 and 2022); Financial Express Best Fintech Award 2022 (Insurance category
#As per the Red Seer Report, which has been commissioned and paid for by our Company exclusively in connection with the IPO Offer; *All data as of 31 December 2022
Only two Indian companies won an award at this year’s edition. Digit Insurance is also the only Indian insurance company to have bagged the Digital Insurer of the Year award twice in the last five years. The company bagged the General Insurance Company of the Year Award back-to-back in 2019 and 2020. Digit is also the only Indian company to be nominated this year for two organizational categories, the other being the “Technology Initiative of the Year” award.
Commenting on the win, Jasleen Kohli, MD & CEO, of Digit Insurance, said, “We are extremely honored and delighted to win the prestigious Asia Insurance Industry Award. Winning the ‘Digital Insurer of the Year’ is truly special as it is a testimony of our in-house tech capabilities that form the backbone of our company. Our advanced tech platform is surely one of our competitive strengths that has aided in our growth and helped us in delivering high-quality customer experience.”
The entries were judged by a panel of 26 expert judges from across the insurance industry and the winners were chosen from nearly 200 entries in 17 categories received from insurance companies all over Asia. The awards are well known for their stringent criteria and transparent selection process and are overseen by a panel of expert judges from across the insurance industry.