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Is Digit insurance good at servicing its products

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27 May, 2021 by  Clinton Fernandes

digit general insurance has come up with great products at a low premium. They also are tech heavy and offer a smooth UI experience. My question was - is there substance to their products beyond what is showed? Are they at par with service levels of major insurers like HDFC Ergo, Max Bupa, and the likes?

Health Insurance

1 Answer

29 May, 2021
Self Employed - Digital Consultant

Hey Clinton,

I will give you some statistics about Go Digit from IRDAI's annual report of 2019-20 (published in Feb'21) & try to help you answer this question in your mind.

1) Claims Paid as a percentage of total claims decisioned - About 88%

The largest private sector insurer 'ICICI Lombard' paid about 89% of claims as per IRDAI's report. The other private sector biggies like HDFC Ergo, Bajaj Allianz & Tata AIG all lie somewhere between 90 to 95%.

2) Claims paid within 3 months - 99.65%

This number is about 97% for ICICI Lombard, 93% for Tata AIG, 98.61% for Bajaj Allianz & 99.8% for HDFC Ergo.

3) Claims closed due to insufficient documents provided by customers - Close to 6%

Every year Insurers end up closing some claim files without taking any decision on them. This happens when customers don't follow up after initiating the claim or don't provide the required documents for claims processing. I believe this reflects on the easiness or difficulty of claims processes/documentation followed by the Insurer.

Claims closed by ICICI Lombard stand at 5.3%, by Tata AIG at 8.5%, by Bajaj Allianz at approx. 5% & by HDFC Ergo at 3.3%

The list above is not exhaustive. I have pulled out these parameters because I believe they show the effectiveness of an Insurer's claims processing (the moment of reckoning in Insurance).

You can view the entire annual report using the following URL

(refer page no 176 for the above data points)

Hope this helps you to some extent.

Take Care,

Asad Akbar

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29 May, 2021
Clinton Fernandes
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