Our aim is to create products with real benefits that we would like to buy for ourselves and our families and that would cater to the customer’s needs from time to time . So, we are continuously exploring need gap or a pain point in the market to develop new products. Like in February when the COVID cases had started surging in the world we launched India’s first Coronavirus fixed benefit cover. Later we saw a gap in coverage of SME workers, and added a COVID group cover in our health portfolio. Also, recently with the need and demand for health insurance going up we have launched a basket of health insurance products. So, even in future wherever we will see complexity, one-size-fits-all products and a need gap that hasn’t been addressed to, we will launch products to cater to them.

At Digit we believe in creating personalized products and APIs, and with the help of technology we have been able to create such products and scale up our portfolio, beyond motor.

Motor is one of the major products for general insurers, however in the last year we have seen a growing demand for other portfolios like fire, health and other group products for SMEs. We were identified this opportunity and were agile enough to fortify our portfolio accordingly beyond motor.

In the  last quarter we have seen growth from multiple products like fire & health. We feel both line of businesses will continue to grow, along with motor which will also gradually pick up as economy opens up.

Also, there are multiple factors which may guide insurers to develop products going forward. Major factors such as environmental changes happening around , high dependence on technology resulting into remote working and political and global changes are few of them.

The insurance industry is going through a tough phase right now. COVID-19 has directly affected businesses of all types. It is unprecedented and insurers are planning out strategies as the situation unfolds. The key here is to be flexible and act on the need of the hour.  The current scenario has created a surge in digitisation in all markets, and therein lies the opportunity. For instance, during the initial period of lockdown, the industry had a rough run in general. But for us, our business was not impacted drastically because our processes are 100 per cent on the cloud. Also we ensured that our on ground service levels had not changed for our customers.

When the year started it was impossible to believe that a virus would grip the world and impact entire economies. Hence it is difficult to say anything at the moment as the market is unprecedented owing to the uncertainties. Our aim to grow our market share by offering simple relevant products and seamless processes enabled through technology.  We are ensuring that our service levels aren’t affected for any customer reaching out to us, and we have been able to resolve 96% of customer cases over calls during the lockdown period. That’s how we have also been able to maintain a 4.9 rating out of 5 on Facebook based on the opinion of over 7500 customers. We will continue doing the same and are also hoping post September, things should be better.

The last few months has seen a slump in the growth for the industry and this is expected to continue, owing to the losses in the entire global economy and loss of employment. Motor line of business has also seen a de-growth overall. Renewal rates have not been affected too much and the two-wheeler market has also not seen a huge change. In such a situation, the best expected out the industry would be a low single digit growth.