Indian Insurer Digit Practices its Happy Dance
Enter Digit Insurance:
Formerly known as Oben, the Fairfax Financial-backed Indian startup has received the final approval from the Insurance Regulatory and Development Authority of India (IRDAI) ahead of its launch.
Not much else is known about the company and its executive team led by chief simplifier Kamesh Goyal, a former Allianz executive who led the German insurer’s business in India, aside from these 3 facts:
– Fairfax has a 45% stake in the business in exchange for its $60M investment
– Fairfax recently diluted its stake in ICICI Lombard – selling a ~13% stake out of the 35% stake it owned – as it looks to comply with the Insurance Act, which doesn’t allow for one company to hold stakes in more than one insurance company
– Digit holds a general insurance license, which allows the company to sell property, casualty and health insurance
PS. Recall Indian emerging insurers here.