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The company was incorporated as ‘Oben General Insurance Limited’ at Pune, Maharashtra, under the Companies Act, 2013, pursuant to a certificate of incorporation dated December 7, 2016, issued by the Registrar of Companies, Maharashtra at Pune (RoC). Subsequently, pursuant to a resolution of its Board dated May 23, 2017 and a resolution of its Shareholders dated May 23, 2017, the name of the company was changed from ‘Oben General Insurance Limited’ to ‘Go Digit General Insurance Limited’, and a fresh certificate of incorporation under the Companies Act, 2013 was issued by the RoC on June 12, 2017.
The company is one of the leading digital full stack insurance companies, leveraging its technology to power what it focuses to be an innovative approach to product design, distribution and customer experience for non-life insurance products. Full-Stack Insurers are insurance firms that are fully licensed and controlled by a regulatory authority and perform sourcing, underwriting and servicing all in-house. Digital full stack insurers are insurance manufacturing companies that focus on integrating technology in their operations. The company offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products, which the customers can customize to meet his or her needs. As a digital full stack insurance company, it deploys a combination of insurance and technology solutions to assist in enrolment, insurance claims processing, underwriting, policy administration, data insights and fraud detection. The company also offer its products directly to customers through its website and through web aggregators. Since the commencement of its operations, in relation to its motor vehicle insurance, it has focused on underwriting policies and collecting data in states or areas containing prospective customers with more preferred risk profiles, in compliance with applicable data protection norms.
The company’s technology platform supports its product design by enabling the incorporation of a modular product architecture and provides the backbone for its application program interfaces (API), applications, portals and website that allow customers and partners to engage with it conveniently. Its insurance products, supported by its technology platform, help its customers to secure the right coverage to protect the things they love at a price that suits their budget and empower its distribution partners to improve their sales process and productivity. These technologies enable it to achieve underwriting in an efficient manner, which is a differentiator among insurers. Further, the company uses various data points when underwriting insurance for a new customer which will vary depending on the type of insurance. Relevant material data points may include the vehicle make, model, subtype and vehicle value, the address and name of the customer, the scope of coverage and the age of the customer.
Further harnessing its technology platform, it has developed predictive underwriting models that leverage the insights gathered by its data bank. Its predictive underwriting models aid it in determining and targeting the markets and customers in India that are expected to be more profitable and hence, allows it to accurately price its coverage. It also has modular APIs that allow it to share data between its systems and its partners’ third-party website and/or portal in a specified manner, allowing it to reduce human intervention. It integrates APIs in its business across products for policy issuance, policy servicing, payments and claims. Its blend of a simple and tailored customer experience, technological integration and pricing enjoys broad appeal, including for customers who are new to purchasing insurance.
Business area of the company
The company is an insurance provider offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products, which customers can customize to meet their needs.
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