Watsa Go Digit Life Insurance, a new player in the Indian insurance industry, has received a certificate of registration from the Insurance Regulatory and Development Authority of India (IRDAI) to commence life insurance operations in the country. Promoted by Canadian billionaire Prem Watsa’s Fairfax group and industry veteran Kamesh Goyal, Go Digit is the third company to be granted a life insurance license this year, marking the highest number of licenses issued since 2011.
With a capitalization of Rs 110 crore, Go Digit Life Insurance has attracted investments from various stakeholders. Apart from the Fairfax group, Axis Bank and HDFC Bank will each acquire a stake of below 10% in the startup insurance company. Earlier this year, both banks had announced their plans to invest approximately Rs 69 crore in two tranches, with the first tranche amounting to around Rs 10 crore. This strategic partnership between Go Digit and the two prominent banks will contribute to the growth and expansion of the newly established insurance firm.
It is worth noting that the last life insurer to receive a license from the regulator was Edelweiss Tokio Marine in 2011. The addition of Go Digit to the roster of licensed life insurance companies brings the total number of registered life insurance companies in India to 26. This development reflects the evolving landscape of the insurance sector, with new players entering the market and driving competition.
The promoters of Go Digit Life Insurance already operate a non-life insurance company under the same name. With the launch of the life insurance venture, the company aims to diversify its offerings and cater to the evolving needs of Indian consumers. To ensure smooth operations, the company has assembled a team of key management personnel with extensive industry experience.
Srinivasan Parthasarathy, formerly the chief actuary of HDFC Life, has been appointed as the Managing Director and CEO of Go Digit Life Insurance. His expertise and leadership skills will be instrumental in steering the company towards success. Joining him is Sanjay Vij, who previously headed bancassurance at HDFC Life, serving as the Deputy CEO of Go Digit. With their deep understanding of the insurance industry, Parthasarathy and Vij will play pivotal roles in shaping the company’s strategy and driving its growth trajectory.
Meanwhile, Kamesh Goyal, a respected industry veteran, will assume the position of non-executive chairman at Go Digit Life Insurance. Goyal’s vast experience and strategic insights will contribute to the company’s overall direction and governance.
The entry of Go Digit Life Insurance brings a fresh perspective and innovative approach to the Indian life insurance market. The company aims to leverage its strong foundation and experienced leadership team to provide customer-centric solutions and services. As the demand for life insurance continues to rise in India, Go Digit’s entry into the sector will provide consumers with more choices and competition, ultimately benefiting the customers and driving industry growth.
With the IRDAI’s approval and the support of key investors, Go Digit Life Insurance is well-positioned to make a mark in the Indian insurance landscape. The company’s entry will foster healthy competition, innovation, and improved customer experiences, further strengthening the life insurance sector in the country. As the company embarks on its journey, it is poised to contribute significantly to the growth and development of the Indian insurance industry.
