How InsurTech startup Digisafe is empowering India’s rural populace by offering affordable and simplified insurance products?

Digisafe is India’s local insurance broker that sells insurance specifically in the rural regions of the country. The startup employs an on-ground workforce to offer insurance products, premium collection, and claim services.

Insurance is often the last thing in mind for most of the rural populace when it comes to investment. Only 3 percent out of more than 830 million people living in rural India have some type of insurance cover and that’s largely because of the lack of understanding of the insurance products, expenses associated with it, and a gap in the claim process.

Digisafe aims to bridge that gap in insurance penetration between rural and urban India by offering curated products that span health, crop, livestock, motor, and life insurance.

How it all started?

Founded in 2021 by a group of friends Suman Roychoudhury, Rajat Dhar, Anupam Shrey, Ashwin Arora, and Mallikarjun Kukunuri who have decades of experience in the insurance sector and were aware of the issues in this segment in the rural areas.

However, they became aware of the extent of these issues, once while doing a claim survey on a farm, they had to wait for the owner of the land for a long time to arrive for co-observation.

The farmer who owned the land informed that he was late as he had to accompany an insurance agent to the Regional Transport Office to renew his motor insurance policy. The farmer claimed that being away from work also caused him a monetary loss.

This is when the group decided to formulate a cost-effective, sustainable business model that could offer simplified insurance products to rural India.

How Digisafe is making insurance accessible in rural India?

Pune-based tech-backed insurance startup works as a channel between insurance buyers and sellers. Digisafe not only brings insurance services available at the doorstep of farmers but also help them in making informed insurance-buying decisions by determining their requirements and calculating the amount of the insurance coverage requirement.

The firm has launched a partnership program, DigiOne in association with its channel partners that identify, develop, and train a team of certified point-of-sale persons for insurance distribution through a combination of digital and physical models. This model will help in pre/post sales and claim services.

Digisafe has tied up with over 10 insurance companies and has also partnered with a few reputed startups for co-creating insurance solutions for rural India.