The Insurance Regulatory and Development Authority of India (Irdai) recently granted final approvals to three general insurance companies, taking the total number of general insurers in the country to 33. Mint Money spoke to Kamesh Goyal, chairman, Go Digit General Insurance Ltd, on his vision for the company as well as the overall general insurance space in India. Edited excerpts:
You have got final approval from the regulator. What’s next?
Yes, everything is now good to go. For us the process starts with filing of the products with Irdai. Only after its approval will we be able to start selling those products. Everything else is complete.
What are the products that you are planning to start with?
Essentially, we are looking to start with private vehicles, which is, cars and two-wheelers. We are also looking at a product for asset care, for movable assets that people typically carry with them—like electronic items or jewellery—and one product in the travel space. We plan to start sometime in October.
There are only so many products that we can file at one go. We would definitely have a health product in the second phase, which would be 3 months from the launch.
