Insurtech startups check expenses to secure profits

New age insurance companies Digit and Acko have cut down on expenses, trying to secure profits, in line with the larger startup ecosystem which is looking to save costs and turn profitable.

Bengaluru-based insurance startup Digit reported a net profit of Rs 17 crore for the first half of the current fiscal year, compared with a loss of Rs 63 crore a year earlier. In the last financial year ended March 31, 2023, the Fairfax-backed company had reported a net profit of Rs 388 crore, up from a meagre Rs 50 crore the year before.