Kamesh Goyal: Defying Doubt and Building a Unicorn at 50

In 2015, Kamesh Goyal, a seasoned insurance professional with over two and a half decades of experience, found himself in a fierce battle. But this wasn’t a conventional fight; it was a battle against self-doubt, a formidable adversary that often goes unnoticed. Doubts had begun to creep into his mind as he contemplated making a significant career shift into entrepreneurship at the age of 50. “Am I still good enough to do a start-up?” he questioned himself.

Goyal had compelling reasons to consider this transition. His extensive experience in the insurance industry was a strong foundation. He had started his career with The New India Assurance in 1988 and later worked for 16 years with German insurer Allianz, where he took on challenging roles. “I am not starting from scratch,” he reassured himself. He believed that his entrepreneurial journey would be a seamless extension of his existing expertise. Another driving force behind Goyal’s decision was the prospect of a life without regrets. He pondered the potential remorse he might experience if he didn’t take the leap. He realized that the most significant regret would be never trying at all.

While wrestling with self-doubt, a powerful memory surfaced from his childhood. At the age of 12, Goyal read an inspirational quote in a book, attributed to Napoleon Hill, a renowned self-help author: “Whatever your mind can conceive and believe, it can achieve.” This quote resonated with him and offered a glimmer of courage during a challenging time. Finally, Goyal found the antidote to self-doubt. He recognized that his strength lay in not taking himself too seriously. His approach was rooted in a willingness to make mistakes, acknowledge the possibility of failure, and remain open to learning. He embraced humility and a growth mindset. “I know how little I know. But I also know how much I didn’t know,” he quipped.

Staying “hungry” for knowledge and experience was a significant motivator for Goyal. He had a deep desire to learn more and expand his horizons. The notion of staying “foolish,” while unconventional, was equally pivotal. Goyal carried a sense of being special and fortunate, which emboldened him to take risks. With renewed confidence, Goyal ventured into the world of entrepreneurship by launching Digit, an insurtech company. The company issued its first policy in October 2017. Goyal’s journey received a significant boost when he secured support from high-profile backers, including Canadian billionaire Prem Watsa, Faering Capital, TVS Capital, and A91 Partners.

Digit’s journey was nothing short of extraordinary. In 2021, the company entered the unicorn club when it achieved a valuation of $1.9 billion. Just a few months later, the valuation soared to $3.5 billion. The company’s growth matched its valuation, reaching a remarkable milestone when it clocked $400 million in annual premiums and served over two crore customers since its inception in 2017. Under Goyal’s leadership, Digit recorded significant growth in the general insurance sector, offering health, motor, and travel insurance. The company experienced a 44 percent growth in premium revenue, amassing ₹3,243 crore as of March 2021, far surpassing the industry’s 5 percent growth rate.

Despite these remarkable achievements, Goyal remains grounded. He acknowledges the role that luck has played in his success. His entry into the insurance sector itself was a product of chance, and he recognizes that luck has been a constant companion throughout his journey. Kamesh Goyal has consistently defied conventional expectations regarding age. He became a CEO at 36, without anyone raising concerns about his age. He emphasizes that age is just a number and that it should not limit one’s aspirations. He compares his life path to those who start working early, establish small families, and retire securely, highlighting that security often fosters risk aversion.

Goyal’s tenacity was apparent when he ignored detractors and critics at various stages of his career. He faced skepticism when scaling the motor business during his tenure at Allianz India, but he persevered. Criticism resurfaced when he started Digit, with well-meaning individuals questioning his decisions. Goyal’s resilience and willingness to embrace criticism were vital components of his journey. While he acknowledges that he has had his share of failures and setbacks, he remained persistent. He understood the importance of perseverance and learning from each experience.

Age brought him a calm and balanced perspective, which he regards as an advantage. He recognized that for young entrepreneurs, an adrenaline rush might create a sense of invincibility, while his accumulated experience provided calmness and perspective. As Goyal continues his journey, he emphasizes the importance of believing in oneself and the role that humility plays in lifelong learning. His story is a testament to the idea that, regardless of age, one’s mind has the power to conceive, believe, and achieve.