Fino Payments Bank has announced a partnership with Go Digit General Insurance to offer shop insurance policies to small and medium businesses. Fino Payments Bank is associated with Go Digit as a Corporate Agent and it already offers Motor and Group Health Insurance in association with Digit Insurance.
Digit’s My Business policy will cover loss or damage to inventory or stock due to factors including theft, earthquake, fire, lightning, storm, flood, riots, among other factors. The policy will also include in-built coverage such as Money in Vault, Money in Transit and so on. The policy will be valid for one year. According to the press release, customers of Fino Payments Bank will be able to sign up for the policy at an annual premium. 550 (For Sum Assured 3 lakhs), which will go up to 2,600 (For Sum Assured 1.5 million). As per the press release the enrollment can be done through paperless process.
“Digit’s My Business Policy (shop insurance policy) builds on our already existing association with Digit Insurance and is a step in the right direction of providing financial protection to small business owners through our extensive distribution network. Fino Payments Major Ashish Ahuja, Chief Operating Officer, Bank said, “The technology platforms of both the companies will provide a seamless experience for our customers in buying insurance as well as filing and settlement of claims.
According to Nalini Venkat, Head – Institutional Business, Digit Insurance, Fino Payments Bank’s wide rural distribution network, they will get an opportunity to take their insurance offerings to lesser-known markets.
Fino Payments Bank has around 4.6 million customers and small and medium businesses form a significant part of it. The bank is a subsidiary of Fino Petech, which is backed by major investors such as Bharat Petroleum, ICICI Group, Blackstone, IFC, Intel and LIC.