Small and medium business owners can enroll for the insurance product with Fino, the corporate agent of Go Digit
The insurance policy will be offered for an annual premium starting from as low as Rs 550
Fino Payments Bank Limited (“Fino Bank” or “The Bank”) today announced that it has partnered with Go Digit General Insurance, one of India’s fastest growing general insurers, to offer shop insurance policy to small and medium business owners. Fino is associated with Go Digit as a corporate agent.
The product was launched at an event organized at a Fino Hamesha outlet in Mumbai’s Panvel location. Umesh Kadam, Zonal Head, Gautam Jadhav, Regional Head and other officials of Fino Bank were present at the launch event along with Anchal Gaikwad, who manages the Fino Hamesha outlet.
The tie-up will allow small and medium businesses to avail the benefits of Digit’s My Business Policy in case of any adverse event. The policy, which will be valid for one year, will cover loss or damage to the inventory or stock due to burglary, earthquake, fire, lightning, storm, flood, riots, among others. The policy will also include in-built coverages like money in safe, money in transit, etc.
Small and medium businesses form a significant part of Fino Bank’s strong customer base as well as its well established merchant network. Fino Bank’s customers will be able to enroll in the policy offered by Go Digit at an annual premium of Rs 550 (for a sum insured of Rs 3 lakh), which will go up to Rs 2,600 (for a sum insured of Rs 15 lakh). This will allow customers to avail the cover as per their requirements.
Himanshu Mishra, EVP (West & South), Fino Payments Bank said, “Innovation through partnerships is an integral part of Fino Bank’s ethos. Along with our own products, we bring partner offerings for the benefit of our customers who are largely under banked and do not have access to relevant financial products. My Business Policy (shop insurance policy) takes forward our already existing association with Digit Insurance and is a step in the right direction to offer financial security to small business owners through our extensive distribution network. The technology platforms of both companies will make buying insurance as well as filing and settling claims a seamless experience for our customers.”
Nalini Venkat, Head – Institutional Business, Digit Insurance said, “The benefits of insurance haven’t fully reached smaller cities given the lack of access to the right products. Fino Bank’s extensive rural distribution network will give us an opportunity to take our insurance offerings to these under-penetrated markets. Digit’s quick quote generation, instant policy issuance and tech-enabled claims assessment will give shopkeepers a seamless experience. Our product offers comprehensive coverage to both inventory and contents of the shop. We believe our association with Fino Bank will foster the shopkeepers’ ecosystem and bridge the insurance gap in smaller cities and towns more effectively.”
Umesh Kadam, Zonal Head, Fino Payments Bank said, “”Customers can approach any of our over 55000 banking points spread across Maharashtra to directly enroll under Digit Insurance’s shop insurance policy in real time through a paperless process. Fino points or merchants are the local neighbourhood kirana store, medical shop, dairy outlet or the mobile repair shop that are playing a critical role in the adoption and usage of digital banking services, especially in rural areas.”
At these local banking points a customer can open a new bank account, deposit and withdraw cash, do money transfers and make bill payments. One can also avail third party offerings such as gold loan, general insurance and even pay loan EMIS.
Shop insurance policy is Fino Bank’s third product partnership with Digit Insurance. The bank already offers motor and group health insurance in association with Digit. Fino Bank offers Digit’s products as a third party and acts as a referrer on non-risk basis.
About Fino Payments Bank Limited (www.finobank.com) BSE: 543386; NSE: FINOPB)
Fino Payments Bank is a fully owned subsidiary of Fino Paytech which had last raised funds in 2016. Fino Paytech is backed by marquee investors like Bharat Petroleum, ICICI group, Blackstone, IFC, Intel and LIC among others. Frugal innovation is the key that has given the fintech a leadership position at the middle of the pyramid which primarily constitutes emerging India customers. The Mumbai-based bank operates on an asset light business model that principally relies on fee and commission based income generated from merchant network and strategic commercial relationships.
The payments bank platform has facilitated more than 67 crore transactions with a gross transaction value of over 1.87 lakh crore in financial year 2021-22. The fintech bank turned profitable in the fourth quarter of 2019-20 and has been profitable in subsequent nine quarters ending 31 March 2022. The bank registered a profit of 42.74 crore in 202122.
About Digit Insurance
Go Digit General Insurance Limited is a new-age general insurance company started by Kamesh Goyal. The parent company of Digit Insurance, Go Digit Infoworks Services Private Limited is backed by Canadian billionaire Prem Watsa’s Fairfax Financial Holdings Limited.
Headquartered in Bengaluru, Go Digit General Insurance Limited has recently won the ‘Digital Insurer of the Year’ Award at Asian Insurance Review and the IFTA 2021 Award for Excellence in InsurTech. The company also won the SKOCH Gold Award for launching India’s First COVID-19 insurance cover, and it has been certified as a Great Place to Work consecutively in 2020 and 2021. Digit was also featured in the CB Insights Fintech 250 list for the third time in 2021. It has been named ‘General Insurance Company of the Year’ at Asia Insurance Review Awards, Singapore, for 2019 and 2020 and ‘Insurance Start-up of the Year – India’ at the Insurance Asia Awards 2020.
During the pandemic, it has serviced several commercial and industrial establishments and secured its employees and customers through relevant health insurance solutions. Former captain of the Indian Men’s Cricket Team, Virat Kohli, is its brand ambassador