Digit Insurance has signed a bancassurance agreement with private sector lender Karur Vysya Bank (KVB) to distribute its general insurance products in India.
Digit Insurance, which is backed by Prem Watsa of Canada-based financial holding firm Fairfax Group, aims to further expand its business by offering insurance plans to bank’s customers.
As per terms of the agreement, Digit Insurance will sell its insurance offerings though more than 750 branch offices located across India.
The agreement is first such collaboration for KVB. It will offer insurance plans to under-insured SME segment.
Karur Vysya Bank managing director and CEO P R Seshadri said: “We found a lot of synergies between our bank and Digit Insurance in our approach to meeting customer expectations.
“Together, we are looking forward to delivering innovative products like the ones aimed for the catering insurance needs of SMEs. We are sure that our customers will get the best attention from Digit in terms of pricing and settlements.”
Digit Insurance chairman Kamesh Goyal said: “… this tie-up will help us reach out to the SMEs in India with our solutions that can also help such SMEs to cover for business interruption and loss with a fixed benefit, beyond the regular coverage available in the market.
“Under our mission of simplicity, the end customer will experience a seamless process as we will be having a customized API for KVB and our tie-up.”
Digit Insurance has already partnered with SOTC, Policy Bazaar, PayTM, Cleartrip, Sterling Holidays, and Tanishq to offer its insurance plans.