Fino Payments Bank and India-based Go Digit General Insurance have joined forces to provide small and medium business owners with shop insurance policy.
Valid for one year, the policy comprises in-built coverages such as money in transit, money in safe, etc.
It covers damage or loss to the inventory or stock as a result of events including earthquake, burglary, fire, storm, lightning, flood, riots.
This partnership allows the business owners to gain access to Digit’s My Business Policy benefits if such adverse events occur.
To enroll in Go Digit’s policy, Fino Bank customers are required to pay an annual premium of INR550 (for a INR0.3m sum insured) with a maximum limit of INR2,600 (for a sum insured of INR1.5m).
Digit Insurance institutional business head Nalini Venkat said Fino Bank’s extensive rural distribution network would take Digit’s insurance offerings to smaller cities.
Venkat added: “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.”
Based on requirements and through a paperless process, the shopkeepers will have option to directly register under Digit’s My Business Policy (shop insurance policy) in real time.
Fino Payments Bank COO Ashish Ahuja 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.
“Digit’s 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.”
With a client base of around 4.6 million, Fino Payments Bank also provides group health and motor insurance in alliance with Digit.