Fino Payments Bank Limited (“Fino Bank” or “The Bank“) announced today that it has partnered with Go Digit General Insurance Limited, one of India’s fastest growing general insurers, to provide small and medium business owners with shop insurance policies. Fino works as a corporate agent for Go Digit.
The collaboration will allow small and medium-sized businesses to take advantage of Digit’s My Business Policy in the event of a disaster. The one-year policy will cover loss or damage to inventory or stock caused by burglary, earthquake, fire, lightning, storm, flood, and riots, among other things. The policy will also include built-in coverages such as money in a safe, money in transit, and so on.
Fino Bank’s strong customer base and well-established merchant network include many small and medium-sized businesses. Customers of Fino Bank will be able to enrol in the Go Digit policy for an annual premium of Rs 550 (for a sum insured of Rs 3 lakh), which will increase to Rs 2,600 in the future (for a sum insured of Rs 15 lakh). Shopkeepers can enrol in Digit’s My Business Policy (shop insurance policy) in real time, using a paperless process, based on their needs.
Innovation is an Integral part of Fino Bank
Major Ashish Ahuja, Chief Operating Officer, 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. 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. The technology platforms of both companies will make buying insurance. As well as filing and settling claims a seamless experience for our customers.
Fino Payments Bank partners
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.”
In collaboration with Digit, the bank, which has nearly 4.6 million customers, already offers motor and group health insurance. The local kirana store, medical shop, dairy outlet, or mobile repair shop are examples of Fino merchant points. They are crucial in the adoption and utilisation of digital banking services. Fino has a network of over 10.2 lakh own and partner network points as local bankers across the country.
Customers can open new bank accounts, deposit and withdraw cash. As well as make money transfers, and pay bills at these local banking locations. Third-party offerings such as gold loans, general insurance, and loan EMIs are also available.