Distributive policy

Fino Payments Bank Partners Exclusively with Go Digit for Store Insurance Policy

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Fino Payments Bank Partners Exclusively with Go Digit for Store Insurance Policy

Posted on June 12, 2022

  • Small and medium business owners can purchase the insurance product from Fino, the corporate agent of Go Digit
  • The insurance policy will be offered for an annual premium starting from Rs 550

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 offer a store insurance policy to owners of small and medium-sized businesses. Fino is associated with Go Digit as a corporate agent.

The combination will allow small and medium-sized businesses to benefit from the advantages of Digit’s My Business policy in the event of an adverse event. The policy, which will be valid for one year, will cover loss or damage to inventory or stock due to burglary, earthquake, fire, lightning, storm, flood, riots, among others. The policy will also include built-in covers such as cash in safe, cash in transit, etc.

Small and medium-sized businesses form an important part of Fino Bank’s strong customer base as well as its well-established merchant network. Fino Bank customers will be able to subscribe to the policy offered by Go Digit at an annual premium of Rs 550 (for an insured sum of Rs 3 lakh), which will go up to Rs 2,600 (for an insured sum of Rs 15 lakh) . Depending on their needs, merchants can directly enroll in Digit’s My Business policy (store insurance policy) in real time through a paperless process.

Major Ashish Ahuja, Chief Operating Officer, Fino Payments Bank, said, “Innovation through partnerships is an integral part of Fino Bank’s philosophy. In addition to our own products, we bring partner offerings to benefit our customers who are vastly underbanked and lack access to relevant financial products. Digit’s My Business policy (store insurance policy) advances our already existing association with Digit Insurance and is a step in the right direction to provide 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 of Institutional Affairs, Digit Insurance, said: “The benefits of insurance have not fully reached small towns given the lack of access to the right products. Fino Bank’s extensive rural distribution network will give us the opportunity to bring our insurance offerings to these under-penetrated markets. Digit’s rapid quote generation, instant policy issuance and technology-based claims assessment will provide traders with a seamless experience. Our product provides comprehensive coverage of both inventory and store content. We are confident that our association with Fino Bank will foster the merchant ecosystem and more effectively bridge the insurance gap in small towns and villages.

The bank, which has nearly 4.6 million customers, already offers car and group health insurance in association with Digit.

A Fino merchant point is the local kirana store, medical store, dairy, or mobile repair shop. They play a vital role in the adoption and use of digital banking services. Across the country, Fino has a network of over 10.2 lakh of its own as well as partner network points as local bankers.

At these local bank points, a customer can open a new bank account, deposit and withdraw money, make money transfers and pay bills. One can also avail third party offers such as gold loan, enroll in general insurance and even pay loan EMIs.