Fino Payments Bank partners exclusively with Go Digit for shop insurance policy

9 Jun 2022 , 02:30 PM

Fino Payments Bank Limited on Thursday has announced that it has partnered with Go Digit General Insurance Limited, 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 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). As per their requirements, shopkeepers can directly enroll under Digit’s My Business Policy (shop 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 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.”

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 underpenetrated 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.”

At around 2:28 PM, Fino Payments Bank was trading at Rs261.90 apiece down by Rs1.85 or 0.7% from its previous closing of Rs263.75 apiece on the BSE.