The partnership will allow small and medium businesses to take advantage of Digit’s My Business Policy in the case of a catastrophe.
The one-year coverage will cover loss or damage to inventory or goods caused by burglary, earthquakes, fire, lightning, storms, floods, and riots, among other things. Money in a safe, money in transit, and other coverages will be integrated into the policy.
Digit Insurance’s Head of Institutional Business, Nalini Venkat, stated, “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.”
fino The Bank’s robust client base and well-established merchant network include a considerable number of small and medium businesses. Customers of Fino Bank will be able to join in Go Digit’s coverage for Rs 550 per year (for a sum insured of Rs 3 lakh), which will rise to Rs 2,600 per year (for a sum insured of Rs 15 lakh).
Shopkeepers can register in Digit’s My Business Policy (shop insurance policy) in real time, based on their needs, through a paperless process.
“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.” remarked, Fino Payments Bank’s Chief Operating Officer, Major Ashish Ahuja.
With approximately 4.6 million members, the bank already sells automobile and group health insurance through Digit.
A Fino merchant point is a local kirana store, medical shop, dairy outlet, or mobile repair business. They are extremely important in the acceptance and use of digital financial services. Fino has a network of over 10.2 lakh own and partner network points as local bankers around the country.
Customers can open new bank accounts, deposit and withdraw cash, make money transfers, and pay bills at these local banking locations. Third-party services such as gold loans, general insurance enrollment, and loan EMI repayment are also available.