Fino Payments Bank has teamed up with India-based Go Digit General Insurance to offer shop insurance policies to small and medium business owners.
As part of the deal, Digit’s My Business Policy will be made available to SMEs through Fino. The policy, which lasts one year, covers loss or damage to inventory or stock caused by a burglary, earthquake, fire, lightning, storm, flood, riots or other defined event. It also includes coverages such as money in safe or money in transit.
Fino’s clients will be able to purchase the policy at varying levels of protection.
Digit Insurance head – institutional business Nalini Venkat 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.”
There has been a lot of activity in India’s FinTech sector this week. Credit card rewards service CRED closed a $140m investment and mobile payments service Slice secured $50m in funding.
In the InsurTech space, it was reported that Digit Insurance was eyeing a $500m IPO at a $4.5bn to $5bn valuation.
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