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Fino Payments Bank has announced a partnership with Go Digit General Insurance to offer shop insurance policy to small and medium businesses. Fino Payments Bank is associated with Go Digit as a corporate agent and it already offers motor and group health insurance in association with Digit Insurance. 

Digit’s My Business Policy will cover loss or damage to inventory or stock due to burglary, earthquake, fire, lightning, storm, flood, riots, among other factors. The policy will also include in-built coverages like money in safe, money in transit and the like. The policy will be valid for one year. As per the press release, Fino Payments Bank’s customers will be able to sign up for the policy at an annual premium of 550 (for a sum insured of 3 lakh), which will go up to 2,600 (for a sum insured of 15 lakh). The enrolment can be done through a paperless process as per the press release. 

“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," said Major Ashish Ahuja, Chief Operating Officer, Fino Payments Bank. 

According to Nalini Venkat, Head – Institutional Business, Digit Insurance, Fino Payment Bank’s extensive rural distribution network will give them an opportunity to take their insurance offerings to the under-penetrated markets. 

Fino Payments Bank has nearly 4.6 million customers and small and medium businesses form a significant part of this. The bank is a subsidiary of Fino Paytech which is backed by marquee investors like Bharat Petroleum, ICICI group, Blackstone, IFC, Intel and LIC among others.

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