Fincare Small Finance Bank Partners with Go Digit Insurance in India

Fincare Small Finance Bank, a new-age Rurban bank focused on providing smart banking solutions, announced its association with Go Digit Insurance. With this partnership, Fincare SFB will now be able to cater to the critical financial protection need of customers and make insurance services accessible to its target customer segments.

The byte-sized products, specially designed for digital banking customers, will offer high value insurance products with a hassle-free on-boarding process.

Commenting on the partnership, Mr. Rajeev Yadav, MD & CEO, Fincare Small Finance Bank said, “At Fincare, all our initiatives are driven by customer centricity. This partnership will help us strengthen relationship with our customers and meet their insurance needs at a time when it’s most necessary. Go Digit’s digital expertise combined with our innovative digital solutions, we aim to empower our customers to make smart choices.”

Jasleen Kohli, Chief Distribution Officer, Digit Insurance, said “Our mission at GoDigit is to simplify insurance & to create products that customers really need. Given, the current global situation, we are trying to cover people against any unforeseen crisis and help them in protecting their assets. With this partnership we hope to offer meaningful products to Fincare’s customers. We are glad that Fincare shares the same outlook towards using technology to transform people’s lives & simplify processes. The idea is to handle these unpredictable times in the best way possible, through simplified insurance as an instrument.”

Under this partnership, currently the products offered will be:

* Digit’s Motor Insurance policies, where the customers can opt for both two-wheeler and four-wheeler vehicles against accidents, fire, natural disasters etc.

* Insurance policies for Home and Shop, where the customers can cover both their structure and contents against fire, natural disasters etc.

* Digit also offers a Zero-touch Claims enabled by Audio Claims, Soft-copy Document submission & 24*7 customer care assistance.

About Fincare Small Finance Bank

Fincare Small Finance Bank commenced banking operations on July 21, 2017 under Section 22 of the Banking Regulation Act, 1949, after receiving the final license from the RBI in May 2017. Fincare SFB has been included in the Second Schedule to the Reserve Bank of India Act, 1934, published in the Gazette of India dated April 13, 2019.

Fincare Small Finance Bank aims to transform banking for its customers through simple products, automated processes and instant decisions and transactions. Powered by technology, Fincare SFB has set the vision to be the first of its kind ‘Rurban’ Bank which, on the one hand, caters to the banking needs of the base of pyramid, mass retail and micro & small enterprise segments, thus enabling their financial inclusion, and on the other hand, provides modern, innovative and digital solutions to the digitally-savvy, metro and urban customers.

As of 30th November 2020, Fincare SFB serves over 26.5+ Lakh customers in 19 States / Territory, has deposits worth Rs. 5,162 Crore, its loan book stood at Rs. 5,370 Crore and has a workforce of 7,910.

About Digit:

Go Digit General Insurance Limited is a new-age general insurance company founded by Mr Kamesh Goyal and backed by the Fairfax Group, one of the largest financial services groups in the world. It has raised three rounds of funding amounting to $140 million from Canadian billionaire Prem Watsa’s Fairfax Financial Holdings and $84 million from three growth equity investors— A91 Partners, Faering Capital and TVS Capital. This combined investment has brought its total funding to $224 million.

Headquartered in Bengaluru, Go Digit General Insurance Limited has partnered with some of the leading companies like Cleartrip, Sterling Holidays, SOTC and Policy Bazaar. It has been named as ‘Insurance Start-up of the Year – India’ at the Insurance Asia Awards 2020 and ‘General Insurance Company of the Year 2019 and 2020’ award at Asia Insurance Industry Awards, Singapore. During the ongoing pandemic, it has been able to service several commercial and industrial establishments and secure its employees and customers through relevant health insurance solutions. It has also featured in the Top 25 Indian Start-ups Lists by LinkedIn in 2018 and 2019 and was in CB Insights’ Top 250 fastest growing fintech companies globally list in 2018 and 2020.