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Shivalik Small Finance Bank on Tuesday announced a strategic partnership with Bengaluru-based insurtech company, Go Digit General Insurance, to provide an array of instant, easy-to-understand insurance products through the bank’s network of branches across India.
This will include health insurance plans, motor insurance, and home and shop insurance. This partnership will enable over 4.5 lakh customers of Shivalik Small Finance Bank to instantly access and purchase from Digit’s list of offerings, through paperless processes, in real time.
This range of products will be available to the customers of Shivalik Small Finance Bank across all its 31 branches and its digital network across the country.
‘Committed to innovation’
Commenting on the partnership, Harsh Mittal, Chief Financial Officer, Shivalik Small Finance Bank said, “At Shivalik, we are committed to constantly innovating and adding new products and services to expand our offerings to the underbanked masses. Our collaboration with Go Digit General Insurance will aid us in making the process of buying cover, submitting and receiving claims easier for our customers leveraging the strong tech platforms that both organisations have and supported by our distribution network which reaches the far ends of Bharat.”
Vijay Kumar, CEO and Principal Officer, Go Digit General Insurance said, “Our partnership with Shivalik Small Finance Bank comes at a time when we are looking to expand our reach to newer markets with an aim to aid insurance penetration. The bank has a strong foothold in the northern states of the country and this association will help the bank’s customers in getting insured from a partner that believes in simplicity, transparency and hassle-free settlement of claims.”
Shivalik’s current customers predominantly fall into segments such as retail, manufacturing and services, housing and real estate and microfinance.
As part of its small finance bank proposition, Shivalik is actively engaged in discussions with multiple fintech partners to reach newer customer segments like entrepreneurial and underbanked women, kirana stores, millennials in need of neo banking services and individuals looking for gold loans, according to Mittal.
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