Digit Insurance forays into Bancassurance with Karur Vysya Bank

• Digit Insurance enters Bancassurance with their 1^st tie-up with Karur Vysya Bank
• Focus to be on bringing technology-enabled customized products to hugely underinsured Small & Medium Size Enterprise (SME) segments

Bengaluru, 22^nd August 2019: Digit Insurance, one of the fastest-growing general insurance companies in the world, that is on a mission to make insurance simple, has today announced their ‘First Bancassurance Tie-up’, with Karur Vysya Bank, a bank that has a legacy of 100+ years with 750 plus branches spread across India.

Speaking on the tie-up, P R Seshadri, MD & CEO, Karur Vysya Bank said, ‘We found a lot of synergies between our bank and Digit Insurance in our approach to meeting customer expectations.  Together, we are looking forward to delivering innovative products like the ones aimed for catering insurance needs of SMEs. We are sure that our customers will get the best attention from Digit in terms of pricing and settlements.’

Equally looking forward to their first Bancassurance tie-up, Kamesh Goyal, Chairman of Digit Insurance said, ‘Karur Vysya Bank combines traditional legacy with a digital approach, making them great partners for us to foray into Bancassurance. They have a strong customer base of Small & Medium Enterprise (SME) customers and that is one segment which is hugely underinsured in India. Therefore, this tie-up will help us reach out to the SMEs in India with our innovative solutions that can also help such SMEs to cover for business interruption & loss with a fixed benefit, beyond the regular coverage available in the market. Under our mission of simplicity, the end customer will experience a seamless process as we will be having a customized API for KVB and our tie-up.’

This is Digit Insurance’s first Bancassurance tie-up and a part of their strategy to expand their customer base, with new demographics and customer segments that KVB has to offer. For KVB, this is the first insurance collaboration specifically aimed for their SME segment.

About Digit Insurance:

Digit is a new-age general insurance company started by Kamesh Goyal and backed by Canadian billionaire Prem Watsa’s Fairfax group, one of the largest financial services groups in the world which has operations in over 30 countries. The Company has raised funding amounting to $140 million from Fairfax Group. Headquartered in Bengaluru, Digit has successfully partnered with some of the leading companies, such as PayTM, Cleartrip, Sterling Holidays, SOTC, Policy Bazaar and Tanishq. Digit Insurance has been ranked #5 among the most attractive start-ups to work for in India by Linkedin in 2018 and is featured in CB Insights’ top 250 fastest-growing fintech companies globally in 2018.

About Karur Vysya Bank:

Karur Vysya Bank was started in the year 1916 and today has a gamut of financial services, all under one roof, and service millions of customers across India. The bank innovates consistently to deliver value to its customers.  The app-based delivery of end-to-end digital processing of business and retails loans that offers in-principle sanction of the loans within a 15-minute window is the first and only one of its kind in the industry.