Digit Insurance forays into Bancassurance with Karur Vysya

General insurance company Digit Insurance on Thursday announced its first Bancassurance tie-up with Karur Vysya Bank.

"We found a lot of synergies between our bank and Digit Insurance in our approach to meeting customer expectations", Karur Vysya Bank MD & CEO, R R Seshadri said.

"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", a joint statement said.

Chairman of Digit Insurance, Kamesh Goyal said Karur Vysya Bank combines traditional legacy with a digital approach, making it great partners for his company 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", Goyal said.

"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", the statement added.