On World Entrepreneurs' Day, Digit Launches SME Buddy to Simplify Insurance for SMEs and StartupsThe online tool helps entrepreneurs calculate the insurance coverage for their business by keying in details about the nature of the business, its industry, assets linked to the enterprise and the businesses resources

On world's entrepreneur day, technology-driven general insurance company Digit Insurance has launched an exclusive do-it-yourself (DIY) advisory tool for small and medium enterprises (SMEs) and startups, SME Buddy.

The online tool helps entrepreneurs calculate the insurance coverage for their business in just a few simple steps. The business owner has to key in details about the nature of his business, its industry, assets linked to the enterprise and the businesses resources.

Based on these details, SME Buddy will give suggestions on the kind of insurance coverage that the entrepreneur can buy for his business.

Founded in 2017 by insurance veteran Kamesh Goyal, Digit is a full-stack insurtech startup powered by Artificial Intelligence (AI), Machine Learning (ML), image analytics, tracking technologies and data lakes, that builds general insurance products, such as motor, health, travel and home insurance, among others.

Goyal founded Digit with the aim to simplify insurance end-to-end with technology—from picking products, to policy issuance to claim processes.

Also Read:Digit is Busting Complexity in Insurance With Technology

SME Buddy is also part of the company's larger initiative to make insurance simpler, but this time for smaller businesses that are more susceptible to risks, especially with the ongoing pandemic.

"At Digit, we are always looking at ways of taking our mission of making insurance simple one notch higher. This time we thought of making insurance relevant and simple for SMEs and startups," said Vivek Chaturvedi, Chief Marketing Officer, Digit Insurance.

SME Buddy will give small businesses an idea on what type of insurance covers will be helpful for them and will protect them from eventualities.

"Commercial insurance or SME insurance still has a layer of complexity and is difficult to understand. Hence, as an insurer we wanted to simplify the initial understanding for such insurances and wanted to spread awareness on the different kinds of insurance products that businesses would require based on different factors. This tool is our ways of helping SMEs protect themselves in such difficult times," said Chaturvedi.

Bengaluru-headquartered Digit said it has serviced several commercial and industrial establishments and secure their employees, customers, through relevant health insurance solutions during the ongoing pandemic.