General insurance company Digit Insurance has partnered with Xiaomi's Mi Homes to announce the Mi Screen Protect Plan. Under the scheme, users can avail screen damage insurance with replacement twice a year.
Screen protection insurance is available across all 50+ Mi Home stores in India and can be availed at a starting price of Rs 399 per year.
Given Xiaomi's voluminous presence in India -- it captures 29.7 percent market share -- Digit in a statement said that this partnership will reach to a wider audience across geographies.
The digital insurance company is looking to provide insurance to customers directly at Mi stores while they purchase mobiles. The initiative will help Mi Home gather significant feedback from Mi fans and incorporate it into its future offerings in India.
Jasleen Kohli, Chief Distribution Officer, Digit Insurance said, "Smartphones are the lifeline of the growing India. From booking a cab to choosing a restaurant, it does everything. And any damage to it, is a big hiccup in any person’s daily life and to their pockets. The insurance product that we are providing along with Xiaomi is for the most common accident that we all face - Screen Damage."
On average, screen damage repairs cost between Rs 2,000 to Rs 8,000 depending on the type of phone and screen size.
Digit's technology enables people to use their smartphones to do self-survey through an analytic app that speeds up the claims process.
Over 90 percent of claims will be approved within 24 hours of customers performing self-inspection. Around 77 percent of the claims can be processed via the video/self-diagnostics application.
Mi Home is an extension of Xiaomi's business model, which gives an opportunity to explore and assess a wide array of smart Xiaomi products under one roof.
So far, Digit has partnered with PayTM, Flipkart and Amazon for distribution and has sold 40,000 plus policies for smartphones.
Digit has partnered with Flipkart, PayTM, Cleartrip, Sterling Holidays, SOTC, Policy Bazaar and Tanishq to offer unique products like screen damage for mobile phones, jewellery insurance and flight delay cover starting from 75 minutes.