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Group 7 (Term Paper)

This document presents a comparative study of TATA AIG Marine Cargo Insurance and Digit Marine Transit Insurance in India, highlighting their features, pros, and cons. Digit Insurance is recommended for SMEs and startups seeking cost-effective and digital solutions, while TATA AIG is suited for larger businesses requiring comprehensive coverage and risk management services. The choice between the two depends on the scale, complexity, and specific needs of the business.

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Govinda Thakur
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21 views7 pages

Group 7 (Term Paper)

This document presents a comparative study of TATA AIG Marine Cargo Insurance and Digit Marine Transit Insurance in India, highlighting their features, pros, and cons. Digit Insurance is recommended for SMEs and startups seeking cost-effective and digital solutions, while TATA AIG is suited for larger businesses requiring comprehensive coverage and risk management services. The choice between the two depends on the scale, complexity, and specific needs of the business.

Uploaded by

Govinda Thakur
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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UNIVERSITY OF NORTH BENGAL

DEPARTMENT OF MANAGEMENT
4TH SEMESTER
Marine Insurance in India: A Comparison of TATA AIG Marine Cargo
and Digit Marine Transit Insurance

SUBMITTED BY

Niranjana Biswas Ankita Paul Prithika Saha Govinda Thakur

Reg. 0522005022783 2262307020009 2262307020012 0331605022325


No.
INTRODUCTION

Marine insurance plays a vital role in the global and domestic trade
ecosystem, offering protection against financial losses that arise during
the transportation of goods over sea, air, road, or rail. As businesses
increasingly rely on smooth and secure logistics operations, the demand
for reliable marine insurance solutions has grown significantly. In India,
the marine insurance sector is served by a mix of traditional insurers with
decades of experience and new-age digital companies offering fast and
user-friendly services.

This paper presents a comparative study of two prominent providers of


marine insurance in India: TATA AIG General Insurance Company, a well-
established insurer with a strong legacy and global expertise, and Digit
Insurance, a rising online-first insurance provider known for its digital
innovation and customer-centric approach. The objective is to examine
key aspects such as policy flexibility, premium pricing, claim settlement,
and overall service experience.

Through a detailed comparison and supported opinions, this paper aims


to help businesses—both large corporations and small enterprises—
make informed decisions when selecting a marine insurance provider
based on their scale, complexity, and service expectations.

Marine insurance provides financial protection against various risks


associated with maritime activities, including the transportation of goods,
vessels, and cargo across oceans and waterways. It safeguards the
interests of shipowners, cargo owners, and traders involved in marine
commerce. It covers perils like shipwrecks, storms, piracy, fire, and
collisions. The General Average Clause ensures that if part of the cargo
or ship is sacrificed to save the rest, all parties share the loss
proportionally. Marine insurance can be structured as voyage policies
(covering a single journey), time policies (for a fixed period), and open
cover policies (providing continuous coverage for frequent shippers),
while war risk coverage protects against geopolitical risks. The average
clause applies when a property is underinsured, reimbursing losses in
proportion to the coverage amount.
PRODUCTS OVERVIEW

Digit Marine Transit Insurance

Digit Insurance provides Marine Transit Insurance tailored for businesses


moving goods domestically and internationally. It covers losses and
damages arising from accidents, theft, fire, natural disasters, and other
transit risks. Digit emphasizes simplicity with transparent policy terms and
easy digital claim filing. Businesses can opt for single transit or annual
covers, depending on shipping frequency. Digit also provides protection
against war, strikes, riots, and civil commotions. With its smartphone-
enabled claim process and minimal paperwork, Digit offers a seamless
experience, particularly attractive to SMEs and startups.

Tata AIG Marine Cargo Insurance

Tata AIG Marine Cargo Insurance protects goods in transit by sea, air,
road, or rail, covering risks like fire, theft, accidents, and natural disasters.
It offers single transit, open cover, and annual policies for exporters,
importers, manufacturers, and logistics providers. Additional coverage
includes war, strikes, and terrorism. Tata AIG also provides risk
management services, cargo tracking, and expert claims support,
ensuring secure and efficient cargo movement for businesses.
FEATURES

Feature Digit Insurance Tata AIG


Protects against fire,
Covers damage from
Comprehensive explosion, theft, collision,
accidents, theft, fire, natural
Coverage storms, and supply chain
calamities during transit.
disruptions.
Single transit, open cover,
Single transit, open cover,
Policy Options and annual multi-transit
and annual cargo policies.
options.
100% paperless purchase, Offers online services but
claim intimation via relies more on traditional
Digital Experience
smartphone, minimal service networks for
documentation. complex claims.
Protects both domestic and
Multi-Modal Covers transport via road,
international shipments,
Transit Protection rail, air, and sea.
including high-value cargo.
Strong global claims
Claim Settlement Fast digital claims process network with expert
Efficiency with easy tracking. handling and smooth
settlements.
Global support network with
24x7 support via app, call,
Customer Support specialized marine
and email.
insurance advisors.
PROS & CONS
Digit Marine Transit Insurance

Pros:

 Seamless Digital Experience – Quick and easy policy purchase and


claim processes.
 Cost-Effective Premiums – Competitive pricing, especially beneficial
for startups and SMEs.
 Minimal Documentation – Easy onboarding and claims with minimal
paperwork.

Cons:

 Limited Global Presence – Better suited for domestic or regional


operations than extensive international logistics.
 Limited Risk Advisory Services – Lacks advanced risk management
and analytics compared to traditional insurers.
 Suitability – May not be ideal for highly complex or high-value
shipments.

Tata AIG Marine Cargo Insurance

Pros:

 Comprehensive Coverage – Strong protection for both domestic


and international shipments.
 Global Risk Management Services – Predictive analytics, cargo
tracking, and risk advisory services available.
 Trusted Brand – Backed by global expertise and strong operational
experience.

Cons:

 Higher Premiums – Advanced risk management features come at a


higher cost.
 Complex Policy Terms – Policy structures may seem complicated
for first-time buyers or SMEs.
 More Traditional Processes – Some services may involve longer
manual steps compared to newer digital-first insurers.
RECOMMENDATION

Digit Marine Transit Insurance

Digit Insurance offers an excellent choice for businesses that value quick
digital solutions and cost efficiency. Their paperless process, competitive
pricing, and fast claims handling are particularly attractive to small and
medium-sized enterprises (SMEs), startups, and businesses focused
on domestic trade. For companies needing straightforward marine
coverage without deep international risk exposure, Digit provides a
convenient and reliable solution.

In my opinion, Digit is perfect for companies looking for budget-friendly


and technology-driven insurance solutions with a hassle-free
experience.

Tata AIG Marine Cargo Insurance

Tata AIG, on the other hand, remains a strong choice for large exporters,
multinational firms, and businesses involved in high-value or complex
global logistics. Their experience in international markets,
comprehensive coverage options, and specialized advisory services are
ideal for companies with greater exposure to geopolitical, operational, and
regulatory risks.

From my perspective, Tata AIG is better suited for large-scale


operations that require customized insurance solutions and detailed
risk management support.
CONCLUSION

Choosing between Digit Marine Transit Insurance and Tata AIG Marine
Cargo Insurance depends significantly on the business’s scale,
complexity, and service expectations. For domestic businesses, startups,
and SMEs seeking digital convenience, Digit Insurance emerges as a
practical and economical choice. However, for companies managing
international trade or requiring sophisticated risk management, Tata AIG
remains the preferred insurer with its robust global expertise.

Ultimately, aligning the insurance provider with the specific logistics


needs, scale, and budget will ensure optimal protection and peace of mind
in today's dynamic trade environment.

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