Allianz's digital investment arm, Allianz X, has invested $96 million in start-up, BIMA, which offers life, accident, and health insurance in emerging countries. The start-up’s technology automates the underwriting process, allowing prices for as low as $0.60 per month – giving them, and Allianz, access to a market that was previously cost ineffective.
BIMA started in 2010 in Ghana, originally focusing on life and medical insurance. They’ve since expanded into mobile health insurance and now operate across 14 developing markets, with 30 million policies sold worldwide, and 575,000 new policy registrations per month.
The investment will give Allianz access into emerging, previously untapped markets.
For more information, please contact Nick Pester.
BIMA affordable insurance and health products address the very low rates of insurance penetration in African emerging markets. In association with Tigo, Swedish company BIMA has created the first digitalised mobile insurance model by integrating its proprietary mobile insurance platform with the billing infrastructure of mobile operators. This enables customers to register and pay for insurance premiums entirely via their mobiles as well as automatically deduct premiums from their prepaid mobile credit. The approach removes high distribution cost and provides an effective recurring payment channel for the unbanked. The end result is accessible and affordable insurance for the underserved.