BIMA is a leading microinsurance technology provider, concentrating on emerging markets. They have reached between 25 and 30 million people through a combination of partnerships and using new mobile payment technologies. BIMA offers microinsurance for those with low incomes and pay-as-you-go mobile health insurance and telemedicine consultations for those who are geographically isolated. BIMA reports that 85% of their clients are using insurance for the first time.
Their model involves partnerships with insurance providers,corporate sponsors, and consumers. BIMA’s proprietary mobile insurance platform integrates with mobile payment operators’ current technology, so prepaid airtime can be used to pay microinsurance premiums. They have direct access to consumer insurance programs, and have also partnered with MFIs and corporations around the world. Their proprietary mobile insurance platform is a fully automated, plug and play system with 24/7 tech support.
They deal with issues of language and culture through a worldwide network of 3,500 distribution agents, who provide direct contact and education for new customers.
BIMA was recently awarded the Wall Street Journal’s Financial Inclusion Award, both the overall and the People’s Choice awards. They were also the inaugural winners of the Reuben James Summerlin Innovation Award for contributions to financial inclusion in the Pacific Region.
There are a number of mobile microinsurance providers in the emerging markets. CGAP did a review of the current models in 2014, and since that time there has been significant growth in the market. BIMA’s technology and system of distribution agents who do individual education and support for consumers has given them the lead in worldwide emerging markets.
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