Our mission & approach

Our Mission


Creating a world where everyone can access the products and services needed to protect their family’s future

Our customers typically live on less than $10 per day; they are at high risk for illness and injury. Insurance is a powerful tool that can prevent families from falling back into poverty, but insurance penetration in emerging markets, is typically less than 3% (as a percentage of GDP). 

Traditional insurance companies have struggled to service consumers at the bottom-of-the-pyramid because of four main barriers: low levels of knowledge and trust in financial services, high costs and critically the lack of suitable distribution and payment channels. 

Microinsurance services were designed to cater to this group by designing low-cost, simple insurance policies that are sold responsibly (i.e. consumers are educated about insurance at point of sale), yet providers struggled to scale their operations. 

BIMA, believes that mobile technology holds the key to unlocking the full, mass-market potential of microinsurance. Mobile penetration in emerging markets has now surpassed 80%, which creates a vast opportunity to reach target consumers.

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SOARING MOBILE USE CREATES AN OPPORTUNITY TO REVOLUTIONISE FINANCIAL SERVICES IN EMERGING MARKETS. OUR GOAL IS TO HARNESS THAT POWER TO REACH UNDERSERVED FAMILIES AROUND THE WORLD
~ GUSTAF AGARTSON, BIMA CEO

Mobile microinsurance: a game changer


BIMA created the groundbreaking mobile microinsurance model.  This approach gives customers access to microinsurance that is paid for using  prepaid mobile credit or postpaid biling. 

Since BIMA pioneered mobile-delivered insurance back in 2010, there are now over 100 live mobile insurance services according to GSMA’s State of the Industry report 2014. The same study showed that mobile insurance services are now scaling rapidly, with an annualised growth of 263%.

4bn

Potential consumers

263%

Annualised growth

Further reading


Learn more about mobile microinsurance and financial inclusion

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Our approach


  • We believe that every consumer deserves choice, value and quality of service, regardless of their income level. Our policies start from as little as $0.23 per month and we pay out within 3 days of receiving a valid claim submission

  • We don't rely on technology alone to drive distribution; we always combine it with essential consumer education. Over 95% of our registrations are made in person by a BIMA agent 

  • We create positive social impact beyond our customer base. We invest heavily in developing our local workforce and help economies to thrive though relationships with local suppliers

  • We forge long-term partnerships that deliver real value. Our relationships are built on shared goals that bring lasting benefits to our partners and their customers 

"Customers are paid as promised when they lose relatives. People can trust in BIMA" ~ Felix, agent Ghana