BIMA and Tigo Tanzania to provide affordable hospitalization insurance
BIMA Mkononi is a safety net to help families manage the financial burden of illness
In partnership with mobile operator Tigo, BIMA has launched a new insurance product that pays out to customers in the event that they are admitted to hospital. The product named BIMA Mkononi is designed for low- and middle-income people who are normally excluded from accessing insurance and other financial services. Tigo customers can register for free, with payments made easily and securely from their Tigo Pesa wallet.
BIMA Deputy Country Manager Ashwin Bhagavatula commented on the launch, “We all need to visit a hospital at some point, and for most hard-working Tanzanians a hospital admission is a significant cost that has serious financial implications for the entire family. BIMA Mkononi provides a financial safety net that can help people manage the financial burden of illness by paying out money for each night that they spend in the hospital. Customers are free to spend the money however they choose, with most using it to help pay medical bills or cover lost earnings. The goal of BIMA Mkononi is to provide a financial cushion for families when they need it the most”.
Speaking at the function, Tigo Head of Mobile Financial Services, Ruan Swanepoel said, “The launch of this service underlines Tigo’s commitment in promoting digital lifestyle transformation and its leadership in delivering cutting-edge technology and innovation by enabling Bima Mkononi be accessible via Tigo pesa”.
He commended Milvik for the partnership and affirmed Tigo’s commitment to continue providing support through Tigo Pesa.
BIMA Mkononi has been designed specifically for the low and middle-income customers. Policies start from as little as 2,999 THS (buying two months’ cover) and customers can claim up to 1,200,000 THS. Valid claims are paid within 72 hours of completed document submission. Any customer who wishes to register for a policy can easily do so with a mobile phone either by self-registration using the USSD code *148*15# or by calling BIMA’s service line to receive guidance.
This product is the latest offering from Tigo insurance whose partnership with BIMA has already reached over 500, 000 subscribers across the country. BIMA’s groundbreaking model uses mobile technology to overcome the barriers of cost, distribution and premium collection to open up access to insurance to lower-income consumers who can’t access traditional insurance products.
BIMA Mkononi is underwritten by Resolution Insurance.