Bima expands its footprint into Latin America

LONDON, 29th October 2014 – Bima, the leading global provider of microinsurance, has successfully launched operations in both Paraguay and Honduras. In conjunction with Tigo, the leading global telecoms provider, the company is bringing its successful mobile insurance model to the region. Entering the Latin American market represents the latest expansion for Bima, with the company already providing access to insurance for millions of people living in emerging markets.

In both markets, Tigo clients can now register for paid life insurance products for as little as USD 0.07 per day. Bima’s Familia Protegida (Paraguay) and Seguro de Vida Tigo (Honduras) products were developed to address the needs of previously underserved customers. In addition to affordability, Bima uses specially developed technology to ensure safe, streamlined registration and payment. Furthermore, it promises a quick and simple claims process to get money to recipients within just three days of submitting the necessary paperwork.

Lucas Wilkens Flores Soares, Regional Manager for Latin America, commented on the launch, “We think there is real need for our products in the Latin American market. Until now, people living in Honduras and Paraguay have been excluded from accessing insurance, leaving their families without financial protection in times of need.

“Our products and our partnership with Tigo promise to open up access to insurance on a massive scale – in just 6 months since our launch in Honduras, we are providing access to insurance to over 150,000 people. We look forward to brining about similar change in other Latin American markets as we grow our footprint in the region.”

Familia Protegida and Seguro de Vida Tigo policies cover death and total permanent disability; Seguridad Seguros and Ficosha Seguros underwrite insurance in each market respectively.