Operations launched in Haiti and Papua New Guinea
Bima, the leading global microinsurance provider, announced a 5 million USD investment from Digicel Group, the leading total communications and entertainment provider in the Caribbean, Central America and Asia Pacific regions. This investment and the resulting partnership will help Bima to deliver access to affordable insurance on a scale never seen before in those regions.
The market opportunity for microinsurance in Asia Pacific and the Caribbean is vast, with insurance penetration at less than 7% (as a percentage of GDP). Bima’s success is based on overcoming barriers to entry for the mass-market through the development of simple and affordable products as well as innovative modes of distribution. The company already has successful operations in 11 markets across Africa, Asia and Latin America, and Digicel’s investment will provide resources and insight to help Bima rapidly build its presence in these new regions.
The partnership has already launched two regional operations, in Haiti and Papua New Guinea. Both markets leverage Bima’s expertise in mobile-delivered insurance, wherein customers can pay for insurance cover via their prepaid airtime. This model provides a safe and trusted route for customers to register and pay for valuable insurance protection. Digicel customers in Haiti and Papua New Guinea can now register for paid life insurance products for a few USD cents per day, with claims paid within 72 hours of submitting the necessary paperwork.
Colm Delves, Group CEO of Digicel, comments; “We are committed to providing our customers with valuable and relevant services in addition to delivering first class telecommunications. We believe that everybody should have access to insurance and that the Bima portfolio of products delivers real benefits to our customers.
“When looking to roll out an insurance offering, Bima was a natural choice of partner for Digicel and our investment reflects our belief in its business model”.
Gustaf Agartson, CEO BIMA said, “There is significant demand for our products in the Pacific and Caribbean, where the mass-market has been underserved by traditional insurers to date. With access to Digicel’s network of customers, we have the potential to provide access to insurance at a scale never seen before in these regions.”