Sunday, July 23, 2017

BIMA aims to insure 1 billion people worldwide

Insurance firm BIMA, which provides mobile-delivered insurance and health services in emerging markets, has set an ambitious goal of insuring a billion people around the world.

Part of the process would be to provide coverage to underbanked citizens in the Philippines, according to Lindsey Lim, BIMA’s country manager in the Philippines.

Lim has reportedly said that microinsurance provides a buffer for those who cannot afford extensive medical or life insurance policies.

BIMA sees huge opportunity in the Philippines, considering the country’s low insurance penetration rate of roughly 3%.

In the Philippines, BIMA had enrolled 16,000 people in its offerings before January 2017, and Lim expects the number to rise as the company recently partnered with a Philippine telco to reach a wider range of people.

BIMA, headquartered in Stockholm, Sweden, operates in emerging markets in Asia, Africa, and Latin America, with more than 1,000 field agents in 10 different countries.

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