Bima Receives USD 5 Million Investment from Digicel Group to Expand Microinsurance to Asia Pacific and the Caribbean

Date: 
04 Dec 2014
Source: 
Bima

Bima received an investment of USD 5 million from Digicel Group to deliver access to affordable insurance in the Caribbean, Central America, and Asia Pacific. 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 through their prepaid airtime. This model provides a safe and trusted route for customers to register and pay for valuable insurance protection. It also allows Digicel customers in Haiti and Papua New Guinea to register for paid life insurance products for a few USD cents per day, with claims paid within 72 hours of submitting the necessary paperwork.

"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," said Colm Delves, Group CEO of Digice. “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," said Gustaf Agartson, CEO of Bima.

Countries: 
Haiti, Papua New Guinea