Axiata invests US$16.8M in insurtech startup BIMA to provide micro insurance to low-income families in emerging markets

Sainul Abudheen
Axiata

With over 27 million customers and operations in 16 markets, BIMA provides affordable insurance and mobile health services to underserved families in Asia, Africa and LatAm

Axiata Digital, the digital services unit of Malaysian telecom giant Axiata Group Berhad, has invested US$16.8 million in BIMA, a Swedish mobile technology startup that brings micro insurance services to underserved families in emerging markets in Asia, Africa and Latin America.

This brings BIMA’s total investment to date to US$75 million. This includes a US$38.4 million in July 2015. BIMA’s other investors are Kinnevik, Milicom (Tigo), LeapFrog Investments and Digicel.

Mohd Khairil Abdullah, CEO of Axiata Digital, said: “Investing in BIMA is a strategic move that positions Axiata Digital and Axiata mobile operating companies to shape the future of Digital Services in Asia. As a long-term partner, we recognise the strength of BIMA’s technology and model, and have seen its growth trajectory. Our shared commitment to innovation is a key driver behind Axiata Digital’s investment. Together we have the potential to transform the way consumers across Asia access and use products in the digital age.”

“Alongside product development, we will prioritise geographic expansion through new local partnerships that will bring these life-changing services to millions of families across Asia,” he added.

Also Read: Malaysia’s Axiata invests US$16M in StoreKing to provide an e-commerce experience to India’s rural population

Started in 2011, Stockholm-headquartered insurtech BIMA provides affordable insurance and mobile health services to low-income families. BIMA is already working with Axiata to provide access to insurance services in some markets in Asia. BIMA together with Axiata’s subsidiary Smart already provides life insurance services in Cambodia. By the end of 2016, approximately 3 million Axiata customers in three of its operating companies are covered by mobile insurance policies.

The  company claims to have over 27 million customers worldwide and operations in 16 markets.

BIMA founder and CEO Gustaf Agartson said: “Asia is a key region for BIMA; it is home to some of our most successful and profitable markets as well as the consumers who will drive the digital services revolution. Axiata Digital’s investment will ensure that BIMA continues to lead the industry and capitalises on the significant opportunity in Asia.”

Also Read: Fintech, insurtech and institutions in Asia – a match made in heaven?

With presence in 10 countries, Axiata has over 320 million customers across Asia.

 

The post Axiata invests US$16.8M in insurtech startup BIMA to provide micro insurance to low-income families in emerging markets appeared first on e27.