BIMA is the global leader in providing insurance through mobile technology. The business provides insurance distribution and underwriting to millions of low income people via highly innovative partnerships with major mobile network operators and financial services businesses. In the past, the traditional insurance industry has struggled to reach this vast market.
In just five years, BIMA has over 24 million subscribers in 16 countries, of which approximately 9 million people are reached with insurance products. BIMA’s customer research shows that 75% of their customers did not have access to insurance before. Globally, approximately 40% of customers are rural. In Ghana, BIMA has doubled insurance penetration.
The business offers a range of affordable life, personal accident and health insurance products for low-income consumers. Since investing, LeapFrog has been instrumental in developing the company’s strategy in areas as diverse as product development, distribution, reinsurance and branding.
BIMA CEO Gustaf Agartson says, “We’re proud of our success so far, but really we believe we’re just at the start of this journey. Mobile technology has the power to transform people’s lives.”
“We invest heavily in developing our local workforce and help economies to thrive though relationships with local suppliers.”