Allianz has become digital microinsurer BIMA’s largest strategic shareholder and sole insurance shareholder after investing $96.6 million in a transaction that’s expected to strengthen the re/insurers position in emerging markets.
BIMA’s award-winning micro-insurance tech platform is designed to provide low-income families with access to insurance products across 14 emerging markets, using mobile technology to serve low-income customers in Africa, Asia and Latin America.
Oliver Bäte, Chief Executive Officer (CEO) of Allianz SE, said; “our investment in BIMA underscores Allianz’s commitment to digitalization supporting the growth strategy of the Group in emerging economies, as well as enabling us to serve the so-called ‘next billion customers.'”
“BIMA’s proprietary technology delivers affordable insurance and health products to emerging markets customers who need them but cannot access them through traditional channels.
“Their business combines mobile technology, partnerships with mobile operators and a dedicated 3,500-person salesforce to achieve scale and profitability.”
BIMA founder and CEO Gustaf Agartson said; “we are very excited to have Allianz as a shareholder. Allianz is the perfect insurance partner and investor for BIMA because of their strong commitment to emerging markets and overlapping footprint.
“This investment will allow us to continue our journey to innovate, scale existing as well as new markets, and retain our place as the emerging market InsurTech leader. Allianz’s significant expertise and knowledge in the insurance space will enable BIMA to further improve our product portfolio and provide valuable products to the emerging market consumers.”