Allianz invests $97m in digital microinsurer
Allianz X, the digital investment unit of the Allianz group, is investing $96.6 million in digital microinsurer BIMA.
BIMA uses mobile technology to serve low-income customers in Africa, Asia and Latin America. Through the transaction, Allianz becomes BIMA’s sole insurance shareholder and the largest strategic shareholder overall, according to the company.
“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',” said Oliver Bäte, CEO of Allianz.
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 3,500-person salesforce.
“The strategic investment in BIMA contributes to the digital transformation of the Allianz group and our commitment to emerging markets,” said Nazim Cetin, CEO of Allianz X.
Coenraad Vrolijk, regional CEO of Allianz Africa, added: “Allianz’s participation in BIMA provides an ability for us to deepen our emerging markets footprint and use the latest technologies to distribute insurance products to customers who need it most”.
Since launching in 2010, BIMA has grown operations in 14 countries on three continents and has 24 million registered customers to date. Allianz’s investment will allow the company to continue its growth trajectory by harnessing soaring mobile penetration in emerging markets and delivering against an ambition to reach one billion consumers, according to the press release.
BIMA founder and CEO Gustaf Agartson said: “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.”
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