The idea is simple, yet effective. In the developing world less than five percent of people has a (life)insurance. This is remarkable; it is in these countries especially that families suffer a great financial loss when a family member gets ill or dies. BIMA did some research and found four causes for the lack of insurance: a lack of trust, education and accessibility, and the high costs of most insurance companies. No wonder then that for 90% of BIMA’s customers, it’s the first time to ever get insurance.
The company started in December 2010. Now, in 2016, BIMA has 24 million customers in Asia, Africa, South-America and the Caribbean. They employ 3500 locals, who not only sell the service, but educate people about insurance as well. These local employees therefore play a key role in the company’s success. Technology alone isn’t going to cut it, according to BIMA.