Microinsurance Offers Health Coverage In Exchange For Phone Credit

Microinsurance Offers Health Coverage In Exchange For Phone Credit
Health

BIMA has figured out how to give underserved communities access to insurance in a simple way

Jiwon Kim
  • 30 may 2017

Low-income rural communities have often been forgotten in the insurance marketplace, so BIMA, a Stockholm-based microinsurance provider, recognized a problem and stepped in to fill this void. Through partnerships with mobile operators, BIMA allows consumers to pay for low-cost insurance policies with mobile phone credit.

BIMA has 3,500 trained staff members who canvass rural areas in 15 countries around the world. Since the majority of BIMA customers have had little or no interaction with formal financial institutions, they get locals to register for the program through direct assistance, guiding them through the registration process and any additional steps. Instead of requiring documents that many people in these rural areas do not have, BIMA just asks for a cellphone. After registering, customers get text messages that confirm and complete enrollment.

Financial inclusion is key to alleviating poverty. BIMA uses simple technology to service people who live off of less $10 dollars a day, creating a safety net that they have never had before.

BIMA

Low-income rural communities have often been forgotten in the insurance marketplace, so BIMA, a Stockholm-based microinsurance provider, recognized a problem and stepped in to fill this void. Through partnerships with mobile operators, BIMA allows consumers to pay for low-cost insurance policies with mobile phone credit.

+global development
+Health
+health insurance
+mobile
+mobile phones
+technology

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