Axiata invests $16.8m in insurtech Bima's Asian expansion
A unit of Malaysian telecoms company Axiata has completed a $16.8m investment in Swedish microinsurance start-up Bima, which makes it the biggest provider of life assurance in Cambodia. Bima specialises in offering microinsurance in emerging markets, with Asia being a key region for the insurtech firm. The investment takes Stockholm-based Bima's total funding to $75m since it was founded in 2010. Bima and Axiata operate local partnerships with Dialog in Sri Lanka, Robi in Bangladesh and Smart in Cambodia.
BIMA, the insurtech firm that offers microinsurance in emerging markets, announced the close of an investment of US$16.8 million by Axiata Digital, the digital services arm of Axiata Group Berhad, one of Asia’s largest telecommunications groups.

Axiata Group Berhad (Axiata) has a presence in 10 countries and more than 320 million customers across the Asian region and already works with BIMA in several markets, said BIMA, noting that Axiata’s transition to shareholder will deepen the existing partnership.

“Together, BIMA, Axiata Digital and Axiata have revolutionized access to insurance in Asia, using mobile technology to deliver services that are inaccessible via traditional channels,” said BIMA in a statement.

For example, in less than a year, BIMA along with Axiata’s subsidiary Smart, has become the largest provider of life insurance in Cambodia. “At the end of 2016, approximately 3 million Axiata customers in three of its operating companies are covered by mobile insurance policies,” explained the Stockholm-based BIMA.

“Asia is a key region for BIMA; it is home to some of our most successful and profitable markets as well as the consumers who will drive the digital services revolution,” said BIMA founder and CEO Gustaf Agartson.

“Investing in BIMA is a strategic move that positions Axiata Digital and Axiata mobile operating companies to shape the future of digital services in Asia,” commented Mohd Khairil Abdullah, CEO of Axiata Digital.

“As a long-term partner, we recognize the strength of BIMA’s technology and model and have seen its growth trajectory,” he said. “Together we have the potential to transform the way consumers across Asia access and use products in the digital age.”

Axiata Digital joins existing shareholders, Kinnevik, Milicom (Tigo), LeapFrog Investments and Digicel. Axiata Digital replaces existing shareholders’ commitment for the second installment of a C-series fundraising completed in June 2015. BIMA has raised US$75 million since its launch in 2010.

BIMA and Axiata operate local partnerships with Dialog (Sri Lanka), Robi (Bangladesh) and Smart (Cambodia).

Source: BIMA

Topics InsurTech Tech