Allianz X, the digital investment unit of the Allianz Group, has made a $96.6 million investment in BIMA, a digital microinsurer using mobile technology to serve low-income customers in Africa, Asia, and Latin America.
With the investment, Allianz became BIMA's sole insurance shareholder and its largest strategic shareholder overall.
"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, the chief executive officer of Allianz SE. BIMA's technology delivers insurance and health products to emerging markets customers who need them but cannot access them through traditional channels. Its business relies on 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, the chief executive officer of Allianz X. "I am thrilled to work with colleagues who have such entrepreneurial spirit and look forward to our collaboration."
"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," said Coenraad Vrolijk, the regional chief executive officer of Allianz Africa. Since launching in 2010, BIMA has scaled operations in 14 countries on three continents and has 24 million registered customers. Allianz said that its investment would allow the company to continue its growth by harnessing mobile penetration in emerging markets.
BIMA's founder and chief executive officer, 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."