LONDON--(BUSINESS WIRE)--Bima, the leading global provider of microinsurance, has successfully launched operations in both Paraguay and Honduras. In conjunction with Tigo, the leading global telecoms provider, the company is bringing its successful mobile insurance model to the region. Entering the Latin American market represents the latest expansion for Bima, with the company already providing access to insurance for millions of people living in emerging markets.
In both markets, Tigo clients can now register for paid life insurance products for as little as USD 0.07 per day. Bima’s Familia Protegida (Paraguay) and Seguro de Vida Tigo (Honduras) products were developed to address the needs of previously underserved customers. In addition to affordability, Bima uses specially developed technology to ensure safe, streamlined registration and payment. Furthermore, it promises a quick and simple claims process to get money to recipients within just three days of submitting the necessary paperwork.
Lucas Wilkens Flores Soares, Regional Manager for Latin America, commented on the launch, “We think there is real need for our products in the Latin American market. Until now, people living in Honduras and Paraguay have been excluded from accessing insurance, leaving their families without financial protection in times of need.
“Our products and our partnership with Tigo promise to open up access to insurance on a massive scale – in just 6 months since our launch in Honduras, we are providing access to insurance to over 150,000 people. We look forward to brining about similar change in other Latin American markets as we grow our footprint in the region.”
Familia Protegida and Seguro de Vida Tigo policies cover death and total permanent disability; Seguridad Seguros and Ficosha Seguros underwrite insurance in each market respectively.
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Bima provides emerging market consumers – who have been long underserved by traditional financial services companies – with access to simple and affordable insurance products. The company has successful operations in 13 markets across Africa, Asia, Latin America and the Caribbean and continues to expand its global footprint. Bima provides much needed protection to a growing customer base of over 10 million customers worldwide.
The company is a recognized leader in the mobile-delivered insurance space and also offers an innovative direct-to-consumer model in which customers can, for the first time, buy cover in pre-paid packages. Together with its partners, Bima continues to fuel the development of the microinsurance industry around the world.
- Bima offers a range of straightforward personal insurance products; life, personal accident and hospitalization cover
- Bima’s mobile partners include Tigo, Digicel, Robi, Emtel and Dialog
- Bima is headquartered in Stockholm and London, with offices in Ghana, Tanzania, Senegal, Mauritius, Sri Lanka, Indonesia, Bangladesh, Cambodia, Philippines, Paraguay and Honduras
- Bima is funded by a partnership between specialist investors Kinnevik and LeapFrog Investments, and the international telecommunications and media firm Millicom