BIMA raises $30 million for digital health and insurance

BIMA already raised $97 million in 2017.

BIMA is one of the top growing health and insurance organizations, based in London and Stockholm. The startup now serves more than 35 million people in 9 different emerging markets from Asia and Africa. Since the rise of COVID and the significance of social distancing, there is an increase in remote healthcare demand. BIMA offers Telemedicine services via a mobile-first platform for consumers in emerging markets. On Monday, BIMA announced it had raised $30 million in funds to drive for mass adoption of digital health and insurtech solutions. The company plans to further empower its medical services due to the increased demand since the pandemic.

BIMA currently holds 2 million doctors for consultation and has grown its consumer base by around 10 million in the last two years. There are other startups similar to BIMA, but BIMA steals the spotlight because of its target market. The startup is also landing with high-end tech and facilities in places deprived of a digitalized world.

Allianz continues to support BIMA

Allianz is a world-renowned financial services company based in Munich, Germany. Allianz X, a digital investment unit of Allianz Group, invests in and partners with digital frontrunners in the ecosystems relevant to insurance. 

Allianz once more stands beside BIMA withholding its long-established relationship as one of its earliest and prime investors. Allianz previously invested $97 million in 2017. Allianz Lanka has now joined hands with BIMA Lanka to bring their updated health services to Sri Lanka. 

Allianz Lanka has defined health policies for BIMA; they will be launching benefits in two categories. The first one offers cash benefits in case of hospitalization, while the second one covers for loss of income in the post-hospitalization period.

Anura Perera, Head of Commercial, Allianz Insurance Lanka Ltd, said, “In Sri Lanka and around the world, we at Allianz have remained committed to helping secure people’s lives and giving our customers courage for what’s ahead. Taking our world-class insurance solutions to underserved segments of the market is one of the critical elements of this mission.“

BIMA’s Growth

This time CEFIF (China’s CreditEase Fintech Investment Fund) leads the round with LeapFrog and Allianz participation. While the company did not disclose its worth, it had grown tremendously since its last round when it was valued at $300 million. BIMA focuses on the needy ones, families living on $10 per day. Such people are at high risk and in need of maximum support. Deputy CEO of BIMA, Mathilda Strom, confirms that 93% of the company’s customers earn less than $10 a day while 54% earn less than $2.50 per day. BIMA insurance costs as little as 60cents to make it affordable for the target market. 

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Gustaf Agartson, founder and CEO at BIMA, said: “The onset of COVID-19 has brought home the value of telemedicine, to help prevent the spread of disease, and the importance of insurance, for peace of mind. Through digital solutions and a human touch, we’ve been able to serve hard to reach communities with tools and services that bring them a sense of security at such a challenging time.

With BIMA’s prior success and continuous efforts, we can be sure that they are headed in the right direction. The health security of African and Asian countries can be considered safe while BIMA looks out for them. The fact that BIMA gets continuous support from big names like Allianz, LeapFrog, CEFIF, and CreditEase ensures that growth is inevitable. 

Featured image: BIMA

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