Nigeria FinTech Landscape - Impact Assessment

BIMA company profile Username Password IFFCO-TOKO Login Forgot ord Company Description ■ Offers affordable life, personal accident and hospitalization insurance products for underbanked customers Agents sell the insurance and health service products to low income customers personally and provide education for them about the benefits of being insured and financially secure Customers only need a mobile phone to use the service: after an easy registration with the help of an agent, they can select, pay and renew the selected policies via the tool In the case of an accident or illness, clients have to collect the necessary documents and claim their compensation by calling the Bima hotline Additionally Bima offers a mobile health service, where customers can ask for doctors' advice via phone whenever they or their family member get sick Bima partners with microfinance institutions and mobile operators enabling them to enter the insurance market and manages everything for them from product design to distribution to claims' administration What makes them distinctive Business model BIMA Enables quick and seamless integration into partners' existing IT infrastructure providing flexibility in incorporating new products and business models Pays valid claims within 72 hours The team of 3500 trained agents develops high product awareness and customer engagement with educating underbanked customers who have limited knowledge on insurances Revenue model Commission Details Bima's life insurance is sold in 3, 6 or 12 months packages, costing $1.4, $2.8 or $5.6 Charges $3.85 for a one-year health hotline subscription (unlimited doctor consultation) GrameenKootaⓇ financial services Similar solutions Fusion MICROENSURE Microfinance BOUGHT BYMANY oradian SOURCE: McKinsey Panorama EFINA 107

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