Microinsurer BIMA will benefit from a $96.6m investment from Allianz X

Allianz’s digital investment unit Allianz X has invested $96.6m in digital microinsurer BIMA. BIMA will now look to hit its goal of obtaining 1 billion customers.

The move sees Allianz become BIMA’s largest strategic shareholder, and only insurance shareholder, in the tech platform.

“The strategic investment in BIMA contributes to the digital transformation of the Allianz Group and our commitment to emerging markets,” said Allianz X chief executive Nazim Cetin. “I am thrilled to work with colleagues who have such entrepreneurial spirit and look forward to our collaboration.”

BIMA offers low-income families access to microinsurance products in 14 emerging markets. BIMA has 24 million registered customers to date.

It will aim to use the raised funds for growth through continued mobile penetration. BIMA already has partnerships with mobile operators, as it uses mobile technology to make its products accessible to people who might not have another way of buying insurance.

BIMA founder and chief executive 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.”