Swedish Micro insurer BIMA and Pi Pay, a mobile payment solution firm in Cambodia, on Friday 26 July 2019 signed a memorandum of understanding that aims to increase access to affordable insurance products to underserved communities.
BIMA was founded in 2010 and based in Stockholm. It offers mobile-delivered insurance services and has operations in 13 markets across Africa, Asia, and Latin America. It has a total of 31 million subscribers.
The micro-insurance firm targets customer living on less than $10 a day. Monthly premiums in Cambodia start as low as $1 per month.
“We want to make it as easy as possible for people to use our products. This collaboration enhances customers’ access to methods of payments that suit their needs,” Kim Tol Am, BIMA Cambodia CEO, told Khmer Times.
She said the company has already reached more than 500,000 customers and paid over $1 million in claims since entering the local market in 2014.