The investment from CreditEase, Allianz X and LeapFrog will help BIMA to expand its presence in the health insurance sector through its teledoctor consultation services
A doctor offering tele-consultation service. (Credit: MILVIK AB.)
BIMA, a provider of digital health and insurtech services, has secured $30m investment to strengthen its presence in Africa and Asia.
The investment, provided by CreditEase, Allianz X and LeapFrog, will help BIMA to expand its product offering, scale its operations and capabilities.
According to BIMA, the Covid-19 pandemic has acted as a catalyst in nearly doubling the demand for its digital health services, as customers are now seeking access to telemedicine and insurance cover against life and health risks.
Fintech investor CreditEase is the newest shareholder in BIMA
CreditEase Fintech Investment Fund (CEFIF), a Chinese fintech investor, has invested in BIMA for the first time and existing investors Allianz X, an investment wing of Allianz, and LeapFrog Investments have increased their investment in BIMA.
Established in 2010, BIMA claims to have completed two million teledoctor consultations and 35 million insurance and health policies.
The insurtech uses a health hub approach, where customers are given access to a unique set of integrated health services such as health programmes to manage chronic illnesses, discounts at pharmacies and drug delivery.
Its health wallet to fund medication-based expenses has now been extended to include masks and hand sanitisers during the present Covid-19 pandemic.
BIMA founder and CEO Gustaf Agartson 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.
“The funds we have raised will allow us to expand our operations and further invest in our product offering that will help us scale quickly to meet the unprecedented demand for our services.”
CEFIF managing partner Dennis Cong said: “We are very impressed by BIMA’s innovative integration of microinsurance and teledoctor services, which provide critical coverage to meet large unmet demand in emerging markets, and whose value is accentuated further by the current pandemic.
“We are very happy to have the opportunity to join this meaningful journey, along with the established leading shareholders, and support the company to grow its business and expand its leadership position in its served markets.”