Telecommunications giant Axiata has announced a funding boost for an innovative insurtech start-up.
The digital services arm of the telco giant, Axiata Digital, has announced an investment of US$16.8m in insurtech firm BIMA, as it looks to boost its Asian operations.
BIMA is a micro-insurance firm which offers low-cost insurance to underserved families in emerging markets and, thanks to a partnership with Axiata subsidiary Smart, is already the largest provider of life insurance in Cambodia.
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With a presence in 10 countries, and over 320 million customers across the region, BIMA will look to utilise the considerable scope of Axiata to develop its operations.
The two firms will look to use mobile technology in various locations to boost take-up of insurance coverage.
BIMA founder and CEO Gustaf Agartson said that the deal will help increase the presence of the insurtech firm as Asia represents its most successful and profitable market.
Mohd Khairil Abdullah, CEO of Axiata Digital, said that the deal will create a long-term partnership.
“Alongside product development, we will prioritise geographic expansion through new local partnerships that will bring these life-changing services to millions of families across Asia,” Abdullah said.
Since launch, BIMA has raised US$275m and currently operates local partnerships with Axiata in Sri Lanka, Bangladesh and Cambodia.
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