Digital health and insurtech service provider, BIMA has secured US$30 million from Chinese fintech investor, CreditEase Fintech Investment Fund (CEFIF) in further investment as demand for digital health services doubles. Covid-19 is the catalyst behind the surge, with consumers seeking increased access to telemedicine and insurance cover against life and health risks.
Existing shareholders, LeapFrog Investments and Allianz have both increased their investment. The new capital will allow the company to expand its product offering, scale its capabilities as demand continues to increase and deepen its footprint in Asia and Africa.
Delivering two million tele-doctor consultations to date, BIMA rivals some of the largest digital health providers in the world. Through its health hub approach, customers have access to a unique set of integrated health services, including health programmes for managing chronic illnesses, discounts at pharmacies and drug delivery. Its innovative health wallet for funding medication-based expenses has also been extended to masks and hand sanitisers during the pandemic.
Gustaf Agartson, founder and Chief Executive Officer at BIMA, 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.”
Meenakshi Chhabra, Country Head of BIMA Malaysia said, “We launched the business here in Malaysia in 2018 as pilot in partnership with Celcom Axiata Berhad & Allianz Life Insurance Malaysia Berhad. In 2019, we launched BIMA Life, simple & affordable life insurance product with monthly premium of RM5 – RM25. Celcom customers can pay for this insurance through their mobile bills or airtime. We are already growing 30% M-O-M. We are incredibly excited about this new round of funding as this will enable us to further drive scale in Malaysia, enabling more customers to access our insurance products”
Dennis Cong, managing partner at CEFIF, further commented, “We are very impressed by BIMA’s innovative integration of micro insurance and tele-doctor 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.”
Stewart Langdon, partner at LeapFrog Investments, said: “The market that BIMA is serving is vast and demand for health services is tremendous. BIMA’s unique digital capabilities empower emerging market consumers to access many health and insurance services on a single, easy to use platform. That includes protection for millions of first-time buyers of insurance who would otherwise remain unprotected and at risk.
“Delivering these services to 35 million consumers is an outstanding achievement by Gustaf and his team, but it’s just the beginning of the journey. We’re excited to increase our investment in BIMA as it continues to democratize access to digital health services.”
Nazim Cetin, CEO at Allianz X,added, “We are happy to continue our partnership with BIMA and jointly deliver telemedicine and remote healthcare services in developing markets. We believe the demand for these services will continue to increase and want to manifest BIMA’s leading position in the market by providing support with our experience and network.”