We are delighted to announce that BIMA and Robi Axiata’s mobile Life Insurance have been nominated for 2 awards at the Asia Communication Awards 2013. Our innovative mobile insurance service in Bangladesh is nominated for bestEmerging Market Initiative and also The Social Contribution Award at the awards to be held in Singapore this June.
A unique mobile insurance product
BIMA and Robi Axiata together developed a unique mobile insurance product, the objective was to create positive social value for the low-income mass market. Bangladesh has a population of 150 million, of which more than 50% has been penetrated by mobile usage. However, less than 5% of the same population is protected by formal life insurance, leaving the majority very exposed to shocks from the loss of breadwinners due to natural disasters, accidents or illness. BIMA Life Insurance service was launched in July 2012 and is
Providing access for low income households
Launched in 2012 BIMA’s initiative has drastically improved access to insurance for low income households in Bangladesh, empowering them to overcome severe financial set-backs and uncertainty, when a family member passes away which previously they could not do.Low income households now have a financial safety net that was unobtainable before. Previously without life cover, families may have had to cut spending on things such as children’s education, been forced to borrow or sell assets in the event of an untimely death to cover funeral and unforeseen expenses. The loss of breadwinners due to natural disasters, accidents or illness is now more financially manageable, compared to previously when it could have plunged many low income households into a spiral of poverty.