BIMA Insurance inks partnership with Coins.ph
MANILA, Philippines — BIMA, a leading provider of mobile-delivered health and insurance products in emerging markets, announced a partnership with one of leading e-wallet platforms, Coins.ph. This enables more than 5 million customers to pay for affordable personal accident insurance directly from their Coins.ph Wallet.
BIMA has been operating in the Philippines since 2014, offering Personal Accident plus Life Insurance exclusively to Smart customers payable through load deduction or postpaid bill.
Thousands of customers are already protected by BIMA services and through this new partnership, the company aims to expand its reach to millions. This time around, customers will be able to pay for their insurance via the Pay Bills section on the Coins.ph app.
“With 77% of the Filipino population being unbanked and insurance penetration in the country being low, we at BIMA looked at new and convenient ways for customers to pay in ways that suited them,” said Melvin Juruena, country manager of BIMA Philippines.
“We see this partnership with Coins.ph as an incredible opportunity to reach customers who are unbanked, yet digital savvy, and need to access vital insurance services at the touch of a button,” he added.
“We are very excited to be working with BIMA Philippines. Coins.ph has always aimed to increase the access of Filipinos to financial services, and we are happy that we can now facilitate payments for low-cost microinsurance products," agreed Ron Nose, founder and chief executive officer of Coins.ph.
Coins.ph mobile wallet services include remittances, mobile air-time, bill payments, and online shopping at over 100,000 merchants. The company has one of the country’s largest cash distribution networks, operating through over 33,000 partner locations. This year alone, Coins.ph has also garnered the Best Blockchain or Distributed Platform Award from the Asian Banker and the Technology Innovation Award by the RemTECH Awards.
BIMA is the leading mobile delivered health and insurance company in emerging markets. It offers affordable insurance and health products in 13 countries worldwide including the Philippines. It has already served over 31 million customers worldwide with an average of 572,000 new customers per month.
Aimed to provide affordable insurance to every race, the company started its Philippine operation in 2014. Currently, it has affordable Personal Accident Insurance and Personal Accident Insurance with Life component underwritten by Pioneer. The company gained the favor of Filipinos through its online registration and subscription. It is finding ways of providing more insurance plans for Filipinos.