Several micro-insurance firms have offered products catering to the same market and all in the name of financial inclusion. BIMA Philippines is one of the latest entrants in this sector that promises protection coverage.
Country manager Melvin Juruena spells the difference for his micro-insurance firm in the race to provide access to people who do not have protection coverage because of the prohibitive cost on most insurance products.
Since then, BIMA has sold 33 million policies worldwide and 575,000 new customers are added per month. “The difference between other insurance firms is we use the power of mobile technology to be able to scale,” he adds. Through the development of its mobile insurance platform, BIMA is able to digitally distribute insurance products to the mass consumer market in an extremely cost-effective way, thereby widening access to insurance on an unprecedented scale.
During the past year of his leadership of the local unit, Melvin was able to more than triple its topline revenue by focusing on addressing the typical barriers in micro insurance. Melvin said they are on track to double their current 100 headcount by 2020.
“With the use of mobile technology, we open up accessibility for the masses to our very affordable micro-insurance products,” says Melvin. At present, it has an estimated 100,000 customers from the middle to low income market. The power of mobile technology has enabled BIMA to substantially bring down the cost and offer these very affordable protection packages.
The most immediate concern is the issue of trust in the overall insurance business. Since most people are not confident dealing insurance product 100 percent digital, BIMA has agents to speak to clients to give human interphase and explain what the product is all about. By combining the power of mobile technology, key partnerships with mobile operators, and a human approach to education, BIMA has been able to achieve scale and profitability. The Swedish insurtech startup was valued at $300 million as of 2018.Melvin believes that good education is his best chance at parity in a world that is getting more and more competitive. With that, he plotted for an international MBA degree.
Since HEC Paris is one of the world’s leading MBA institutions, multinational companies recruit their managers from his school, making it the highest number of graduates working in MNCs globally. BIMA was among those that advertise their position for the Philippines. Melvin grabbed the opportunity and took the position after graduation.
The Paris-educated business executive shares the limelight with his team. He would conduct team assessment and their individual strengths. An assessment of strengths is critical for business development. He also makes himself available for consultation.
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