Sep 8, 2020

Insurtech leader BIMA secures $30m for Africa/Asia expansion

BIMA
Insurtech
CreditEase
Allianz X
William Girling
2 min
BIMA new $30m investment fund will drive its determination to change health insurance for the better in Africa and Asia
BIMA has confirmed that its latest investment round generated US$30m, which it subsequently plans to use for expansion in Asia and Africa...

BIMA has confirmed that its latest investment round generated US$30m, which it subsequently plans to use for expansion in Asia and Africa.

With the help of funding contributions from CreditEase Fintech Investment Fund (CEFIF), Allianz X and LeapFrog, the company will continue to encourage and develop digital health and insurtech solutions in emerging markets. 

Founded in 2010 in Ghana, BIMA became an early champion of insurtech’s power to disrupt the country’s traditional insurance hegemony, which it perceived as under-serving the less fortunate. 

In the ten years since it was established, the company has reached over 35 million customers, secured over $100m in investment, and been recognised by the industry as a significant force in the market.

Digital insurance with a human touch

BIMA prides itself on providing digitally sophisticated insurance products that retain simplicity and effectiveness. With a smooth onboarding process, customers can easily sign-up and purchase cover within minutes.

The coronavirus pandemic has provided the company with an opportunity to prove the utility of its service, which it has done by delivering two million tele-doctor consultations, a health hub featuring vital services and programmes, as well as a health wallet for funding necessary pharmaceuticals. 

“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,” said Gustaf Agartson, Founder and CEO. 

“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.”

Expanding its market presence

Praise from BIMA’s new investors has been swiftly forthcoming, with all three emphasising the urgent need for its services to expand and develop in the territories it services, including Tanzania, Malaysia, the Philippines and others.

“We are very impressed by BIMA’s innovative integration of microinsurance 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,” stated Dennis Cong, Managing Partner at leading Chinese investor CEFIF. 

“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.”

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Jun 18, 2021

TrueMotion insurtech acquired by Cambridge Mobile Telematics

truemotion
cmt
telematics
Insurtech
3 min
US-based TrueMotion and Cambridge Mobile Telematics provide mobile phone telematics technology

Two leading US telematics firms have joined forces as Cambridge Mobile Telematics acquired TrueMotion, another Massachusetts-based insurtech firm. 

One of the world’s leading telematics insurtechs, Cambridge Mobile Telematics, was launched in 2010 and powers 65 enterprise programmes in 28 countries.

Meanwhile, TrueMotion, which launched in 2012, has enjoyed significant success as a telematics operator, raising US$10mn in its seed funding round in 2010, and then partnering with the motor insurtech Noblr in 2019. 

TrueMotion has also entered the European market, collaborating with LB Forsikring to promote safe driving in Denmark.

Telematics expansion

The joining of the companies means TrueMotion’s 150-strong workforce will join Cambridge Mobile Telematic’s already established team, along with their client list, which includes Travelers, Farmers, and Progressive. 

The new company will focus on increased interest in using telematics for crash reconstruction in personal lines claims and more innovation in the telematics space. 

Speaking about the acquisition, William Powers, CEO, and co-founder of Cambridge Mobile Telematics, described the move as an opportunity to explore new markets, expand throughout the US and bring telematics to a much wider customer base.  

"With this acquisition, we will use our world-class talent, technology, and scale to help our partners overcome the complex challenges of global road safety,” he added.

Ryan McMahon, VP of insurance and customer affairs for Cambridge Mobile Telematics, explained that expanding the company with additional talent and customers would help meet the demands of a growing telematics market. He also quoted data from a study by J.D. Power which revealed that personal auto telematics users have doubled in five years to 16% of policyholders.

McMahon told the press, “This market is rapidly expanding, and building more capabilities is more important than ever,” McMahon says. “Both companies follow similar philosophies and grew up in similar ecosystems, and now we’re bringing those cultures together.”

He continued, “Telematics is absolutely the future of commercial auto and rideshare, and it’s kind of a step up beyond the normal telematics."

McMahon added, “We will not only widen our lead in smartphone telematics, but also use our combined talent to invent new products for risk measurement, contextual telematics, and crash mitigation across emerging mobile, IoT, connected-car, video, and sensing technologies.”

Five reasons why telematics is in demand

1.It reduces fuel costs and increases operational efficiency. This is a consideration for most commercial fleets given the rising costs of fuel

2. The technology enables fleet managers to plan operations with greater precision by providing exact locations, timescales, and speed of vehicles. 

3. It improves driving standards and monitors driver behaviour, reducingdetours and ensuring responsible driving. 

4. It helps fleet health and maintenance by monitoring the health of operational vehicles.

5. It increases corporate social responsibility in terms of care for the driver, the vehicle, the impact of driving in terms of emissions, and also the security of the vehicle itself.

 

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