Bimabd.com - Editor's Choice
About bimabd.com:
- Have covered more than 220,000 people with retail and micro insurance
- With 6 innovative products rolled out through 20+ B2B partners
- GMV since August 2019 - 70 K with 3.5 K investment and Covid-19
- 5K unique users per month at the website only
- The first online insurance marketplace in Bangladesh
Brief Description
Introduction
(https://bimabd.com) is Bangladesh’s first online insurance marketplace, where multiple insurance companies can sell their retail products online, and also enlist and offer their corporate products offline.
Problem
Bangladesh is the most underinsured country in the South Asian belt, having the largest insurance gap relative to GDP (2.1%) which is almost $6bn. There are as such three key problems which if addressed may contribute to change, customers aren’t aware about the services like other countries, there are not enough good products available, and in many aspects insurance acquisition is difficult for consumers and corporations alike.
Solution
The marketplace (bimabd.com) facilitates multiple insurance companies with the easiest underwriting facility, it lists the best new products and options available in the market, and market to every segment individually, providing customers the policy next day with minimal interaction. The plan is to reach out to the whole untapped segment with new age policies and easing solutions through the marketplace.
Traction
So far in the first year of operation (since Aug 2019) the gross was USD 32,000 (amidst corona virus and a USD 2500 investment), since (August 2020) they have generated more than $ 35,000 revenue with a monthly compounded growth rate of 30% in the last six months. They have sold more than 220k micro-insurance policies through B2B networks working with 20+ Alternate Distribution Partners, including Foodpanda, Axiata Digital - Robi, Daraz, Shohoz. Since Corona they focused on health insurance products.
Team
The team of bimabd.com has in-depth experience in different segments of the insurance industry. Including but not limited to Multiple Insurance Companies, Universal Health Care, Micro-insurance Management, Multiple Insurance Training, Banking, E-commerce, MNC, Tech Accelerators, Web App Development and Digital Marketing. Plus the invaluable 2 years of hands in full time experience amidst the outbreak of Coronavirus.
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