Bima, Robi Axiata & Pragati Life Insurance launch a free life insurance service in Bangladesh
15 July 2012. Dhaka, Bangladesh: BIMA, Robi Axiata and Pragati Life Insurance have today launched their service, “BIMA Life Insurance Service”, in Bangladesh. The service is a free life insurance policy, where incremental cover level is earned by registered BIMA customers, based on the amount of Robi airtime credit that is used each month, up to a maximum of BDT 50,000.
The model acts as a kind of ‘savings account’ for insurance cover, where the more a customer spends, the more insurance cover they add to the total earned cover – and the longer they continue to spend with Robi, the larger their total insurance cover becomes.
Customers can currently register for the service for free in any of the Robi Walk-In Centres situated across Bangladesh. BIMA was there to capture the first customer to register in the Gulshan Robi branch!
A customer’s level of insurance cover, based on the accumulation of their previous months’ usage, is communicated to them at the beginning of the month by SMS. The insurance covers loss of life of the client due to accident or illness, and supports them in a difficult time by ensuring that claims are paid out within 3 days of receiving all documentation.
This is a revolutionary product for Bangladesh, aiming to increase the penetration of insurance in the country several fold, and to increase loyalty amongst Robi’s 20m+ users.
The launch of this service in Bangladesh also represents an exciting opportunity for BIMA to bring its experience from Africa in launching similar services to the Asian continent.
As in its other markets, BIMA supports the mobile telecoms operator (Robi) by providing a technical platform and managing a distribution network for customer registration, training, customer care, marketing and support on claims administration.
The product is underwritten by Pragati Life Insurance.