BIMA, a micro-insurance provider for Africa, Asia and Latin America has received a $96.6m investment from Allianz X.
Following the transaction, Allianz X will become the company sole insurance shareholder and the largest strategic stakeholder.
BIMA, which was launched in 2010, supplies affordable insurance and health products to emerging market customers, who are unable to reach traditional means. The company uses mobile technology and offers products for pre-paid blocks of 3, 6, or 12 months. The solution is currently used in 14 countries and has 24 million registered users.
This capital injection will enable the company to scale its presence in its current markets and to increase its product portfolio for the emerging market consumers.
Allianz Africa Regional CEO Coenraad Vrolijk said, ?Allianz participation in BIMA provides an ability for us to deepen our emerging markets footprint and use the latest technologies to distribute insurance products to customers who need it most.p>
This investment comes just months after BIMA landed a $16.8m investment from Asian telecom giant Axiata Group. The capital from the last round was raised to help the company to increase operations in Asia.
Earlier this week, insurance platform Lemonade closed a $120m Series C round led by SoftBank Group, with the company seeking global expansion.
Over the year there has been a decline in high value transactions in the InsurTech sector, with the biggest in Q3 being CompareAsiaGroup $50m round. In Q2, BIMA previous investment was the ninth biggest transaction, with the largest being Gryphon $230m.
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