Country of Operation
- CIC InsuranceFor-profit
Target income level
- Bottom 20%
- Lower-middle income (20-40%)
- Middle-income (40-60%)
- Higher middle-income (60-80%)
- High-income (80-100%)
SummaryCIC M-Bima is a platform that allows customers to pay their insurance premium or contribute to their savings using their mobile Phones in a flexible manner.
Administering microinsurance is often an expensive business; many insurers use manual processes and have low volumes of business, making the idea of extending the service to low income clients untenable. M-Bima is part of CIC’s effort to establish effective ways to reduce distribution and management costs of microinsurance to ensure sustainability
Key program components
CIC M-BIMA is an insurance premium payment instrument that rides on mobile money transfer platforms such as M-Pesa, Yu-Cash, and Airtel’s Zap/Airtel Money. Policy holders including health insurance can remit as little as KES20 (approximately USD $25) premium payment through their cell phones free of charge. Clients also get regular SMS updates on their policies. M-BIMA is one of the solutions to the challenges involved in penetrating the low-income market and developing cost-efficient insurance distribution and payment mechanisms.