Center for Health Market Innovations (CHMI)

Programs

CIC M-BIMA

last updated Jan 20, 2012

Overview

Implementing organization: 
CIC Insurance
Implementation Partner(s): 
Safaricom, Airtel, Orange, Yu
Legal Status: 
Private (for-profit)
Year Launched: 
2010
Stage: 
Existing/expansion stage
Income Level of Target Population: 
All income levels

Funding

Primary Source of Funding: 
Other 3rd party (e.g. debt, equity)

Technology

Technology Used: 
Phones
Technology Partner(s): 
Safaricom, Airtel, YU, Orange

Scale

Personnel Employed: 
100<
Summary: 

CIC 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.

Program goals/rationale: 

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.

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