AVLC Group, a consortium of several companies has launched the first and only mobile insurance premium finance platform in the Kenyan market dubbed BIMA HIMA.
With BIMA HIMA, customers can get their motor vehicle or medical insurance cover on credit direct from their mobile phones.
AVLC Group Chief Executive Officer, Andrew Kanyutu said BIMA HIMA will ease the burden of paying for insurance premiums by breaking the payment plan up to a maximum of 4 instalments.
“The process of getting your insurance policy whether medical or for your motor vehicle has now been simplified through technology and our customers will also get the insurance cover on credit,” Kanyutu said Thursday during the launch of the IPF platform.
The platform can be accessed by customers registering using their mobile phones through a USSD code *483*01#.
The company said that customers will however, need to have premium quotation beforehand from respective underwriters or agents before the insurance premium cover is approved.
The insurance cover by BIMA HIMA will be offered through BKY Insurance Agency, a licensed agency with Insurance Regulatory Authority and an affiliate company of AVLC Group.
AVLC Group Chairman Moses Mureithi who was present during the launch, hailed the new mobile insurance premium finance platform adding that Kenyans can now get medical and insurance covers instantly and pay for the cover in instalments.
“Bima Hima is expected to increase insurance penetration in the Kenyan market since the industry is still characterized by low penetration levels, currently estimated at 3%. According to IRA,” said Mureithi.
Speaking at the same event AVLC Group Executive Director, John Kageche described the platform as a financing solution to Kenyans during the pandemic period.
“Anyone that needs Insurance now, to pay later can use BIMA HIMA. The product allows you to buy insurance for anyone, at anytime and anywhere in the world. As a concept, the principle of financial inclusion involves ensuring that both individuals and businesses have access to affordable and valuable financial products and services, delivered in a sustainable way. Premium financing allows more people to purchase insurance and to become part of the financial ecosystem,” Kageche said.