The global pandemic has given a strong impetus to the development of medical and technical services, emphasizing adherence to social distancing, namely the provision of telemedicine services.
The startup, which provides microinsurance and healthcare services, has announced its next round of funding as its product growth has multiplied.
BIMA, a startup that provides life and health insurance policies and telemedicine as an ancillary service. They offer all of their services through a mobile-centric platform targeting consumers in emerging markets, whose primary point of access to online services is via phones rather than computers. Today announces that it has raised $ 30 million in funding – a growth round, which the Stockholm / London-based startup plans to use to double its healthcare services in response to increased demand from COVID-19.
Today, the company provides online medical services as a service that is directly related to health insurance. Still, various kinds of disease treatment programs and discounts for pharmacies are also a pleasant addition for users. The company plans to expand its services through additional funding further.
We don’t know exactly how much the startup is valued at, but the company was valued at $ 300 million in the previous round and has grown significantly since then.
BIMA has a fantastic track record with over 2 million telemedicine consultations and about 35 million health and insurance policies, increasing its customer base by about 11 million over the past two years.
There is a boom in insurance technology startups in the US and Europe today. Not all of them are aimed at high economic categories, in particular, BIMA. The startup focuses on low-income families, which are often at increased risk of illness or injury, with 75% of its clients accessing insurance for the first time, BIMA notes.
“Telemedicine and insurance are needed more than ever, and COVID has raised awareness and acceptance of these types of products among new consumers and governments. “They have gone from ‘nice things’ to necessity,” said Matilda Strom, who co-founded the company with CEO Gustav Agartson, in an interview. “The use of our telemedicine services has nearly doubled.” BIMA is covering COVID and pandemics in general in its policies, she said.
It is also worth noting that many health authorities are now using telemedicine to relieve hospitals and prevent a pandemic.
The onset of COVID-19 has demonstrated the value of telemedicine in preventing the spread of disease and the importance of insurance for peace of mind
Agartson said in a statement.
Interestingly, it was a Chinese investor who expressed a desire to profane a startup, as the idea of integrated medical companies with a full range of services based on an insurance offer has been cultivated in the Chinese market for some time. But even with the development of HMOs in the US, it’s interesting that relatively few startups worldwide have tried to develop similar models. BIMA stands out for this.
“The market in which BIMA operates is huge, and the demand for medical services is huge,” added Stuart Langdon, Partner at LeapFrog Investments. “BIMA’s unique digital capabilities enable consumers in developing countries to access many health and insurance services on a single, easy-to-use platform. This includes protecting the millions of first-time insurance buyers who would otherwise be exposed and at risk.”
Developing a healthcare and insurance solution is not easy, but there are still a few players in this market. Under such conditions, everyone can find their audience and quickly start making a profit. Are you already interested in insurance app development? We offer you to read our latest article Insurance technology and innovation and How APIs can streamline the process of development
Are you interested in insurance app development? Don't know where to start?