Bimaplan hopes to take forward its aim for insurance penetration among sections of the society that have traditionally been neglected by the formal financial institutions.
In an effort to bring affordable insurance to underserved communities, Bimaplan, an affordable insurance platform, has tied up with Credit Wise Capital (CWC), a consumer finance NBFC, for easy insurance on two-wheeler loans. This collaboration brings lending and insurance services under one umbrella, ensuring hassle-free and all-inclusive financing for the borrowers. Through this collaboration, Bimaplan hopes to take forward its aim for insurance penetration among sections of the society that have traditionally been neglected by the formal financial institutions.
Bimaplan distributes it’s insurance through a robust ‘phygital’ model allowing accessibility to both the tech savvy and the ‘brick and mortar’ consumer. To avoid policy lapse, it also offers affordable policy premiums. Bridging the inconsistencies in the ecosystem, Bimaplan will further focus its efforts on augmenting features like automated payment reminders and auto-debit payment options.
Commenting on the partnership, Yogesh Gupta, CBO, Bimaplan, said, “Achievement is never by mere chance, it is a result of two like-minded partners working together. Our partnership has two major functions – marketing and innovation and our business is not B2B or B2C it is H2H (Human to human).
At Bimaplan, we understand that accidents are unforeseen and these uncertainties of life can push the underrepresented communities into further abyss of economic deprivation .Without insurance, these families are left vulnerable in case of any untoward incident. Our effort has been to democratise insurance through affordable products. We want to bring them financial security especially at times when they need it the most.
Since two-wheelers are the vehicles of preference for families ranging across various socio-economic groups, this partnership will allow us to serve several communities. At the same time, we hope to expand our share in the world’s biggest mobility market through well-planned and easy-to-access insurance schemes.
We want to cater to wider geographies and are committed towards tapping atleast 50,000 of our partner’s customer base by 2023.”
Aalesh Avlani, co – founder, Credit Wise Capital said, “A new age fin-tech requires a new age insure-tech and not a legacy business to cater to today’s India. Customers require speed in execution, and by partnering with someone who shares the same ethos, we were able to quickly build a strategy and roll it out.”
With more than 50% of two-wheeler buyers taking the online route to find dealers, Bimaplan hopes to reach out to this digitally savvy consumer. It will also further strengthen its position in Tier 2 and Tier 3 cities that account for a rising number of digital buyers today. In rural areas or for people who are not tech-friendly, a company representative or agent will assist consumers to make an informed decision on their options as per their convenience.
Source: Business World