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Allianz unit invests $96.6M in digital microinsurer

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Allianz unit invests $96.6M in digital microinsurer

Allianz Group said its digital investment unit, Allianz X, made a $96.6 million investment in digital microinsurer BIMA.

As part of the deal, Allianz will become BIMA's sole insurance shareholder and its largest overall shareholder.

BIMA, which uses mobile technology to provide insurance and health products to underserved customers in emerging markets, has 24 million subscribers in 14 markets across Africa, Asia and Latin America.

"Our investment in BIMA underscores Allianz's commitment to digitalization, supporting the growth strategy of the group in emerging economies, as well as enabling us to serve the so-called 'next billion customers,'" Allianz CEO Oliver Bäte said.