Ola Johnsson on how mobile has opened up developing markets to insurers
29 Jun 2016
The CFO of Bima Mobile, spoke on the topic of “Going mobile with insurance in emerging markets“ at the Next Generation Insurance Customer 2016 conference at the Swiss Re Centre for Global Dialogue.
Click here to find out more about the event.
Read the text version of Ola Johnsson’s interview here:
“By giving people access to these products that they haven't had before and by educating the customers around insurance and what benefits they have from having insurance, we automatically create a large demand for our products. We take a lot of responsibility in educating our customers around our products. We have a physical distribution to all our customers, speak to all our customers when we sell our products. I think with this business model it's getting traction in all of markets that we've launched.
If you take Africa for an example, the mobile phone is a tool that will play an even bigger role than in Western countries where a lot is done through the mobile phone and a lot of the technological evolution is skipping a lot of steps and people are using their phone to make payments from day one. They've never had a bank account and they go straight to mobile payments. I think in that way it differs quite a lot from the Western world.
I think it's very disruptive in the way that we are giving so many people access to insurance for the very first time. 93% of our customers buy their first ever insurance policy from BIMA, so I think that in itself is very disrupting. I think also that the technology that we are using is disrupting in the sense that we've created a payment channel for insurance that wasn't there before which, again, has given access to insurance for a lot of people.”