A major Bangladeshi cellular service provider has launched a mobile insurance premium collection service. Banglalink, which is the country’s second-largest operator with 24 million customers and 28% market share, has deployed the service via Comviva’s mobiquity Mobile Financial Services platform.
Branded ‘Mobile Cash Insurance Pay’, the service has been launched in partnership with Jiban Bima Corporation, the country’s largest life insurance company. This is the first time a South Asian mobile services provider has launched an insurance service linked to the mobile wallet.
Banglalink customers can now pay their insurance premium by simply dialling a USSD service code, while non- customers and non-mobile users can also pay their JBC insurance premium at Banglalink-operated Mobile Cash points. The service offers greater convenience to existing customers and aids with broad-basing insurance uptake. As the market matures, Banglalink and Jiban Bima Corporation have plans to launch new insurance products specifically designed for the lower-income demographic.
Announcing the service offering, Solaiman Alam, Head mCommerce, PR and Communication, Banglalink commented, “Our partnership with Comviva to provide m- insurance payment services will drive higher uptake of insurance services among previously low-income underserved segments.”
Speaking on the occasion, Milind Pathak, Vice President, South Asia, Comviva, commented, “We are delighted to be supporting Banglalink as they pioneer the first insurance payment service in South Asia and move into the provision of asset-based financial services. We are pleased that mobiquity will now empower citizens of Bangladesh with simple, affordable access to insurance services.”
The insurance service represents a series of innovations to broaden uptake of mobile financial services and promote financial inclusion in a country where 87% of the population is unbanked. Earlier, Banglalink was the first operator in South Asia to offer mobile IMT services to customers along the UAE- Bangladesh corridor.