Bridging the Gap: How Bima Pay Connects Insurers and Policyholders seamlessly with an aim to cut down on the protection gap
CXOToday has engaged in an exclusive interview Hanut Mehta,Co-Founder & CEO- Bima Pay
Q1.Could you tell us briefly about Bima Pay and its offerings?
BimaPay is a fintech company which focuses on facilitating Insurance Premium Financing, It partners with Insurance companies, brokers and other intermediaries to offer all their customers a solution to split their Annual insurance premiums into monthly installments. BimaPay through its fintech platform and partner lenders facilitates this entire process digitally in real time within 2 to 3 minutes without any manual intervention or document upload.
Q2.How does Bima Pay bridge the gap between insurers and policyholders
BimaPay comes at the end of the customer’s policy buying or renewing journey as a payment option for the customer to split its payments into installments.
Q3.How does Bima Pay collaborate with insurance companies to provide its services
BimaPay integrates with the insurers to come up as a payment option on their platform.
Q4.What, the USP of Bima Pay, which sets it up against its peers
BimaPay is a technology focused solution for facilitating insurance premium financing, whatever we do is automation driven, as in the entire process would not require any manual intervention or physical documentation upload. We focus on an end to end digital journey. Also, our journey to avail a premium financing facility is short and crisp providing the fastest and best user experience which leads to minimum dropouts and maximum conversions for our partners.
Q5. Can you explain the concept of the protection gap in the insurance industry?
Protection gap is the gap between the insurance cover a person would require to safeguard himself, his family / assets and the insurance cover that he can afford to have. Premiums go higher as you increase the sum insured, higher the age, higher the premium and hence not a lot of people can afford the required covers.
Q6.How does Bima Pay aim to cut down on the protection gap?
BimaPay provides a solution wherein you don’t have to pay for your annual insurance premium in one go and you can split the cost in installments which allows the customers to be able to buy a more expensive policy with the appropriate insurance cover hence reducing the chances of a protection gap.
Q7.What features or services does Bima Pay offer to insurers?
BimaPay offers an end to end digital solution to facilitate insurance premium financing for the customers of the insurance companies. BimaPay offers a quick journey which can be integrated in an offline as well as an online mode.
Q8.What do you think about the IRDAI announcement to come out with “Open House” to overlook into insurance grievances and how could fintech startups like Bima Pay reap its benefits
It is a game changer as IRDAI will now be able to interact with fintech and insuretechs that are working in various models, will be able to hear the ideas, resolve the hindrances faced and help incorporate and eventually regularize the insuretech space.
Q9.What are the funding plans for Bima Pay
BimaPay is currently on the verge of closing its first fundraise to help scale its business.
Q10.What is your growth priorities In India for 2023
We have managed to partner with some of the largest private insurance companies and brokers. We are also about to launch a couple of very exciting products that have the potential to solve a few more pain-points in the insurance industry through the help of financing and technology.
