By Telecom Lead Team: Comviva announced that Banglalink,
a cellular service provider in Bangladesh with 24 million customers and 28
percent market share, has launched mobile insurance premium collection service
over its mobiquity Mobile Financial Services platform.
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 pay their insurance premium by
dialing a USSD service code *777#. Non-Banglalink customers and non-mobile
users can also pay their JBC insurance premium at Banglalink-operated Mobile
Cash points.
The service would aid in 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.
Banglalink is committed to leveraging technology to
bring a broad range of convenient, affordable financial services to customers.
Our partnership with Comviva to provide m- insurance payment services would
drive higher uptake of insurance services among previously low-income
underserved segments. The service represents another step ahead in broad-basing
access to financial services in Bangladesh,” said Solaiman Alam, head of
mCommerce, PR and Communication, Banglalink.
With widespread usage of the mobile to perform everyday
financial transactions, mobile users are now differentiating between mobile
service providers based on the range of services they offer and the increased
convenience and affordability these bring. 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,” said Milind Pathak, vice president, South Asia,
Comviva.
The insurance service represents a series of innovations
to broaden uptake of mobile financial services and promote financial inclusion
in a country where 87 percent 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.
