MILVIK, the leading provider of mobile-delivered health and insurance services, today signed a memorandum of understanding with bKash Ltd., the leading mobile financial services provider in Bangladesh, to increase accessibility to insurance and health services to services to underserved consumers in Bangladesh. MILVIK’s brand new LIFE and HEALTH products now can be paid through bKash.
Less than 1% of the population in Bangladesh are covered by insurance, meaning incase of financial or health hazards, people face the burden of out of pocket expenses. MILVIK’s new range of products, start from as low as BDT 150 per year, making them accessible for the majority of the population. Customers can sign up for MILVIK services, with no paperwork or health check-ups and pay directly through their bKash wallet.
Gustaf Agartson, CEO of MILVIK (BIMA) said: “This is a very exciting time for MILVIK Bangladesh, by launching two new products and partnering with bKash, we have a great opportunity to further drive financial inclusion in the country. Our experience in Bangladesh shows us that customers value affordable products, that are easily accessible and, as is the case with MILVIK Health, offer them benefits that go beyond insurance, including the ability to speak to a qualified tele-doctor anytime they need. By introducing new payment channels and enhancing our services, we can serve even more people in Bangladesh and reduce the financial burden of unexpected health costs.”
Speaking at the event, Honorable State Minister of ICT, Zunaid Ahmed Palak, said: “As part of the healthcare financing strategy we are committed to developing and advancing health financing in the country to reduce out of pocket health expenses, especially for the vulnerable. Simple tech based, affordable, solutions like MILVIK Life & Health, offered to customers through the ease of bKash helps accelerate our goals and we welcome this new partnership.”
Mr. Kamal Quadir, CEO of bKash Ltd. said: “We are excited to launch this partnership with MILVIK. We are deeply committed in driving financial inclusion across Bangladesh and this partnership is a step further in that direction. Together we hope to create an environment in which every Bangladeshi with a bKash wallet can get access to affordable insurance and healthcare.”
MILVIK Life offers life coverage up to BDT 400,000. Customers can choose the desired coverage from therange of packages starting with a very small yearly premium of BDT 150 to BDT 1,200.
MILVIK Health offers hospital cashback up to BDT 60,000. Packages are starting from a very affordable yearly premium of BDT 250 to BDT 1,400.Customers can also avail 24/7 free tele-doctor consultation service.
MILVIK (globally knows as BIMA) is the leading provider of mobile-delivered health and insurance services in emerging markets. The company has reached 31 million customers and operates in 11 countries across Asia and Africa. MILVIK works with leading mobile money providers, mobile operators, banks and micro-finance institutions around the world. MILVIK’s technology platform creates a paperless experience and enables scale, while its agent force distributes products and provides customer education.
MILVIK launched its operations in Bangladesh in 2012 in partnership with Robi, insurance partners and other leading organizations.
Launched in 2011, bKash, a joint venture of BRAC Bank, US based Money in Motion, International Finance Corporation, Bill and Melinda Gates Foundation and Ant Financial, operates as a payment service provider offering broad range of digital financial services under the regulation of Bangladesh Bank.