Bimaleo Launched To Offer Real-Time Auto Insurance Policies
The Kenyan startup spent over a year developing its platform and building relationships with partners, and is now live to onboard customers.
Bimaleo said it has launched a platform offering private and commercial drivers access to real-time, personalized auto insurance policies.
Shreyas Patel, Bimaleo CEO said the team had more than 15 years’ worth of experience in the telematics sector and had noted that the insurance sector in East Africa was ripe for digital disruption. Bimaleo set out to utilise existing infrastructure to offer personalized auto insurance policies based on use.
“Currently insurance is bought for the year or in instalments digitally. We believe that purchasing motor insurance when you want to use your vehicle will allow for cost savings and improve claims processing by tapping into real-time data through telematics hardware,” Patel said.
“Bimaleo’s digitally native offering is built around Kenya’s modern driver’s needs, featuring secure and simple policy purchase, automated claims, and complimentary innovative driving features. Drivers who use their cars infrequently, work and live locally, and drive safely can expect annual average savings of 50 per cent over what they were paying their previous auto insurer,” Patel added.
Angel-funded so far, Bimaleo is seeking VC funding this year. The startup, whose revenue model works on an agency principal and charges on value-added services, is only available in Kenya for now but aspires to be a pan-African marketplace.