Bimaplan And Niyo Bharat Tie-Up To Make Insurance Accessible To Contractual Factory Workers
Bimaplan, a Y Combinator-backed insurtech startup has recently announced a partnership with Niyo Bharat, to provide contractual factory workers with vital microinsurance protection plans. The strategic partnership will offer essential insurance products bundled together with Niyo Bharat’s financial services on one platform.
India has close to 4.45 Million contractual workers. Due to the short-term nature of their employment, they receive minimal benefits from their employers or support from the government. Bimaplan and Niyo Bharat’s partnership will provide financial inclusion to non-permanent factory workers earning less than 20K a month.
Niyo Bharat, provides contractual workers with digital financial products, such as salary accounts and instant money transfers to simplify banking and financial management. As part of the strategic partnership with Bimaplan, Niyo Bharat will be able to offer affordable insurance plans to its customers with small monthly premiums, unlimited teleconsultation, financial aid for small hospitalization periods, and health insurance cover for up to INR 50,000.
Commenting on the partnership, Vikul Goyal – CEO of Bimaplan said, “Bimaplan is working towards empowering the lower-to-middle income segment financially through affordable insurance products. Partnering with Niyo Bharat is aligned with our mission to safeguard the future of these contractual workers through digital financial tools and micro-insurance plans for their needs. We look forward to a long association with Niyo to increase insurance penetration in the country.”
“We at Niyo Bharat are working on a mission to provide affordable and convenient financial services to our preferred customer segment. We do that by understanding the important life events of our customers. We are excited to partner with Bimaplan to offer health benefit products which is specifically curated keeping our customers’ needs in mind. This is a unique 3 in-1 health benefit product and one of its kind launched for thiscustomers”, added Hemant Tathod, Business Head of Niyo Bharat on the association.
Through its embedded insurance platform, UNO, Bimaplan simplifies the process of buying a relevant insurance policy through the Niyo Bharat app with the option to deduct the premium directly from the customer’s savings account. The API integration and customized low premium plans make insurance products easily accessible to the workers.
The recently announced partnership will help Niyo’s customers with affordable and relevant insurance to enhance their existing financial wellness journey. In addition, it will also be a new revenue stream for themalong with increased customer engagement and retention. For Bimaplan, the collaboration will be a step ahead to offering affordable insurance to sections of the society that have traditionally been neglected by formal financial institutions.
The non-life insurance penetration accounts for less than 1% which is far lower compared to the global average of around 4.2%. Low penetration because of lack of awareness and accessibility of insurance gives Bimaplan a great opportunity to grow and offer its products in this segment. This need for relevant and customized insurance aligns perfectly with Bimaplan’s embedded insurance platform, UNO. The platform offers its partners tailor-made plans for user needs.
