First ever mobile-based insurance service launched in South Asia
Comviva, the global leader in providing mobile solutions beyond VAS, today announced that Banglalink, the second largest cellular service provider in Bangladesh, with 24 million customers and 28% market share has launched mobile insurance premium collection service over its mobiquity™ Mobile Financial Services platform.
Branded ‘Mobile Cash Insurance Pay’, 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 customer can now pay their insurance premium by simply 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 offers greater convenience to existing customers, who no longer have to stand in queues to make a payment. Further, 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.
Announcing the service offering, Solaiman Alam, Head mCommerce, PR and Communication, Banglalink commented, “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.”
Speaking on the occasion, Milind Pathak, Vice President, South Asia, Comviva, commented, “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.”
The insurance service represents a series of innovations to broaden uptake of mobile financial services and promote financial inclusion in a country where 87% 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.
Comviva’s mobiquity™ MFS platform leverages the mobile channel to create a flexible, far-reaching financial services delivery network, cost effectively. It embraces the mobile phone as a convenient, cas`h-free and card-free payment and transaction medium, enabling storage and transfer of money to and from a secure, stored wallet account, resident on the phone or the server. mobiquity™ is a multi award winning solution that has already crossed 40 deployments across the globe. With mobiquity™, mobile users can quickly, easily and securely access a range of financial services.
Banglalink is the second largest cellular service provider in Bangladesh with 22 million subscribers. It is a wholly owned subsidiary of Orascom Telecom Holding and has launched services in Bangladesh in 2005. Banglalink is considered the pioneer in making mobile telephony affordable for the mass population of Bangladesh. Banglalink is committed to improving people’s lives by introducing cost effective communication solutions. Banglalink has aggressively brought a number of innovative products and services for the first time to the mass population of Bangladesh. In April 2010, Banglalink became the first company in South Asia to launch Cross Border remittance services through the mobile phone. For more information, please visit http://banglalinkgsm.com/
About Comviva Technologies Ltd.
Comviva is the global leader in providing mobile solutions beyond VAS. With an extensive portfolio of solutions spanning VAS infrastructure, applications delivery platforms and customer-facing applications, Comviva enables mobile service providers to enrich mobile users’ lives, whilst rationalizing costs, accelerating revenue growth and enhancing customer lifetime value. Comviva’s solutions are deployed by service providers in over 90 countries and power services to more than 850 million mobile subscribers globally. For more information, please visit www.comviva.com
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