Pakistan: Newly launched Milvik Mobile Pakistan offers insurance products via mobile phones
Source: Asia Insurance Review | Jun 2015
Milvik Mobile Pakistan, a wholly-owned subsidiary of the Milvik AB, Sweden, was granted a broking license by the Securities and Exchange Commission of Pakistan (SECP) to sell insurance products through mobile phones to the low-income segment across the country.
The company has been successfully using this platform in various countries, including Bangladesh, Sri Lanka, Indonesia, Ghana, Tanzania, Mauritius and other African countries. The company will sell its products under the brand name “Bima” and will target the large number of mobile phone users spread across the country.
Since the insurance market has a huge potential in Pakistan, the SECP feels that by allowing insurance sales through mobile phones, insurance penetration can be increased in the country as the low-income population, which is generally not accessed by the traditional insurance distribution methods because of lack of infrastructure and higher delivery costs, can now be targeted.