ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has granted the certificate of registration to a foreign broker Milvik Mobile – which is the wholly owned subsidiary of the Milvik AB , Sweden – as Pakistan’s first mobile technology based insurance distributor.
The company is working by the name of Bima Milvik AB and provides the services of micro-insurance via mobile phones to users particularly the low-income target market, by providing technology solutions. Micro-insurance is the insurance solution for the poor to overcome the obstacle of high fees in traditional insurance products. The policy is characterised by low premiums and low coverage limits and especially designed for low income customers normally not served by social or commercial insurance schemes.
Milvik AB has been successfully working in Bangladesh, Sri-Lanka, Indonesia, Ghana, Tanzania, Mauritius, and many Africa countries.
Bima Milvik AB actually allows mobile operators to provide financial support to their low-income subscribers in their time of need without bearing any of the risk. The micro-insurance products enable operators to increase their ARPU (Average Revenue Per User), loyalty, and customer acquisition.
What will be provided by Milvik Mobile Pakistan in Pakistan?
1. Milvik use insurance to improve the core KPIs (ARPU, churn, revenue) of its mobile operator partners
2. It will help its mobile operator partners to be at the leading edge of innovation
3. It will offer financial security to the subscribers of its mobile operator partners by increasing insurance penetration.
4. Product Development
7. Insurance Administration
Bima introduction Video: