Bimafy

Bangladesh's first digital insurance marketplace for comparing, purchasing, and managing policies online

Distribution & Sales Startup Seed

Overview

Bimafy is a digital insurance marketplace in Bangladesh that enables consumers to compare, purchase, and manage health, life, motor, travel, and accident insurance policies through a single online platform. The company distributes products from established local carriers, serving as a digital channel for insurers that lack direct-to-consumer digital capabilities.

The platform operates via a mobile-first approach with native iOS and Android apps alongside a web portal. Bimafy integrates with carrier policy systems and local payment gateways -- including bKash, Nagad, and SSL Commerz -- to deliver end-to-end purchase and claims workflows. Coverage starts at 490 Bangladeshi Taka annually for health products, reflecting a focus on affordability in an underserved market.

Founded in March 2019, Bimafy has covered more than 450,000 individuals and partners with eight Bangladesh insurance companies to distribute their products. The company received a seed investment of Tk1 crore (approximately USD 100K) from Startup Bangladesh Limited, the government-backed ICT Division venture fund, in 2022.

Products & Services

Digital Insurance Marketplace

Online platform allowing consumers to compare and purchase insurance policies across health, life, motor, travel, and accident lines from multiple carriers.

Key Features

Multi-carrier product comparison and quote generation
End-to-end digital purchase flow with mobile payment integration
Policy management and claims submission via web and mobile app

Target Users: Individual consumers in Bangladesh seeking affordable insurance coverage

Group & Corporate Insurance

Employee insurance solutions for SMEs and organizations, enabling digital enrollment and group policy management.

Key Features

Group health and accident policy administration
Digital enrollment for employer groups
Corporate claims processing

Target Users: SME employers and corporate HR teams

Carrier Distribution Platform

White-label and API-driven distribution channel enabling insurance carriers to sell their products digitally through the Bimafy platform.

Key Features

API integration with carrier policy systems
Digital product listing and premium calculation
Policyholder data and claims reporting for carrier partners

Target Users: Bangladesh insurance carriers seeking digital distribution

At a Glance

Founded: 2019
Headquarters: Dhaka, Bangladesh
Employees: 11-50
Funding: Seed

Category & Focus

Category: Distribution & Sales
Subcategories: Digital insurance marketplace Embedded insurance Quote-to-bind
Insurance Verticals: Health Life & Annuity P&C Personal Specialty/E&S
Target Customers: Consumers, Carriers