Insurance policies

Kenyan startup Bimaleo launched to offer real-time auto insurance policies

Kenyan start-up Bimaleo has launched a platform offering private and commercial drivers access to personalized car insurance policies in real time.

Formed in late 2020 by Shreyas Patel and George Richard, Bimaleo has spent over a year developing its platform and building relationships with partners, and is now available for onboard customers.

Patel said the team had over 15 years experience in the telematics industry and noted that the insurance industry in East Africa was ripe for digital disruption. Bimaleo decided to use the existing infrastructure to offer customized auto insurance policies based on usage.

“Currently, insurance is purchased by the year or in installments digitally. We believe purchasing car insurance when you want to use your vehicle will save money and improve claims handling by leveraging real-time data through telematics hardware,” Patel said.

The startup’s “as needed” and Bimaleo “per mile” products are offered instead of industry-standard annual premiums based on approximations and estimates, which the company said had historically made pricing unfair. Bimaleo customers receive additional discounts for good driving behavior.

“Bimaleo’s native digital offering is built around the needs of modern Kenyan drivers, with secure and simple policy purchasing, automated claims and innovative, free driving features. Drivers who rarely use their car, work and live locally and drive safely can expect average annual savings of 50% compared to what they paid to their previous auto insurer,” Patel said.

Funded by angel investors so far, Bimaleo is seeking venture capital funding this year. The startup, whose revenue model operates on an agency principle and fees on value-added services, is only available in Kenya for now but aspires to be a pan-African market.