Bimaplan
Bimaplan, founded in February 2021 by Vikul Goyal, is a fintech company specializing in insurance, aiming to provide financial security through life and health insurance products to vulnerable households in India and South Asia.
Company History
Bimaplan, formerly known as 'Bima', launched in February 2021 with a focus on providing innovative insurance solutions within the fintech industry. The company quickly gained traction and went live with one insurance underwriting partner. In March 2021, just a month after its launch, Bimaplan was on track to sell 1,000 policies. The firm was accepted into the Y-Combinator Winter 2021 batch, which helped accelerate its growth and development. Bimaplan’s vision is to offer financial security to 150 million vulnerable households through contextual life and health insurance products.
Founders
Bimaplan was founded by Vikul Goyal, a second-time founder with a successful exit track record. Vikul Goyal previously founded Carcrew, a company that was acquired by TVS Group, a large automotive conglomerate in India. His extensive experience in building and scaling businesses has been a critical factor in Bimaplan's journey and strategic direction.
Industry and Sector
Bimaplan operates within the fintech industry, specifically focusing on the sub-sector of insurance. Combining technology and financial services, Bimaplan seeks to address the significant gap in the insurance market in India and South Asia. The company’s efforts target the $8 billion market opportunity, aiming to provide life and health insurance to underserved and vulnerable populations.
Locations and Operations
Bimaplan is based in Bengaluru, Karnataka, and Maharashtra, India. The company's operations span across the Indian subcontinent and South Asia, offering services both remotely and partly remotely. With a team size of 30, Bimaplan leverages its strategic locations to effectively address the needs of its target market, aiming to provide accessible and affordable insurance solutions.
Vision and Market
Bimaplan aims to provide financial security to 150 million vulnerable households by offering contextual life and health insurance products. With a focus on addressing an $8 billion market, the company leverages its partnerships with early stage technology investors, successful fintech founders, and insurance industry veterans to drive its mission forward. Bimaplan remains committed to making insurance accessible to the segments of the population that need it most.
