Tanzania - Business creation project

Describe your project or startup in a few words

Inclusive Insurance Digital Platform. Where Insurance trading is made easier accessible, faster, low starting cost, low operation cost, all stakeholders included.

01.01 Describe your project in more detail

To develop, register, licence, and commission of dedicated Mobile phone Unstructured Supplementary Service Data (USSD) Menu accessible through mobile phone network for insurance enthusiasts, insurance brokers, insurance agents, to map and sell their insurance products, and for clients to instatntly buy and get information of the same where they are through their mobile phone network without the need of physically contact between the stakeholders.

01.02 What is the main problem you are trying to solve?

The latest major insurance digital platform have excluded Insurance Intermediaries in their systems limiting the latter to participate, fairly compete and driving the country 2020/2021-2029/2030 Tanzania's financial Sector Initiative where the contribution of the insurance sector to the national income is planned to reach 3 percent by the year 2030 and number of users to be more than 50 percent.

01.03 Tell us the major benefits and/or advantages of using the product/service that your project intends to provide (at least 3).

1. To contribute to the 2020/2021-2029/2030 Tanzania's financial Sector Initiative where the contribution of the insurance sector to the national income is planned to reach 3 percent by the year 2030 and number of users to be more than 50 percent of the country's population. 2. 3. Creates opportunity for youths to employ themselves by starting their insurance firm and manage at low operational cost by using BIMA LIVE Insurance Digital Platform, and focus on creating insurance products, marketing and promoting their brands.

01.04 Please describe who exactly your project is aimed at serving. Who are the targeted beneficiaries?

1. Insurance Intermediaries. (Insurance Agents, Insurance Brokers, Bancaassurance) 2. Rural Population where insurance providers do not have presence 3. Youths male one hand, and females on the other hand they have a lot of domestic work expected for them to perform in our society which consumes lots of their time which they would otherwise use by investing in economic activities. BIMA LIVE platform will avail them with an equal opportunity engage in insurance business model which self operating through BIMA LIVE.

01.05 When did you start working on your project?

2021-07-09

01.06 How many other partners are associated with your business venture?

3

01.07 Among the other partners, how many are female?

1

01.08 Please describe the profile of each of the other partners (skills, experience, etc.)

FRANCIS MWAKATUMBULA- Software Engineer, 6 Years Working Experience GLORY MENGI - Bachelor of Business Administration, 5 Years Working

01.09 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link here:

https://www.linkedin.com/public-profile/settings?lipi=urn%3Ali%3Apage%3Ad_flagship3_profile_self_edit_contact-info%3BC35%2F4bJSTlCBKrUXfWDLzg%3D%3D

01.10 Which industry best describes your project?

g) Financial services

02.01.01 My project contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification

The Insurance Intermediaries collectively makes 70.9 percent of overall insurance sales, by including them in the Insurance Digital Platform, the project will create employment, and economic growth.

02.02.01 My project contributes to the Zero hunger goal

5

02.02.02 Zero hunger - Justification

Agriculture Insurance covers will be made close and easier accessible to farmers. They will be able to buy insurance and get information on insurance through their mobile phone network.

02.03.01 My project contributes to the Good health and well-being goal

7 - Strongly Agree

02.03.02 Good health and well-being - Justification

The project will make heath insurance covers accessible to population, easier, faster and at anytime because the platform will be available 24 hours a day through out the year.

02.04.01 My project contributes to the Quality education goal

7 - Strongly Agree

02.04.02 Quality education - Justification

We will start scholarship program to marginalised societies for their interested youth to study insurance courses and employ themselves. We will educate general public on the importance and advantages of insurance covers in their life and Economic activities well being.

02.05.01 My project contributes to the Gender equality goal

7 - Strongly Agree

02.05.02 Gender equality - Justification

The project gives women and girls opportunities to engage and benefit with the BIMA LIVE directly and indirectly. Directly through employment, starting business. Indirectly easy access of insurance products covers and insurance information.

02.06.01 My project contributes to the Clean water and sanitation goal

5

02.06.02 Clean water and sanitation - Justification

It will contribute to the 2020/2021-2029/2030 Tanzania's financial Sector Initiative where the contribution of the insurance sector to the national income is planned to reach 3 percent by the year 2030, eventually the government will have funds to provide clean water to the population.

02.07.01 My project contributes to the Affordable and clean energy goal

4

02.07.02 Affordable and clean energy - Justification

02.08.01 My project contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification

BIMA LIVE as an Inclusive Insurance Digital Platform, will work with Intermediaries which makes 70.9 percent of overall insurance sales. by including them in the Insurance Digital Platform, the project will create employment, and contribute to the economic growth toward the 2020/2021-2029/2030 Tanzania's financial Sector Initiative where the contribution of the insurance sector to the national income is planned to reach 3 percent by the year 2030, eventually the government will have funds to provide clean water to the population. The latest Insurance Digital Platform through Mobile Phone networks (USSD) menu includes only Insurance Companies which only makes 29.1 percent overall insurance sales.

02.09.01 My project contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification

BIMA LIVE Platform makes-up an infrastructure that cares for and include insurance intermediaries which makes 70.9 percent of overall insurance sales that are not included in the current major Insurance Digital Platforms.

02.10.01 My project contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification

BIMA LIVE will reduce the already emerged inequality in the insurance industry for the BIMA LIVE Insurance Digital Platform will include all stakeholders which have been left behind and will be given equal environment and opportunity to trade and contribute to the industry.

02.11.01 My project contributes to the Sustainable cities and communities goal

7 - Strongly Agree

02.11.02 Sustainable cities and communities - Justification

The project will contribute to the 2020/2021-2029/2030 Tanzania's financial Sector Initiative where the contribution of the insurance sector to the national income is planned to reach 3 percent by the year 2030 and number of users to be more than 50 percent by including all insurance stakeholders.

02.12.01 My project contributes to the Responsible consumption and production goal

4

02.12.02 Responsible consumption and production - Justification

02.13.01 My project contributes to the Climate action goal

4

02.13.02 Climate action - Justification

02.14.01 My project contributes to the Life below water goal

4

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

4

02.15.02 Life on land - Justification

02.16.01 My project contributes to the Peace justice and strong institutions goal

4

02.16.02 Peace justice and strong institutions - Justification

02.17.01 My project contributes to the Partnerships for the goal

4

02.17.02 Partnerships for the goal - Justification

05.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

3

05.02 The product/service we envision creating represents an entirely new type of product/service.

7 - Strongly Agree

05.03 The product/service we envision creating could be described as a new technology.

7 - Strongly Agree

05.04 The product/service we envision creating is an improvement on an existing product or service.

7 - Strongly Agree

05.05 The product/service we envision creating could be described as an extension of a range of products or services.

7 - Strongly Agree

05.06 The product/service we envision creating responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

05.07 The product/service we envision creating is a new version of an old product/service.

7 - Strongly Agree

05.08 Justification

It is a break through from traditional means of providing insurance products, where seller and buyer had to meet. With BIMA LIVE every thing is done through mobile phone network, faster, easier, cost effective to operate, and all stakeholder will be included.

05.09 Who are your main potential competitors and what makes you stand out from them?

Vodacom dealing only with Insurance Companies with makes only 29.1 percent of overall insurance sales BIMA LIVE Insurance Digital Platform will include other stakeholders which are engaged by the competitor(s). These are Intermediaries which makes 70.9 percent of overall insurance sales.

10.06 Are you initiating actions within your community to promote the role of female entrepreneurs?

Yes. I encourage them to start business. Help them how to put records and calculate profit and loss.