logoBC
Yaoundé - 25 October 2020 -
Insurance

Cameroon: Baloon Assurance opens a branch in Douala

Cameroon: Baloon Assurance opens a branch in Douala
  • Comments   -   Monday, 24 September 2018 19:57

(Business in Cameroon) - The Digital insurance brokerage firm Baloon Assurance which leads the African market has just opened a subsidiary in Cameroon last September 20 in Douala, we officially learnt. This occurred a few months after the company launched activities in Côte d'Ivoire and Senegal.

Approved since July this year by the Cameroonian Ministry of Finance, Baloon Cameroon will first offer automobile insurance solutions from two major companies on the Cameroonian market, namely AXA and Saham. Then, the broker aims to extend products to other domains with a focus on health insurance, in partnership with other companies operating in the country.

“No more queues, no more long and complicated forms to fill out! With Baloon, the customer simply connects to the website www.baloon.cm via his mobile or computer, takes a picture, chooses his formula, signs and pays by mobile money. And that’s it! Easier and simpler than ever,” explained the pan-African start-up founded by Bertrand Vialle, former director of Gras Savoye in Africa. Moreover it committed to boost insurance penetration rate in Cameroon, claiming that “in other countries where it is implanted, 40% of its customers were not previously insured at all”.

Let’s recall that, Cameroon’s insurance penetration rate is officially barely 2%. According to Protais Ayangma, founder of Assuretech which is an initiative to boost the development of insurance through digitalization, “digitalization could increase fivefold insurance revenues and improve contribution to GDP” in Cameroon.

Brice R. Mbodiam

cameroon-358-teachers-and-students-have-received-ict-certification-from-huawei-within-5-years
The Cameroonian subsidiary of the Chinese telecom equipment company Huawei recently concluded the 5th edition of its program "Seeds for the Future," aimed...
cameroon-plans-to-reduce-minimum-capital-for-llc-establishment-from-xaf100k-to-5k-by-march-2021
The creation of Limited Liability Companies (LLCs) could be further simplified in Cameroon if the country sticks to the priority action plan presented at...
imf-praises-cameroon-s-transparency-in-the-attribution-of-covid-19-procurement-related-contracts
On October 21, 2020, when the second disbursement under the rapid credit facility (aimed at helping countries deal with the coronavirus pandemic) was...
camair-co-recorded-over-xaf6-bln-of-revenue-shortfalls-in-h1-2020-because-of-coronavirus-pandemic
Camair-Co recorded about XAF6 billion of revenue shortfalls in H1-2020, according to an internal document Business in Cameroon had access to. The...

Mags frontpage


Business in Cameroon n92: October 2020

Crowfunding A solution for young entrepreneurs


Serge Esso, rising lobbyist


Investir au Cameroun n102 Octobre 2020

Financement participatif Une solution pour les jeunes entrepreneurs


Serge Esso, le lobbyiste qui monte