Case Study:
Banking & Fintech
MiIncome
MIC provides insurance that safeguards bank customers if they lose their job.
Qatar Insurance Company (QIC, QIC Group) founded in 1964, and was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA regions.
QIC is also the first digital insurance company in Qatar and was crowned as the best online insurance company in the Middle East at the Global Banking & Finance Review Awards 2022.
Problem
Lack of innovative products in the banking industry.
01
Innovation lag:
Lack of innovative digital micro embedded solutions to banks and other channel partners
02
Lack of availability:
Difficulty in finding tech enabled reinsurance partners to work with Banks and other channels
Solution
MIC Global developed three versions of its MiIncome product with QIC:
30 day Job loss trigger
Embedded into top Qatar Exchange Houses
3 Month Job loss trigger
Embedded into top 2 Qatar Banks
Hospital Inconvenience trigger
Embedded with QIC Group medical insurance in UAE
Implementation
MiIncome APIs integrated into QIC platforms and MIC completing all policy and claims processing within fixed SLA’s to fully service tenants should they lose their job and instant payments to cover rent.
Results
01
QIC able to expand its insurance products in Qatar and through the MENA region.
02
Working with MIC enables new products to be launched and risks to be managed through reinsurance.
03
Technology enabled integration building automation into each process
Next Case Study
MIC provides insurance that safeguards bank customers if they lose their job.
