At the center of MIC Global (MIC), a full-stack embedded microinsurance provider, is a commitment to empowering underserved consumers and businesses through a comprehensive suite of products built for the digital world. Embedded at the point of sale, MIC’s solutions address global insurance protection gaps and other industry challenges, acting as a lifeline for those affected by unexpected loss of income, identity theft, and more.
With a B2B2C model, MIC relies on strategic partnerships, embedding parametric microinsurance triggers that help individuals survive even the most financially debilitating circumstances. Tech-enabled and co-founded by insurance and technology experts Harry Croydon, COO, and Jamie Crystal, CEO, the company’s products are underwritten via Lloyd’s Coverholder and MIC Re, backed by Lloyd’s and A-rated carriers, and integrated via APIs.
Though its technology is complex, MIC’s mission is simple: to make insurance as easy and accessible as modern-day food delivery or streaming. Distributed through platform companies, the firm achieves this goal through collaboration, protecting specific needs unserved by traditional methods. Its focus is enhancing gig economies and everyday business dynamics with trust, transparency, and peace of mind.
Reflecting on MIC’s inspiration, Croydon shares, “There are many reasons why conventional insurance products don’t fulfill all needs. Often, they aren’t embedded in the right place on the customer journey, resulting in a lack of trust and, what’s arguably worse, a lack of understanding of why insurance is so important. As it is, insurance is difficult to sell. After all, you don’t need it to carry on living, but if something happens, you end up wishing you had it.”
According to the MIC founders, one of the most prominent challenges of the industry is legacy systems. With delays and a lack of easy access to products and other services, many people believe insurance is a maze of complexities nearly impossible to navigate. “Recent years have brought an influx of shiny, convenient apps where everything is on demand,” adds Crystal. “For us, it was obvious: insurance needed to be digital, too.”
MIC’s products, including MiIncome™, MiIncident™, and more, aim to solve another challenge: complicated, all-inclusive policies. Traditional selling techniques center on more expensive policies that include diverse potential scenarios. To make insurance less of a financial burden, MIC unbundles clauses, offering more targeted packages that address only the unique risk factors and needs of every client.
Designed to cover unexpected loss of income, MiIncome™ is MIC’s flagship product. After noticing a global gap in effective and trusted protection when faced with financial diminution, the company honed in on the product, refining it to meet the needs of employees worldwide. Whether a student working part-time to afford rent and education, a single parent working overtime to pay the bills, or a family with monetary responsibilities, unexpected curveballs can disrupt life as one knows it. MiIncome™ is a lifeline at a time of need, providing a safety net that helps clients protect their legacies and support their and their families’ livelihoods.
Currently operating in more than 12 countries, MIC ensures all customers can reach security through its global distribution partners. While insurance companies benefit from an added layer of trust and transparency, MIC broadens its impact and cements its position in the marketplace. These collaborations are the most effective in an environment built on synergy, where both MIC and its partner navigate through challenges and celebrate victories together.
Looking ahead, the company is excited about strengthening existing partnerships and securing new ones, especially in the US. In a nation where regulations vary from state to state, MIC’s straightforward, crystal-clear approach is poised to make insurance more comprehensible to the average consumer. The firm’s expansion plans also include Central and South America, Canada, the Middle East, and beyond.
With embedded microinsurance products and tech-enabled triggers, MIC can scale easily, integrating new products within existing systems. For instance, to differentiate MiIncome™ even further, the company has expanded triggers from ‘involuntary job loss’ to cases like hospitalization, sickness, and salary delays, with plans to make more instances—like weather conditions or faltered cars—that resulted in missed work days insurable.
In an industry predicted to reach a staggering $9.02 trillion by 2029, innovative solutions that address 21st-century consumer needs are crucial to staying ahead of the curve. In this landscape, MIC Global has positioned itself as a trusted partner in every client’s journey, and it’s not planning to slow down any time soon.
“Our ultimate vision is to provide a reliable safety net for everyone,” reflects Croydon. “Our mission? To help people understand that insurance is not a luxury but a necessity, and it’s more accessible than they think. We’re not here to compete with industry providers or disrupt the market. We’re simply adding value to an industry we will all need at some point in life.”
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