NEW YORK, NY, UNITED STATES (Jan. 25, 2024) – MIC Global (MIC), a full stack embedded microinsurance provider, today announced it has raised a US$6 million seed funding round. The round was led by Launchpad Capital, and joined by Greenlight Re Innovations, Ironsides Partners, and existing investors.

MIC Global provides simple and relevant microinsurance products for underserved consumers and businesses, embedded at the point of sale. Focusing on global insurance protection gaps, MIC’s digital reinsurance solutions provide payments to help people cope in the wake of unexpected loss of income, everyday risks, and identity theft. MIC currently operates in over 17 countries with plans to rapidly expand their geographical reach in 2024 through existing and new platform, insurer, and operating partnerships. With MIC’s in-house underwriting through Lloyd’s Syndicate 5183* and MIC Re, end-customers and business partners can expect long-term sustainable premiums, backed by Lloyd’s AA- ratings from Fitch Ratings, Kroll Bond Rating Agency, and Standard & Poor’s.

The funding will fuel MIC Global’s growth plans, including investments in infrastructure, talent, and market expansion.

Jamie Crystal, Co-Founder and CEO of MIC Global, said:

“We are pleased to welcome Launchpad Capital, GreenlightRe Innovations, and Ironsides Partners as strategic investors and partners to help fuel MIC Global’s continued growth as the preeminent embedded micro insurance provider. MIC is reimagining how insurance is bought and sold, and the additional capital will support the company’s global growth strategy with a focus on expanding our technology-enabled insurance platform to provide protection to people in both developed and emerging countries through our banking, mobile phone, digital/technology, insurance, and insurtech partners.”

Ryan Gilbert, Managing Partner at Launchpad Capital, added:

“Jamie Crystal and Harry Croydon bring decades of global insurance and technology leadership to the embedded microinsurance opportunity. They built a team, technology infrastructure, and underwriting capacity that allows embedded distribution partners to rethink microinsurance. Innovators shouldn’t be restricted to ‘on the shelf’ products. MIC Global is the insurance sector’s equivalent to fintech’s sponsor banks.

“Over the past year our team and portfolio companies, Harmonic Financial Technology and Grid, have been impressed by the way the MIC team has enabled global insurance innovation with a ‘can-do’ attitude and ‘out of the box’ thinking. We all look forward to the future of this partnership.”

Andrew Drake, CEO of Harmonic Financial Technology and Venture Partner at Launchpad Capital, said:

“We got to know MIC well by working closely with Jamie and Harry on an innovative glass insurance program, soon followed by an Income Protection program. They think differently about using technology to design and deliver high frequency, low dollar insurance programs that help customers address real-world risks.”

About MIC Global:

MIC Global is a full stack embedded micro insurance provider combining insurance capacity, embedded distribution, and scalable tech. MIC delivers simple digital reinsurance solutions to diverse insurance and platform partners, enabling individuals and small businesses to access relevant loss of income safety nets for when life happens. MIC’s innovative microinsurance products are tailored and embedded into platform ecosystems, adding value by enhancing the partner’s brand, differentiating their product, driving revenue, and attracting and retaining customers.

For more information, please visit https://www.micglobal.com or Contact Us (Press Inquiries).

* Update Jan. 1, 2025: MIC Global Syndicate 5183 has closed as of the end of its 2024 Year of Account. MIC continues to offer Lloyd’s backed insurance underwriting as a Coverholder of Greenlight Re’s Syndicate 3456. Read more.

ACCRA, GHANA (Sept. 19, 2023) – Turaco, Africa’s leading tech-enabled affordable insurance company, today announced the acquisition of MicroEnsure Ghana, a pioneering microinsurance company from MIC Global.

Under the deal, MicroEnsure will rebrand as Turaco Ghana and retain the expertise of the existing team and leadership. The acquisition is part of Turaco’s long-term vision to provide simple and accessible insurance to 1 billion people.

The expansion increases Turaco’s operational markets to four–Kenya, Uganda, Nigeria, and Ghana–and active policies by 25%. New and existing customers will benefit from improved tech-driven processes, which will reduce the turnaround time of claims paid out and optimise service offerings.

The acquisition will also provide an opportunity for Turaco to bolster partnerships with incumbents and develop a strategic reinsurance partnership with MIC Global, one of the leading micro-reinsurance businesses in the world.

Ted Pantone, Co-founder & CEO of Turaco, said:

“This deal marks a significant milestone for our growth and expansion strategy for Africa and a strategic move to drive innovation into a market that has one of the continent’s highest insurance coverage rates. We are excited about the opportunity to build on the 15-year legacy of MicroEnsure and leverage our customer-centric tech solution to provide affordable and accessible cover.

“Turaco Ghana is a fantastic team with lots of enthusiasm and most importantly, expertise for this next chapter, which we’re confident will make this transition period seamless for our partners and customers.”

According to 2021 census data, Ghana has one of Africa’s widest insurance coverage levels, with more than 60 per cent of its population holding either the National Health Insurance Scheme (NHIS) or a private health insurance scheme. Yet millions of Ghanaians still lack access to healthcare, with more than 10 per cent experiencing catastrophic financial shocks due to yearly health expenditures. Those who do have insurance find it hard to use, with complex exclusions and slow turnaround times for claims payment.

Leona Abban, General Manager of Turaco Ghana, said:

“As a pioneer of microinsurance in Africa, we focused on making an impact while providing affordable insurance to low-income customers. Over our 15-year history, our inclusive approach has benefited 3 million Ghanaians with the safety net of being insured.

As we move into this next growth phase as Turaco Ghana, we look forward to leveraging our in-market experiences to improve our approach further and capture additional segments of the market that have historically been excluded.”

Turaco Ghana (formerly MicroEnsure) was the pioneer microinsurance intermediary in Ghana, providing insurance for low-income earners and the first to launch mobile insurance through Tigo in 2012 and Airtel in 2013, serving 3 million customers.

In 2020, the company provided insurance protection to 4,000 Micro, Small and Medium Enterprises in Ghana, with free comprehensive life and business protection in partnership with the United Nations Capital Development Fund. In 2020, it launched a health protection plan for customers of Vodafone Ghana.

Harry Croydon, Co-Founder & COO of MIC Global, commented:

“I am delighted to partner with Turaco as they take over management and operations of MicroEnsure Ghana (now Turaco Ghana). We are confident that our micro-insurance products and the unique Turaco model will drive continued success in providing millions of customers the insurance safety net they need ”

Launched in 2019, Turaco uses technology to increase access to affordable insurance with a seamless and customer-centric approach. Turaco’s B2B2C business model leverages partnerships with tech-enabled, mass-market companies such as telcos, banks, and fintechs, to provide easy distribution and insurance management.

Turaco embeds its service as a white-labelled offering that is bundled with a partner’s core product or service, integrating with their existing payment processes to collect premiums. Leveraging its proprietary algorithms, Turaco ensures claims are processed within three days.

Through its active partnerships, Turaco has designed and delivered a suite of bespoke insurance packages, including medical, life, asset, and vehicle insurance, that have already covered over 1,300,000 lives across Nigeria, Kenya, Uganda, and now Ghana.

About MIC Global:

MIC Global is a full stack digital microinsurance company that provides embedded microinsurance for today’s digital world. MIC Global combines insurance capacity, in-country insurance licenses, world class distribution, and scalable tech. MIC Global creates embedded microinsurance solutions for platform companies that adds value by enhancing their brand, differentiating their product, driving up revenue, and attracting and retaining customers.

For more information, please visit https://www.micglobal.com or Contact Us (Press Inquiries)

About Turaco:

Turaco is a Pan-African insurtech driving financial resilience in emerging markets with simple and affordable health and life insurance for the underserved mass market.

Founded in 2019, Turaco is present in Kenya, Uganda, Nigeria, and Ghana. Turaco partners with leading mobile network operators (MNOs), technology-enabled companies and financial institutions to embed and distribute insurance products to their customers. With Turaco, individuals can secure insurance coverage with premiums starting as low as $1 per month. Turaco processes claims in less than three business days, ensuring customers receive their money when they need it the most. With a vision to insure 1 billion lives, Turaco has insured more than 1.3 million lives and has facilitated the payment of more than 15,000 claims to date.

For more information, please visit https://www.turaco.insure/