NEW YORK, NY, UNITED STATES (April 25, 2023) – MIC Global is partnering with Garantili Teknoloji and Virtual i Technologies by providing digital reinsurance to a local Turkish insurer to cover mobile phones with a unique, innovative embedded microinsurance solution, ensuring customer claims are validated successfully and paid fast.

Garantili Teknoloji is a Cell Phone Renewal Center, based in Turkey. Garantili saw an opportunity to improve the mobile phone insurance process for their customers by combining a mobile application, artificial intelligence, and microinsurance coverage enabling customers to create their own claims quickly and reduce the time that they are without their device.

Virtual i Technologies, based in Switzerland, developed an artificial intelligence powered mobile application that enables customers to prove device damage at point of claim. This system allows the customer to drive the claims process by providing information when required, speeding up the claims process.

MIC brings their specialist MiIncident digital reinsurance offering to our local Turkish insurance partner, supporting a tech-enabled offering for Garantili in the event of damage to a mobile phone, including screen and core internal components. This is MIC’s latest example of working with partners to support them in offering embedded microinsurance inside an IOT device, giving end-customers peace of mind and near-instant access to their coverage in the event of a claim.

Harry Croydon, Co-Founder and COO, MIC Global, says:

“Bringing innovation to the embedded micro insurance market is what we do. Working with a local carrier, Garantili and Virtual i has given us the opportunity to deliver our MiIncident digital reinsurance solutions to the market in Turkey, combined with technology and great service partners. Bringing our market leading solution to the refurbished phone market supports environmental aspects of this innovative partnership. Breathing new life into mobile phones adds considerable value to the customer when making their purchase decisions.

Service is at the heart of what we are delivering through the partnership with a commitment to support growth, pay claims and support customers when something goes wrong. Our digital reinsurance product underpins the service through the partnership.

We are pleased that we are working with a world class team and are able to show case innovation and leadership in reinsurance and leveraging AI technology and great sales support. We are excited about the future of service in Turkey through our partners who are committed to bringing innovative solutions that solve real issues to the benefit of their customers.”

Sedat Erdoğan, Director of Garantili Teknoloji Insurance and Assistance Services, adds:

“We decided to take a step into innovative insurance in order to take the service quality we provide to the next level and meet the demands of our customers in this field. However, the insurance products available in the market in this regard were insufficient to meet the demands and expectations of the customers.

In cooperation with Helmet Broker, Virtual i Technologies and a local insurer, in line with the needs of the market we have prepared a service package that will greatly benefit our customers. The innovative insurance product we offer to our customers has a structure that we can easily explain to the customers due to its scope; it is user-friendly and technology-based, in which damage processes are carried out very quickly. We believe that we will maximise the customer satisfaction with this product, both in the purchasing and damage processes.

We are proud of being the pioneer and the first in Turkey – and in the world – with this new offering supported by MIC Global’s MiIncident digital reinsurance. Our customers will meet the world of artificial intelligence with this innovative insurance they purchase, while their mobile phones will be secured. We think that we will be initiating a new approach in the sector with the high technology and artificial intelligence infrastructure.”

Veysel Sinan Geylani, Founder and CEO of Virtual i Switzerland AG, concludes:

“We have achieved a great collaboration with the MIC Global team. We have been negotiating with many different reinsurance companies; but especially in the area of technology, MIC Global is the one that we have been looking for. MIC are significantly focused on risks with high volume and capable of handling the infrastructure required for projects with unique technology backgrounds like ours.

As Virtual i – a company providing digital, end to end, AI-driven next generation of commercial and consumer insurance solutions – we had a successful smooth integration with MIC in the process of alignment in each part of the collaboration, made possible by of the level of excellence in the technology infrastructure and the DNA that MIC Global has in terms of professional know-how and experience in the digital reinsurance area.

I would like to emphasize that a critical value for us was the fact that MIC Global offered an infrastructure that solves a significant challenge of the under-insured. As Virtual i, we are providing unique innovative insurance solutions to the ecosystem and MIC Global has been a great partner for us to work with.”

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 Garantili Teknoloji:

Garantili Teknoloji is the first company in Turkey to be authorised and audited by TSE as the “Cell phone Renewal Center” by the Ministry of Customs and Trade for the renewal of second-hand mobile phones and tablets. Garantili renews all mobile phones and tablets that meet certain conditions in accordance with the procedure and return them to service with high quality, features and technical sufficiency of brand new phones.

For more information, please visit https://garantili.com.tr/

About Virtual i Technologies:

Virtual i Technologies is a Switzerland based company providing digital, end to end, AI driven next generation of commercial insurance solutions. Their unique platform allows the insurance value chain to be simplified and empowered with genuine data.

For more information, please visit https://virtualitechnologies.com/

NEW YORK, NY, UNITED STATES (Sept. 13, 2022) – In order to mitigate water damage and conserve water throughout Europe and the US, MIC Global and InsureTEK are partnering to bring innovative IOT water sensor technology with embedded microinsurance to property companies and REITs.

InsureTEK recognised that there was a requirement within the property industry for greater water protection and monitoring, with owners facing challenges in sourcing the necessary equipment and data. In their endeavor to save gallons of water and reduce properties’ environmental impact, they developed a Sensor Enabled Loss Control as a Service (LCaaS) and ESG monitoring solution – billed as a monthly subscription – which includes IOT water sensors, financing, installation, warranty, monitoring, and mitigation.

MIC Global brings their highly relevant, affordable MiIncident digital reinsurance solution into InsureTEK’s platform, providing warranty coverage in the case of a water damage claim.

In another exciting development, InsureTEK has become the first underwritten insurance policy to be provided via MIC’s Lloyd’s underwriting Syndicate 5183.* To commemorate the occasion Erik Johnson, MIC Global Syndicate 5183’s Incoming Active Underwriter, visited the iconic Lloyd’s of London Building to bind the policy.

Steven Haase, President of STP Insurance Services says: 

“InsureTEK’s large scale deployment of their Loss Control as a Service platform was the perfect partner fit for us to launch our combination of technology and microinsurance products.” 

Harry Croydon, Co-Founder and COO of MIC Global states:

“Many people are talking about how IoT can help the Insurance industry, we are actually doing it and rolling out insurance across thousands of devices globally.”

Michael P. Murphy KM, President and Chief Strategy Officer at InsureTEK says:

“When we were seeking a company to strategically partner with us on our innovative Loss Control as a Service (LCaS) platform, we searched the market for a company that understood that the risk management and insurance markets needed to evolve to stay relevant. MIC Global brought an entrepreneur’s spirit matched with a technical expertise that quite simply has become a cornerstone of our business. Their innovators and professionals are second to none in matching outside the box thinking with regulatory compliance and coming up with a solution where 1+1= 5!”

Peter L. Piecuch, Chief Risk Management Officer at InsureTEK adds: 

“For the first time in history, underwriters now have access to real-time data emanating from the risks they cover.  Starting with water loss monitoring, MIC facilitates InsureTEK’s LCaS, delivering accurate, seamless data which lowers risk in a cost-effective platform.  This advance in loss control underwriting technology also checks the ESG box for energy and water conservation, giving underwriters new tools for the policyholders we serve.  Simply stated, LCaS has enormous potential for a new age of underwriting critical loss events.”

As of August 2022, InsureTEK has installed around 1000 devices across multiple properties and locations. Within a short period of time, these devices have detected water leaks (continuous running water due to faulty, worn out or incorrect plumbing) resulting in thousands of dollars saved per year on the cost of water and reduced energy bills and environmental impact and footprint for properties.

Read our InsureTEK Case Study

About MIC Global:

MIC Global is a full stack digital insurance company that provides embedded insurance for today’s digital world. MIC Global combines insurance capacity, in-country insurance licenses, world class distribution, and scalable tech. MIC Global creates embedded insurance solutions for platform companies that adds value by:

1. Enhancing their brand
2. Differentiates their product
3. Drives up revenue
4. Attracts and retains 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.

About InsureTEK: 

InsureTEK is a services and technology platform company providing building portfolio owners Sensor Enabled Loss Control and ESG Monitoring. They currently focus on water damage and water conservation; their platform can address any building related risk.

For more information, please visit https://www.insuretek.com or email info@insuretek.com.