In The Press

MIC Global and The Plateau Group partner with Grid and Harmonic Insurance Services to protect American workers’ income

07.11.2023

MiIncome Press Release

NEW YORK, NY, UNITED STATES (July 11, 2023) – MIC Global is partnering with leading US neo-bank Grid to help its customers protect their incomes in the event of involuntary layoffs. Harmonic Insurance Services brokered the partnership, along with The Plateau Group as the local insurer.

Grid’s Income Protection provides eligible customers with a $2,000 monthly benefit for up to two months if they lose their job involuntarily. This innovative embedded protection enables Grid to cover their enrolled customers’ essential expenses, to preserve their credit, and to focus on finding a new job in the event of a lay-off.

Grid is a consumer financial services platform in the US, offering clients early wage access, early access to tax refunds, credit-building tools, and rewards via their popular mobile app.

Edward Chung, CEO, Grid says:

“With Grid Income Protection, we help and support our customers when they need a financial boost the most. The $2,000 benefits will help our customers by reducing the stress and anxiety while they’re between jobs. The overall goal of our program is to prevent late payments, credit defaults and hits to their hard-won, improved credit scores when they are laid off.”

Harmonic’s expertise in digital insurance led to connecting Grid with MIC Global to create this partnership.

Andrew Drake, Founder & CEO, Harmonic Insurance Services explains:

“We help businesses grow by providing microinsurance programs that make life easier for their customers. Today’s economy presents lots of uncertainty for American workers. Grid’s Income Protection can ease anxiety and provide a safety net for the vulnerable.”

The Plateau Group is an insurance holding company that provides insurance solutions to the financial services industry and their customers. MIC Global delivers their MiIncome digital protection product to Grid through a partnership with The Plateau Group. Plateau has been instrumental in the launch of Grid’s product offering.

Joe Melendez, CEO, The Plateau Group, adds:

“Plateau’s focus is on delivering technically integrated and easily accessible financial protection solutions that meet the demands of today’s lenders and their consumers. MIC Global, Grid and Harmonic have been incredible to work with as we integrate these solutions into their platforms and workflows to empower their partners and customers.”

Together, MIC and Plateau are supporting Grid’s tech-enabled offering for when Grid’s customers are most financially vulnerable. MiCology, part of the MIC Group of companies, provide the tech service that drives the benefit payment process, integrating seamlessly with the Grid platform via API and bringing fast AI-powered assessment and payments to Grid’s customers.

This is the latest example of MIC’s commitment to providing a safety net for when people fall on hard times, by working with like-minded partners to support them in offering unique embedded solutions. End-customers have the peace of mind that they will have money in their pocket to cover debts when the unexpected happens.

Jamie Crystal, Co-Founder and CEO, MIC Global enthuses:

“Working with Plateau, Grid and Harmonic has been a pleasure. It was only in April that we first discussed the idea of our MiIncome project with the team and to have it launched in just a few short weeks is fantastic. Our MiIncome digital reinsurance product has been designed to fit the needs of carriers and partners who protect working individuals – and we are seeing good early demand for it. We are excited to develop our relationship with these partners.”

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 The Plateau Group:

The Plateau Group are a US based insurance holding company who specialize in credit insurance, service contracts and other loan related products. Plateau market, manufacture, administer and reinsure products tailored to the needs of their customers.

For more information, please visit https://www.plateaugroup.com/

About Grid:

Grid is a US financial services platform that provides clients with early wage access, early access to tax refunds, unemployment cover, and debit and credit card services which help individuals build their credit scores while receiving rewards and benefits.

For more information, please visit https://getgrid.app/

About Harmonic Insurance Services:

Harmonic Insurance Services helps businesses grow by integrating insurance into their apps and services. Harmonic connects leading digital businesses with innovative carriers, provides turnkey integration technology and ensures compliance. Harmonic’s programs improve service, reduce risk for its clients’ customers, and, in doing so, build more and stronger customers.

For more information, please visit https://www.harmonicft.com/

In The Press

MIC Global and The Plateau Group partner with Leap Financial to deliver digital medical expense protection in the USA

07.05.2023

MiIncome Press Release

NEW YORK, NY, UNITED STATES (July 5, 2023) – MIC Global and The Plateau Group are partnering with Leap Financial to provide Leap’s digital protection product, covering up to $1,000 of individuals’ expenses in the event of a trip to a medical facility. This new embedded micro insurance solution gives Leap customers timely reimbursement benefits, mitigating concerns when paying for healthcare.

MIC Global is committed to creating embedded micro insurance products that take care of people, with its MiIncome digital reinsurance solution dedicated to protecting personal finance. Partnerships like this give people convenient access to simple, relevant benefits and peace of mind to look after their health without worrying about financial burdens.

Jamie Crystal, Co-Founder and CEO, MIC Global says:

“Our successful partnership with The Plateau Group begins with Leap Financial. With a shared vision of empowering individuals with comprehensive financial and healthcare tools, we enable h.way customers to put their health before finance by offering a convenient blend of banking and healthcare benefits that truly puts the customer first.”

Leap Financial’s platform, h.way, benefits its customers with financial products and services that bring economic prosperity through cash-back, savings, and early payment schemes. To further help their customers, Leap sought to offer payments to cover bills for a range of standard medical procedures, including blood and urine tests, broken limbs and stitches, prescribed medications, and radiography procedures. Once subscribed to a Plan, h.way customers get the assurance that they will have cash in their pockets to help cover their unforeseen medical expenses so that they may recover much more comfortably.

Marcela Henao, Co-Founder, Leap Financial, concludes:

“We are thrilled to partner with MIC Global and The Plateau Group to further enhance the value that our h.way Monarca Plus account offers h.way customers. In addition to providing coverage of up to $1,000 for medical expenses, this specific h.way account tier offers additional benefits beyond medical emergencies, such as no maintenance fees, no minimum balance required, early payday, and cash-back on international money transfers—all within an FDIC-protected account. These advantages are highly valued by our Hispanic consumers.”

The Plateau Group is an insurance holding company that provides insurance solutions to the financial services industry and their customers. MIC Global delivers their MiIncome digital reinsurance product to Leap through a partnership with The Plateau Group.

Joe Melendez, CEO, The Plateau Group says:

“Plateau is proud to strengthen its dedication to providing modern, seamlessly integrated, and accessible digital financial protection solutions through its strategic partnerships with MIC Global and Leap Financial. By supporting Leap’s distinctive range of essential healthcare tools, we are taking our commitments to the next level, and we are thrilled to deepen our longstanding partnership with MIC Global in the process. We eagerly anticipate empowering Leap customers with timely and simple protection solutions that will make a meaningful difference”

MIC and Plateau support Leap Financial’s tech-enabled offering with opportune benefits in h.way customers’ time of need. This is ensured by MiCology, a part of the MIC Group of companies, which powers the tech behind Mi Income with AI-driven processing for optimum assessment and settlement, integrated via API into Leap’s platform.

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 The Plateau Group:

The Plateau Group are a US based insurance holding company who specialize in credit insurance, service contracts, and other loan related products. Plateau market, manufacture, administer and reinsure products tailored to the needs of their customers.

For more information, please visit https://www.plateaugroup.com/

About Leap Financial:

Leap Financial is a technology service provider. Leap enables financial and non-financial institutions to leverage financial services. Leap offers a proprietary cloud-based financial platform for a digital wallet, instant issuing, cross-border payments, payment facilitation (acquiring), P2P Payments, and more, including regulatory compliance on CIP, AML, OFAC, and BSA.

For more information, please visit https://www.leapfinancial.com/ and https://www.h-way.com/

In The Press

MIC Kenya and BBOXX Kenya announce partnership

10.03.2022

MiIncome Press Release

NAIROBI, KENYA (Oct. 3, 2022) – BBOXX Kenya and MIC Kenya (part of MIC Global) are working together to provide a Micro Insurance health solution to BBOXX sales Agents. The insurance cover will protect the Agents in case of hospitalization, death and medical expenses due to an accident.

This is an income protection solution and will help the agents with cash back in their most difficulty times of either loss of life or Hospitalization.

BBOXX Capital started its operations in the year 2014 in Homabay, Kisumu with a goal to answer SDG 7,Ensure access to affordable, reliable, sustainable and modern energy for all. With an accelerated growth based on need for clean energy solutions, BBOXX expanded its operations and is now present in 34 counties in Kenya. BBOXX has positively impacted over 500,000 Kenyans by providing clean, reliable, and affordable electricity to their homes, communities, and businesses for the first time. Every day, BBOXX team works hard to provide the best service to their customers and delivers an unparalleled improvement in the quality of life for rural and urban households

BBOXX has over 5000 sales agents who work hard to ensure solar equipment’s are distributed across the the 34 counties and BBOXX appreciates the effort that the sales agents enforce towards the goal and is due to this, BBOXX has offered to ensure that all the sales agents are insured as a way of an added benefit. In Kenya, most people who work as sales agents are locked out of extra benefits other than their commission fees and this has contributed to agents turn over in the industry. Is for this reason that BBOXX has taken a step to ensure that the agents are well considered and offered some cushion in their time of difficulty hence ensuring their peace of mind. The Hospitalization cover will play a big role to ensure that there is minimal agents turn over at BBOXX as well as setting BBOXX apart from other competitor companies in the industry in terms of safeguarding its sales representative.

Appreciating the partnership as another step towards the goal of reaching out to the tens of millions of uninsured and under-insured Kenyans, Ms. Wairimu Njoki, Country Manager, MIC Kenya, says

“We are delighted to be partnering with BBOXX Solar Limited to further MIC’s mission of providing innovative, ground breaking insurance solutions to the mass market across Africa with products and services that have the power to truly transform and improve lives”

As a way of promoting the global agenda of Universal Health Coverage (UHC), the cover offers BBOXX sales agents the freedom to visit any of the over 4,000 NHIF accredited hospitals and clinics across the country, to easily access medical care.

About BBOXX Kenya

BBOXX believe that energy access is the entry point to unlocking a future that is otherwise not possible.

As a next generation utility, BBOXX provide affordable, reliable, and clean electricity and other utility services to millions who are living without, transforming lives and unlocking the potential of communities, cities, and countries.

BBOXX works alongside governments and world-class international partners to help to achieve the United Nations’ Sustainable Development Goals in the next decade, with energy access serving as a catalyst for enabling economic development of communities and making progress on a range of the global goals.

BBOXX is scaling through partnering with others, such as our joint venture with EDF in Togo, and through the backing of investors including Mitsubishi Corporation.

For more details,please visit https://bboxx.co.ke/#/purpose

About MIC Kenya

MIC Kenya, is a pioneer in providing need based insurance using cutting edge technology to emerging consumers since 2002. We have rapidly grown to be the industry’s leading innovator, creating over 200 products aimed at low income families. We has served over 65 million people by partnering with a range of MFIs, Banks, mobile networks and ride hailing companies across Africa and Asia.

MIC Global is world’s first global end-to-end digital micro insurance solution that has combined reinsurance capacity, in-country insurance licenses, world class distribution and market leading AI functionality.

For more information, please visit: https://www.micglobal.com

In The Press

Free Rider FinTech sees policies jump 13x in five months

09.15.2022

Case Study Lenders & Fintech MiIncome Platforms

OYE is a Fintech in Kenya that provide a platform for commercial two-wheeler riders to get access to financial services including insurance. The platform runs predominantly through USSD and mobile App. They are a start-up and began operation in January 2020 and has since on boarded over 10,000 riders onto the platform.

Person filling up moped with fuel at Oye partner

Problem

OYE was looking to onboard motorcycle riders onto the platform and drive fuel consumption at certain petrol stations. The client reward targets with insurance as the incentive to drive uptake and fuel consumption through OYE Fuel partners.

Solution

OYE has partnered with MIC Global to provide usage based embedded insurance to the riders. MIC designed a need based Personal Accident cover with various benefits including temporary disability that allows the riders to still get income in case of a temporary disability due to an accident.

Implementation

The product was embedded on OYE’s offering with target fuel consumption being used as the trigger for coverage.

Results

The client has had a steady growth month on month with an average growth of over 150% per month.

The policies have grown to almost 13 times from month 1 to month 5.

Average claim amount is 200 USD.

Embedded Coverage for Today’s Digital World

In The Press

Micro Finance Institution (MFI) loan defaults reduce 50%

08.04.2022

Case Study Lenders & Fintech MiIncome

Musoni MFI is the largest micro lending business in Kenya, providing loans for business and agricultural purposes. Musoni lends out about $30 million annually and has partnered with MIC since 2015.

Problem

Musoni came to MIC with the aim of reducing Portfolio At Risk (PAR) which ensured business continuity and in addition enable borrowers to bounce back easily and continue with business operation in case of a risk event.

Solution

MIC Global created a credit linked solution combining health, life and property risk coverages.

Implementation

The product is sold on an embedded basis with the loan officers in charge of customer education.

Results

Illustration group of people with 25K+ figure

Over 25,000 policies enrolled each year.

Down arrows with 50% reduction of default at musoni

Reduction of default by over 50%.

9% annual growth rate.

Embedded Coverage for Today’s Digital World

In The Press

Tier 2 Banks: Deposit Linked Offering sees additional 10,000 policies sold

08.01.2022

Case Study Lenders & Fintech MiIncome

Tier 2 banks cater to the variety of retail depositors most of who are in the informal sector and do not earn regular structured income. This segment is estimated to be the largest demographic in the next 20 years.

Problem

This demographic is generally ignored by the traditional insurance companies. They therefore did not have insurance policies that catered to their peculiar needs. The banks therefore requested a product that will be best suited to the needs of their depositors.

Solution

MIC introduced a deposit linked offering bundled insurance offering called Fearless Insurance which is sold to the customers of these banks on a voluntary basis. Benefits include death, permanent disability, hospitalization and maternity.

Bank desk with tellers and customers providing deposit linked offering

Implementation

MIC distributes this deposit linked offering solution throughout the banking halls of various partners via sales agents who are strategically placed in the banks so that they are close to the customers.

Results

A satisfied customer base who have purchased over 10,000 policies since the introduction of the Fearless Insurance offering and a happy banking partner generating extra income through commissions.

Embedded Coverage for Today’s Digital World

In The Press

Tier 2 Banks: Credit Linked Offering eliminates loan defaults for insured perils

08.01.2022

Case Study Lenders & Fintech MiIncome

Savings and Loans Companies are Tier 2 banks in Ghana. They specialize in lending to the SMEs across the country. MIC provides solutions to four of the largest lenders in this segment.

Problem

As their loan book expanded, they were faced with a huge number of loan defaults due to the death, disability and hospitalization of borrowers. This in turn impacted heavily on their non-performing loan ratios.

Solution

Embedding life and property insurance into loans to ameliorate the effects of perils such as death and property destruction on the default rate on loan book.

Person working on laptop with tech icons surrounding them

Implementation

MIC employs its MiConnect Platform to administer the policy to ensure proper data administration and claims monitoring and payment.

Results

A healthy loan book devoid of defaults due to insured perils.

This intervention has resulted in payouts of over 3,100 claims amounting to approximately GHS 7,600,000 since 2018.

This has advanced the financial inclusion agenda as most of the claimants have never had any form of insurance prior to being enrolled.

Embedded Coverage for Today’s Digital World

In The Press

Mobile Telecom Company receives 69,000+ new policy sign-ups

08.01.2022

Case Study MiIncome Telecoms

Insurance distribution via mobile telecom companies has been the single largest contributor to deepening insurance penetration in Ghana. MIC Global is a pioneer and continues to be at the forefront in this space. This model which allows mobile phone subscribers to use call minutes to purchase insurance via the mobile telecom companies.

MIC Global pioneered the 1st mobile–delivered insurance Technical Service Provider.

Tigo Family Care Insurance through Tigo (2010-2012) – 1 Million lives on Insurance through Mobile phone.

Airtel Insurance through Airtel (2013-2016) – 1.2 Million lives on Free Insurance. 325K paying per month.

Vodafone Insurance (2020-present)

Vodafone Ghana is a leader in telecommunications solutions in Ghana and a subsidiary of Vodacom Group. They offer voice, data and mobile financial services to their over 9 million customers. Vodafone has a global customer base of over 220 million subscribers spread across 4 continents.

Illustration hands holding Mobile phones

Problem

Vodafone Ghana was looking for an innovative solution to monetize their customer base while bringing value to them as well.

Solution

An innovative bundled insurance cover providing customers with varied covers to ensure Vodafone is a one stop shop to their base for insurance.

Implementation

Free to paid model where MIC proposed free insurance to on-board to first users of insurance. Enrolment methods include the use of Digital and Call Centre channels to upsell paid for insurance. Premiums are deducted from airtime and mobile wallets.

Results

Over 69,000 customers signed onto the free version with significant numbers using self-sign up option since November 2020.

Embedded Coverage for Today’s Digital World

In The Press

National Bank sees 66% growth in salary accounts over 12 months

08.01.2022

Case Study Lenders & Fintech MiIncome

Absa Bank is one of the biggest and oldest banks in Ghana and has a substantial customer base. They offer a range of banking services in both retail and corporate banking.

Absa is considered to be at the forefront of product innovation and technology in the African financial sector.

Problem

Absa was in search of a way to retain existing blue and white collar workers bank accounts as well as attract new customers to open accounts. They also aimed to increase market share in a fluid and competitive industry.

Solution

Introduction of an income replacement tool on an embedded basis, or Retrenchment Insurance, to distinguish account holders and provide a superior product offering to the client.

Illustration person lost job thinking money

Illustration laptop with tiny person on top

Implementation

MIC introduced embedded retrenchment insurance for all account holders. This helped to increase enrollment of salary accounts to blue and white collar workers in Ghana.

Results

Since the introduction of this solution, salary accounts increased from 12,000 to 20,000 accounts in the first 12 months, representing a 66% growth.

It further increased by over 300% to 43,000 over a subsequent six year period. 11,000 accounts have since been reclassified as micro/mass market customers.

The portfolio still boasts of over 33,000 accounts and continues to grow steadily. This solution has positioned Absa as a market leader and resulted in increased revenue for that vertical.

Embedded Coverage for Today’s Digital World

In The Press

Telecom Company grows users by 50,000 within weeks

06.10.2022

Case Study MiIncome Telecoms

Telecommunication companies often offer their own apps to customers in order to manage payments, airtime and provide news and special promotions. But customer engagement can be lacking with a telecom company.

We recently partnered with a telecommunications company to help offer a simple embedded health insurance product in order to incentivize customers to use their mobile app.

Illustration hand holding Telecom Company mobile phones

Problem

The telecom company wanted more customers to use their mobile app.

Solution

Incentivizing the telecom company’s customers to use the mobile app to purchase airtime, by also giving them access to simple insurance.

Illustration People using Telecom Company mobile phones

Implementation

MIC Global embedded a simple health insurance product for the telecom company’s customers to purchase that is easy to understand, straightforward, and can be purchased right from their mobile app. Customers can also make claims and receive payment right to their phone with the click of a button.

Results

Illustration people standing infront of 50K+ notation

Over 50,000 additional people signed up in the first few weeks.

Illustration person showing Telecom Company mobile phone screen

Increased mobile app usage, as well as increased customer retention and loyalty.

Not to mention, providing uninsured people with access to health insurance.

Embedded Coverage for Today’s Digital World

In The Press

MIC Global and The Plateau Group partner with Grid and Harmonic Insurance Services to protect American workers’ income

Let’s Grow Together

In The Press

MIC Global and The Plateau Group partner with Leap Financial to deliver digital medical expense protection in the USA

Let’s Grow Together

In The Press

MIC Kenya and BBOXX Kenya announce partnership

Let’s Grow Together

In The Press

Free Rider FinTech sees policies jump 13x in five months

Let’s Grow Together

In The Press

Micro Finance Institution (MFI) loan defaults reduce 50%

Let’s Grow Together

In The Press

Tier 2 Banks: Deposit Linked Offering sees additional 10,000 policies sold

Let’s Grow Together

In The Press

Tier 2 Banks: Credit Linked Offering eliminates loan defaults for insured perils

Let’s Grow Together

In The Press

Mobile Telecom Company receives 69,000+ new policy sign-ups

Vodafone Insurance (2020-present)

Let’s Grow Together

In The Press

National Bank sees 66% growth in salary accounts over 12 months

Let’s Grow Together

In The Press

Telecom Company grows users by 50,000 within weeks

Let’s Grow Together