Our CEO Harry Croydon features on The Fort – An Entrepreneurship Podcast‘s podcast, joining Chris Powers as they discuss the global nature of MIC, the Insurtech movement, and how MIC is bringing insurance to markets that lack access to coverage or are unaware of insurance and its benefits. (52m 38s).
Visit The Fort’s podcast page to listen and for more information.
Listen on: Apple Podcasts | Spotify
▶️ Watch on: YouTube
NAIROBI, KENYA (July 7, 2021) – MIC Global (MIC) and MotiSure are partnering to deliver a digital mobility insurance dubbed ‘MotiSure’.
In Kenya, road accidents are responsible for 3,000 fatalities and over 10,000 injuries every year. In fact, in 2020, road accidents accounted for 46% of the total deaths in Kenya. That number has risen from previous years – it was 26% in 2015.
As a result, MIC and MotiSure have partnered to create a new insurance product, Motisure, which will cover travelers and drivers during trips by embedding insurance into the cost of the trip. This will ensure passengers, drivers, and ride-sharers are covered in cases of death, disability, or hospitalization resulting from road accidents.
Our partnership’s first roll out of this solution will be through BuuPass, an online ticketing platform that has on-boarded all the major bus companies in the country.
By joining forces, MotiSure, MIC, and BuuPass are providing much needed protection to drivers, riders, and travelers by cushioning them against the unavoidable risks they face on the road, so when disaster strikes, they are able to bounce back swiftly.
MIC brings to the partnership its comprehensive trajectory and track record providing microinsurance, which MotiSure will leverage to distribute insurance products to its customers.
Ms. Wairimu Njoki, VP Operations, MIC Global East Africa, says:
“We are very pleased to be introducing this innovative mobility solution that will increase the protection of all Kenyans as they move about the country. Our goal is to provide insurance to the under/unserved population through innovative need-based solutions. Thus, we are happy to be working with like-minded partners like MotiSure and BuuPass to help achieve this.”
Joel Macharia, Co-founder of MotiSure, adds:
“We care deeply about providing affordable, flexible and on-demand insurance to the millions of people who really need it. We want all Kenyans to have the peace of mind knowing they can go about their business while being insured and not burden their families in the event of an accident. We are excited about our partnership with Micro Insurance Company (formerly MicroEnsure) and BuuPass to push this aspect of financial inclusion to the masses. We look forward to other like-minded organizations joining us and we work to bring more people to the insured side.”
For more information, please contact Micro Insurance Company by emailing Wairimu Njoki at wairimu.njoki@microinsurance.com or visiting https://micglobal.com/
Or
Contact MotiSure by visiting https://motisure.com/ or sending an email to hello@motisure.com
TANZANIA (June 7, 2021) – VisionFund and MicroEnsure (now part of MIC Global) introduce a new health and life insurance product in Tanzania. Under this initiative, VisionFund Tanzania, a Microfinance Bank, will provide their customers with simple-to-understand microinsurance plans at a very affordable cost. This will help VisionFund Tanzania’s customers and their families to cope with the many vulnerabilities they face in areas such as health, death, and disability. This insurance product will also cover risks related to Covid-19 and will offer support within communities that continue to fight against this pandemic.
MIC Global (MIC) and TanManagement Insurance Brokers, who recently joined forces, are partnering with VisionFund Tanzania to provide financial inclusion in their marginalised communities. As part of this effort, the two entities have collaborated to offer the citizens of Tanzania with a unique package of health, life, and disability insurance. This innovative bundled product was designed after considering the specific requirements of local customers and their families, as well as taking valuable input from the VisionFund Tanzania staff who interact with these customers on a daily basis. This product is the first of its kind and is expected to be a trendsetter in the Tanzanian microinsurance landscape. Furthermore, it will help to grow insurance penetration across the country.
Speaking at the occasion of the product launch, Mr. Yohane I Kaduma, Chief Executive Officer of VisionFund Tanzania Microfinance Bank Limited said,
“I am profoundly excited at the establishment of this solution, which brings true resilience and sustainability for our clients through linkage to this insurance product. For VFT, this is an extension of financial services to our clients. Again we are delighted to introduce this product and have high expectations of a good uptake since it involves coverage for their Medical expenses when unwell, any total permanent disability, and even loss of life. This initiative implies widening of our financial services beyond credit and savings, to paving a path of focusing on our clients’ lives.”
Mr. Rehan Butt, Vice President, MIC Global remarked,
“This initiative is part of our mission to provide a global safety net to the four billion un/ underinsured people across the globe. We are proud to be in partnership with VisionFund to deliver on that objective in Tanzania. The low and middle-income segments have the highest need for risk protection and yet, they have the least amount of access to insurance products. MIC is determined to change that and we are optimistic that with the help of partners like VisionFund, we will be able to take insurance products and solutions to a much larger population of uninsured communities around the world. I would like to thank our partners Sanlam Life Insurance and our Tanzania representative through BrokersLink, TanManagement Insurance Brokers Limited, for their support in delivering this insurance to VisionFund customers.”
VisionFund International (VFI) is the world’s largest global Christian microfinance network and part of World Vision, a Christian relief, development, and advocacy organisation. VFI serves over 1.1 million clients and impacts the lives of 4.1 million children in 28 countries. In Africa, VFI operates in 11 countries, lending over USD 100m to more than 450,000 clients.
VisionFund Tanzania (VFT) is a Chiristian Microfinance Bank established in 1996 as a Microfinance Institution by World Vision and transformed to a Microfinance Bank regulated by the Central Bank in 2014 under the network of VisionFund International. Fully supported by VFI, VFT aims at impacting children and rural communities through the provision of financial products and sServices. Over the years, VisionFund Tanzania has grown its customer base and extended its outreach across the country with tailor-made products such as Credit, Savings, and Insurance whilst embracing technology as a game changer. Since its establishment, VisionFund Tanzania has remained responsive to the needs of the low- income families, particularly those in rural areas. Currently, VisionFund Tanzania is amongst the strongest Microfinance Banks offering financial services in Tanzania mainland, with a Cash holding and a network of 52 Cashless branches, spread in 22 regions with a customer base of around 30,137 and a TZS.17Bil loan portfolio.
MIC Global (MIC) is a global insurance platform delivering technology, underwriting, policy management, and distribution. MIC provides insurance to platforms, micro & small businesses, and to the 4 billion people on the planet that are currently unserved. Whereas most Insurtechs seek to improve existing monoline products and markets, we follow the concept of straight through processing. We do this in order to create highly relevant insurance products that we can offer via our platform globally at a very low cost in order to support people in their local communities. MIC is the world’s first global end-to-end digital micro insurance platform that has combined reinsurance capacity, in-country insurance licenses, world class distribution, and market leading AI functionality. For more details visit www.micglobal.com or email Rehan Butt at rehan@microinsurance.com
Leona Abban and Wairimu Njoki, our Country Managers for Ghana and Kenya respectively, feature on the InsurTech Business Series podcast, discussing their firsthand experiences, the regulatory environment within their nations, and the approaches they’re utilizing to expand accessible and cost-effective insurance offerings. (58m 35s).
Visit Insurtech Business Series for more information.
Listen on: Apple Podcasts | Spotify | YouTube
NAIROBI, KENYA (May 27, 2021) – MicroEnsure (now part of MIC Global) and ImaliPay are partnering to deliver digital insurance products to Africa’s gig workers. These unique insurance products will provide this underserved sector with a safety net, so when the unexpected happens, people are able to bounce back swiftly.
These unique insurance products will provide this underserved sector with a safety net, so when the unexpected happens, people are able to bounce back swiftly.
MIC Global (MIC) is focused on providing end-to-end microinsurance products to the mass market at affordable premiums. ImaliPay is a fast-growing Pan African and VC backed financial services platform focused on offering credit, savings, and insurance via a single channel or API to Africa’s gig economy platforms. ImaliPay deploys short-term finance easily and quickly to enable their customers to generate more revenue from their gig work.
ImaliPay is partnering with MIC to deliver insurance products to their growing customer base of gig workers in Kenya. This partnership will empower gig workers by providing insurance tailored to their needs and their level/proportion of income generation. Furthermore, the addition of this insurance product will help improve the quality of life for delivery, ride-sharing, and mobility sector workers.
The majority of gig workers, especially in the ride-sharing sector, remain active despite the Covid-19 pandemic. Due to the nature of their jobs, they remain at high risk for contracting Covid-19 with minimal access to insurance coverage to protect them. Therefore, this insurance product being offered through the partnership of MIC and ImaliPay will cover Covid-19 as well as a range of other risks including health, death, disability and property destruction.
MIC brings its comprehensive trajectory and track record in providing microinsurance which ImaliPay will leverage to provide insurance products to its customers.
Ms Wairimu Njoki, Country Manager, MicroEnsure East Africa, says:
“We are delighted to be partnering with ImaliPay to boost the rising gig economy by providing social protection through innovative, need-based insurance. This is in line with our audacious goal of insuring the 4 billion un/underinsured lives globally.”
Uptake of insurance remains low in Kenya, with poor product design and constrained distribution channels contributing to low insurance penetration levels. MIC and ImaliPay join forces to address both of these issues – using ImaliPay’s platform as a route to access these services along with their knowledge of the gig workforce, and MIC’s expertise in product design to ensure optimal product consideration and adjusted premiums.
Tatenda Furusa, Co-founder of ImaliPay says:
“At the very heart of our business, we are concerned with re-defining our customer experience by providing a wider product basket and prioritising the products that are most important/necessary to our customers. Insurance sits right at the forefront of our customer needs and we’re happy to be catering to those needs with this collaboration.”
For more information, please email hello@imalipay.com or visit ImaliPay, or email kenya@microensure.com or visit MIC Global
Our EVP Richard Leftley features on the InsurTech Business Series podcast, examining the obstacles encountered by MIC, the potential that persists through innovation and technology, and the experimentation with different models, identifying which ones have proven effective. (50m 23s).
Visit Insurtech Business Series for more information.
Listen on: Apple Podcasts | Spotify | YouTube
At MIC Global, we believe in a workplace where people don’t have to water down who they are. The diversity of our team is what gives us the capacity to challenge the norm and push past the boundaries of groupthink. Diversity to us is the differences of individuals – different races, genders, ages, backgrounds, cultures, and ethnicities.
We provide a space where the women and men who work at MIC are encouraged to share both their masculine and feminine sides. We believe both vulnerability and assertiveness are important qualities in the workplace. We dispel the stereotypes that women being aggressive are bossy or that men showing emotion are weak. It takes strength and courage for a person of any gender to speak up and show emotion.
We know that success requires the Yin and Yang – a combination of both the right and left-brained… the creatives and the number crunchers… the introverts and the extroverts. It’s a delicate balance – but always tilted towards resolution and moving forward.
The reason we’re able to create great insurance products for people living in Accra, Ghana is the same reason we’re able to create effective insurance products for gig workers living in New York City – because we have members of our team who live in both places. We have people from MIC who are physically on the ground in 5 continents, immersed in the everyday life of the regions. They understand people’s needs and the risks they face.
We share our values with you in hopes that you can understand a little bit more about who we are and what we stand for. We are working hard to build a global safety net so that we can expand our whole-hearted belief in inclusion for everyone. Diversity is magic.
TANZANIA (March 1, 2021) – MicroEnsure, part of the MIC Global (MIC) – the world’s first end-to-end digital insurance platform, appoints TanManagement Insurance Brokers Limited as their representative in Tanzania for the growth of digital and microinsurance products. At MIC, our mission is to provide a simple safety net, so when the unexpected happens, people can bounce back swiftly. We do this by delivering relevant insurance through our digital channels and partners allowing us to access the more than 4 billion people and 100 million businesses that make up our community across the globe.
MIC has been working diligently to partner with like-minded businesses and organizations in order to grow the distribution of microinsurance globally. The appointment of TanManagement, as MicroEnsure’s representative in Tanzania, is part of this process. Under this arrangement, we will develop new and innovative insurance products and deliver them to millions of individuals and businesses. These insurance products will be distributed through technologically enabled seamless digital processes, leveraging license and outreach provided by TanManagement.
‘‘This partnership is a significant step towards fast growth of insurance penetration in Tanzania which otherwise has one of the lowest insurance penetration rates in the region. Both MicroEnsure and TanManagement are leveraging each other’s strengths and building a strong foundation of providing most relevant insurance products to millions of customers of FinTechs, mobile network operators, digital wallets, microfinance institutions and digital platforms.’’ –
Rehan Butt VP Sales Operations of MIC
“This partnership is the most logical next step for our Group as it will create substantial value for Customers throughout the Country. It will benefit Customers through new services and expand the current service capabilities. It is also very much in line with the Governments’ vision of ensuring 50% of Tanzanians are Insured by 2028. We look forward to playing our part with this vision and look forward to the future of Insurance in Tanzania.”
Mohammed Jaffer, Group CEO of TanManagement Insurance Brokers Limited
“I have known TanManagement for several years and I am very pleased that we have been able to form this exciting partnership to widen our mission to deliver a simple safety net to the businesses and peoples of Tanzania.”
Harry Croydon, COO and President MIC Global
MicroEnsure is a part of MIC Global (MIC). MIC was formed through the merger of Micro Insurance Company and MicroEnsure. MIC is the global insurance platform delivering technology, underwriting, policy management and distribution. MIC provides insurance to platforms, businesses, millions of micro & small businesses, and to the 4 billion people on the planet that are currently unserved.
Whereas most Insurtechs seek to improve existing monoline products and markets, we follow the concept of straight through processing. We do this in order to create highly relevant insurance products that we can offer via our platform globally at very low cost so that we can support people in their local communities. MIC is the world’s first global end-to-end digital micro insurance platform that has combined reinsurance capacity, in-country insurance licenses, world class distribution, and market leading AI functionality. More details – www.micglobal.com
TanManagement Insurance Brokers Limited is a private Limited Liability company registered in Tanzania under the Companies ordinance Cap 212 and issued with a Certificate of Incorporation No. 35174. In the past 10 years, the company has grown from a small office in Moshi to being one of the top 10 Brokerage Firms in Tanzania. For more details, log on to www.tm.co.tz
PAKISTAN (Feb. 23, 2021) – Marie Stopes Society Pakistan has entered into a strategic collaboration with MicroEnsure (part of MIC Global) to introduce a new health care initiative under the Delivering Accelerated Family Planning in Pakistan (DAFPAK) programme funded by UK – Foreign, Commonwealth & Development Office (FCDO), Pakistan with the name of “Sehatyab Programme” for the women and their families living in low and middle-income communities of Karachi. Through this programme, services like general out-patient, family planning & maternal and child health services can be availed at a considerably low amount in addition to free health insurance for women and their families. The Development Director to the British High Commission in Pakistan Annabel Gerry said;
“The UK is committed to support Pakistan in increasing access to family planning services and healthcare facilities especially for the most vulnerable women. We’re proud to invest in the Sehatyab microinsurance programme which will directly improve the lives of 5000 families including women, children and men in Karachi, Sindh through the provision of quality maternal and child care health facilities.”
Speaking on the occasion, Ms. Asma Balal Country Director, Marie Stopes Society Pakistan stated that:
“In Pakistan, maternal complications such as post-partum infection and hemorrhage account for over 50% of maternal mortalities. Additionally, financial barriers and lack of social security systems make poor women most vulnerable in terms of being able to access essential reproductive health services. The Sehatyab programme will improve the economic well-being of women and their families by reducing out-of-pocket health expenditures, as well as result in reduced maternal and neonatal mortality rates through increased provision of mother and child health and family planning services for improved treatment outcomes.”
Appreciating the partnership as another step towards the goal of reaching out to the tens of millions of uninsured and under-insured Pakistanis, Mr. Rehan Butt Vice President of MIC added that:
“We are very excited to work with Marie Stopes Society on this project. We have a track record of developing simplified insurance products and processes which help build faith for common men and women in insurance as an important risk management tool. Marie Stopes Society and MicroEnsure have a mission of serving the underserved communities in Pakistan and have a natural strategic fit for collaboration. We are confident that this partnership will go a long way in extending affordable financial protection to those who need it the most.”
Marie Stopes Society (MSS) is a Pakistan based local organization, registered under the Societies Act, 1860 since 1990. MSS Pakistan is one of the leading private sectors services providing organization with a focus on sexual and reproductive health services, especially family planning with a network of 26 Behtar Zindagi Centres, 03 maternal and child health clinics, 400+ social franchises network, 6 Meri Pharmacies, and 15 Roshni mobile units for outreach activities spanning over 30 districts in Sindh, Punjab and Khyber Pakhtunkhwa provinces reaching out to the most strategic and rural districts in Pakistan. More information is available at www.mariestopespk.org and 0800-22333.
MicroEnsure Pakistan (Private) Limited is a wholly owned subsidiary of MicroEnsure Holdings, UK – part of the STP Group Holdings. The company is a licensed insurance broker by the SECP and a specialist provider of innovative mass market insurance solutions. The STP Group aims to provide insurance safety net to millions of micro & small businesses and to the 4 billion people on the planet that are currently un/under served. Insurance is a highly fragmented market fixated on complex products, cumbersome customer journeys and stymied systems that prevents the swift payment of claims. The STP Group has created the world’s first global end-to-end digital microinsurance solution that will combine reinsurance capacity, in-country insurance licenses, world class distribution and market leading AI functionality. For more information visit www.micglobal.com
ACCRA, GHANA (Nov. 25, 2020) – MIC Global (MIC) is proud to announce that we have secured a grant from UNCDF after a competitive process of request for application. The grant will enable us to provide free insurance to thousands of MSMEs in Ghana. Our objective is to minimize the social and economic impact COVID-19 has wrecked on poor communities. This includes small to medium sized businesses such as farmers, grocery vendors, and porridge sellers.
We have created an 8-in-1 bundled income protection insurance in order to stimulate a faster economic recovery. We are utilizing our ongoing partnerships with Vodafone, Opportunity International and Advans Ghana Savings and Loans, Danone as well as MTN Mobile Money in order to distribute the insurance product to affected MSMEs. While our main goal is to mitigate the havoc caused by Covid-19, we have also worked hard to create a user-friendly experience. By doing so, our hope is to change the overall perception around insurance into a positive one, thus, encouraging MSMEs to purchase paid insurance for their businesses in the future after their period of free cover expires.
Christiana Abdullai who sells porridge (local breakfast made from millet) and has banked with Opportunity International for over 10 years has been rewarded with 12 months free protection cover. We look forward to seeing how this improves her economic situation and her general perception of Insurance.
“At the heart of MIC’s work lies a great need to bring relief and restore confidence in livelihoods. We are surrounded by risks everyday, which do not necessarily go away if we ignore them. This project helps us to show MSME owners that their lives can be better and their businesses can be safeguarded. Cheers to a year of free insurance protection for MSMEs in Ghana.”
Leona Abban, Ghana Country Manager for MIC Global
