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Innovating Insurance with IoT and AI for Business Growth – Harry Croydon, COO [Next Gen Case Studies]

07.04.2024
Podcast
mic podcast nextgencallscasestudies

Our Co-Founder & COO, Harry Croydon, features on the Next Gen Case Studies podcast, joining Devon Jones as they discuss his career journey and the innovative solutions MIC Global provides in IoT and technology integration. Emphasizing persistence, determination, and vision, Harry details MIC Global’s focus on security for small businesses, the challenges of targeting emerging markets, and the importance of strategic partnerships. He also explores the integration of AI in insurance, highlighting the balance between technology and the human element, and shares MIC Global’s future goals of expanding offerings and improving customer trust and transparency. (33m 20s).

In this episode of the Next Gen AI Case Study series, we welcome Harry Croydon, co-founder and president of MIC Global. Harry shares his journey from the early days of his career to leading MIC Global, a company known for its innovative solutions in the Internet of Things (IoT) and technology integration.

Harry begins by discussing the foundational values that have guided his career: persistence, determination, and clear vision. These principles have been crucial in his role at MIC Global, where he focuses on providing robust security and protection solutions for small business owners. The conversation explores how Harry’s background has shaped his approach to business and technology, emphasizing the importance of leaving the comfort zone and staying committed to goals.

The discussion shifts to the primary audience of MIC Global—small business owners. Harry explains the delicate balance of targeting businesses that are ready to invest in growth and security versus those still emerging and resource-constrained. He outlines the strategies MIC Global employs to communicate effectively with their target market, including leveraging strategic partnerships with businesses that serve the same audience.

Harry also highlights the global reach of MIC Global and the challenges of introducing advanced technology in less developed areas. He shares creative approaches to customer acquisition and the importance of maintaining strong community connections. This involves staying in touch with key players and building strategic partnerships that help deliver innovative solutions to various regions.

The episode delves into the impact of AI and new technologies on the insurance industry, an area where MIC Global is making significant strides. Harry discusses the integration of AI in customer service and risk assessment, balancing the human element with technological advancements. He offers practical advice on adopting new technologies, emphasizing the need for caution and thorough testing to avoid potential pitfalls.

Towards the end, Harry shares insights on the future goals of MIC Global, focusing on expanding their offerings and overcoming challenges in technology rollout. He addresses common misconceptions about the insurance industry, emphasizing the company’s commitment to improving customer trust and transparency.

Learn more about Next Gen Calls on their website.

 Listen on: Apple Podcasts | Spotify

▶️ Watch on: YouTube

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inDrive partners with MIC Global to provide Personal Accident and Medical Expense Coverages to its Drivers

06.25.2024
Gig Economy MiIncome Press Release
a pr inDrive

inDrive partners with MIC Global to provide Personal Accident and Medical Expense Coverages to its Drivers

25 June 2024

MIC Global and inDrive logos

NEW YORK, NY, UNITED STATES (June 20, 2024) – MIC Global (MIC), a pioneering full-stack embedded micro insurance provider, is partnering with international mobility and urban services platform inDrive and local insurers to provide innovative micro insurance coverages to inDrive drivers and passengers around the globe – beginning in Latin America with personal accident and medical expense coverages.

Drivers and passengers in Mexico, Peru, and Brazil will be the first to benefit from the coverages.

inDrive is a global mobility and urban services platform known for its use of innovative peer-to-peer pricing. Fares, journey, and requirements are agreed between users – ensuring that deal conditions are fair and transparent.

With its platform rapidly growing in popularity around the world, inDrive are adding service value and driving global expansion by introducing new embedded micro insurance products – supporting the driver community, incentivising users to stay on the platform and attracting new app users. 

Arsen Tomsky, CEO, inDrive, commented:

“At inDrive, our community is at the heart of everything we do. By partnering with MIC Global, we are taking a significant step towards ensuring their well-being and financial security. This initiative is part of our broader commitment to empower our users and enhance their experience on our platform.”

Andries Smit, VP of New Ventures, inDrive, added:

“We are excited to partner with MIC Global. They share our mission to challenge social injustice and help drivers and passengers in emerging markets around the world. I’m inspired by the pace MIC worked with us to innovate great solutions. The opportunity at hand is significant.”

Supported by MIC’s MiIncome digital reinsurance solution through local insurers, inDrive and MIC are collaborating on a series of products that help with everyday financial challenges that inDrive drivers and passengers face. Starting with personal accident (Accidental Death and Total Permanent Disability) and accidental medical expense (Hospital Cash and Medical Expenses Reimbursement) coverages, individual drivers can benefit from financial support to help them afford associated hospital and medical costs and protect their families if they suffer permanent disability or fatality.

Jamie Crystal, Co-Founder & CEO, MIC Global, said:

“We are pleased to be partnering with inDrive, continuing our mission to provide our MiIncome reinsurance solution with its technology-enabled loss of income risk triggers to underserved people globally. We look forward to what the future holds as we work closely with inDrive, developing new embedded micro insurance innovations that provide peace of mind to its drivers and users.”

About MIC Global:

MIC Global is a full-stack embedded micro insurance provider purpose-built to transform the insurance industry by reimagining and integrating simple and relevant insurance products that provide loss of income cover for people so that they can provide for their families and recover swiftly. MIC was founded with an aspirational goal to help close the insurance protection gap by providing inclusive and affordable insurance to people and to support them in their time of need.

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

About inDrive:

inDrive is a global mobility and urban services platform. The inDrive app has been downloaded over 200 million times, and was the second most downloaded mobility app in 2022 and 2023. In addition to ride-hailing, inDrive provides an expanding list of urban services, including intercity transportation, freight delivery, task assistance and courier delivery. In 2023, inDrive launched New Ventures, a venture and M&A arm.

inDrive operates in 749 cities in 46 countries. Driven by its mission of challenging social injustice, the company is committed to having a positive impact on the lives of one billion people by 2030. It pursues this goal both through its core business, which supports local communities via a fair pricing model; and through the work of inVision, its non-profit arm.

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

inDrive se asocia con MIC Global para brindar coberturas de accidentes personales y gastos médicos a sus conductores

25 de junio de 2024

MIC Global and inDrive logos

NUEVA YORK, NY, ESTADOS UNIDOS (20 de junio de 2024) – MIC Global (MIC), una compañia pionera en microseguros como valor agregado, en asocio con la plataforma internacional de movilidad y servicios urbanos inDrive y el respaldo de aseguradoras locales, se unen para brindar coberturas innovadoras de microseguros para conductores y pasajeros de inDrive alrededor del mundo, comenzando en América Latina con coberturas de accidentes personales y gastos médicos.

Los conductores y pasajeros de México, Perú y Brasil serán los primeros en beneficiarse de las coberturas.

inDrive es una plataforma global de movilidad y servicios urbanos, conocida por su uso de precios innovadores entre sus usuarios. Las tarifas, los viajes y los requisitos se acuerdan entre los usuarios, lo que garantiza que las condiciones y trato sean justas y transparentes.

Con la plataforma aumentando su popularidad rápidamente en todo el mundo, inDrive está agregando valor a sus servicios e impulsando la expansión global mediante la introducción de nuevos productos de microseguros apoyando a la comunidad de conductores, incentivando a los usuarios a permanecer en la plataforma y atrayendo nuevos usuarios al uso de su aplicación.

Arsen Tomsky, director ejecutivo de inDrive, comentó:

“En inDrive, nuestra comunidad es el corazón de todo lo que hacemos. Al asociarnos con MIC Global, estamos dando un paso importante para garantizar su bienestar y seguridad financiera. Esta iniciativa es parte de nuestro compromiso para empoderar a nuestros usuarios y mejorar su experiencia en nuestra plataforma”.

Andries Smit, vicepresidente de New Ventures de inDrive, añadió:

“Estamos entusiasmados de asociarnos con MIC Global. Comparten nuestra misión de desafiar la injusticia social y ayudar a los conductores y pasajeros en los mercados emergentes de todo el mundo. Me inspira el ritmo con el que MIC trabajó con nosotros para innovar y proporcionar excelentes soluciones. La oportunidad que tenemos en estos momentos es significativa”.

Con la solución digital de reaseguro de MIC’s MiIncome a través de aseguradoras locales, inDrive y MIC están colaborando para ofrecer una serie de productos que ayudan con los desafíos financieros cotidianos que enfrentan los conductores y pasajeros de inDrive. Comenzando con las coberturas de accidentes personales (Muerte Accidental e Incapacidad Total Permanente) y gastos médicos accidentales (Reembolso de Gastos Médicos y Efectivo por Hospitalizacion), los conductores pueden beneficiarse de este apoyo financiero para ayudarlos a pagar los costos asociados con gastos médicos y hospitalarios ademas de proteger a sus familias si sufren daños permanentes, invalidez o fatalidad.

Jamie Crystal, co-fundador y director ejecutivo de MIC Global, dijo:

“Estamos encantados de asociarnos con inDrive y continuar con nuestra misión de proporcionar nuestra solución digital de reaseguro MiIncome para administrar los identificadores de riesgo de pérdida de ingresos basados ​​en tecnología, para personas desatendidas en el mundo entero. Estamos ansiosos por ver lo que nos  depara el futuro mientras trabajamos en estrecha colaboración con inDrive, desarrollando nuevos e innovadores productos integrado a nuestros microseguros brindando asi tranquilidad a sus conductores y usuarios”.

Acerca de MIC Global:

MIC Global es un proveedor de microseguros como valor agregado diseñado específicamente para transformar la industria de seguros mediante la reinvención e integración de productos de seguros simples y relevantes, que brindan cobertura por pérdida de ingresos a las personas a fin de que puedan mantener a sus familias y recuperarse rápidamente. MIC se fundó con el objetivo de ayudar a cerrar la brecha de protección de seguros brindando seguros inclusivos y asequibles a las personas y apoyándolas en sus momentos de necesidad.

Para obtener más información, visite https://www.micglobal.com o Contáctenos (consultas de prensa)

Acerca de inDrive:

inDrive es una plataforma global de movilidad y servicios urbanos. La aplicación inDrive se ha descargado más de 200 millones de veces y fue la segunda aplicación de movilidad más descargada en 2022 y 2023. Además del servicio de transporte compartido, inDrive ofrece una lista cada vez mayor de servicios urbanos, incluido el transporte interurbano, la entrega de mercancías, la asistencia en labores y entrega por mensajería. En 2023, inDrive lanzó New Ventures, una empresa de fusiones y adquisiciones.

inDrive opera en 749 ciudades y 46 países. Impulsada por su misión de desafiar la injusticia social, la compañía se compromete a tener un impacto positivo en las vidas de 1 billón de personas para el 2030. Persigue este objetivo a través de su negocio principal, el cual apoya a las comunidades locales utilizando como modelo precios justos como a través de inVision, una organizacion sin fines de lucro.

Para obtener más información, visite https://indrive.com/

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Your Identity is at Risk! How Can You Protect Yourself in a Digital World?

05.29.2024
Cyber Security MiIdentity
blog life woman at laptop
Black and white photograph of woman sat outside at a table with laptop, with blue overlay on background
  • Harry Croydon, Co-Founder & COO, MIC Global | LinkedIn

MiIdentity: Maintaining your online identity.

Some things take a long time. Sometimes taking your time is worth it. Today, we are launching our MiIdentity™ product in India.

MiIdentity is a collaboration of some of the largest insurance companies in the world, with MIC Global instrumental in bringing these partners together. We are very excited to get the MiIdentity program launched. We’re confident this will be worth it.

Our MiIdentity journey started just over two years ago when we were asked to come up with an innovation that would help bring together the London insurance market and the Indian consumer. We went though many iterations during development, starting with a product that was 600 Rupees (USD$7.20) per month per policy and met the digital innovation requirements. We were all happy with this result. Then, in a follow-up meeting, customer feedback revealed that it should be closer to and under 1,000 Rupees per year per policy!

So, back to the drawing board. How do we keep the essence of the product but deliver it at 1/10th of the cost? Our collective teams were up to the challenge! Our technology team reengineered the product platform and operational processes, while we worked with our partners to refine the insurance elements, accomplishing a market-fit product that was acceptable to all and within budget.

Next was the delicate negotiations of the release and getting it through three or four layers of compliance and approval. Those who know me understand how patient I am, so one can understand that the past 12 months have been interesting. This process has been a test. However, the outcome has been an impressive collaboration between many teams and groups of people, from different countries and companies, with careful diplomacy to weave a path to get MiIdentity launched.

Finally, the day has come that we are releasing MiIdentity into the Indian Market. Brokers and insurance partners can now buy the product though their relationships with New India Assurance. 

So, what is MiIdentity?

MiIdentity’s goal is to maintain your online identity safety in a digital world. Our world has been growing digitally for decades and it’s becoming increasingly important to have a safety net for when life happens, and this includes our digital worlds and our online identities.

MiIdentity establishes a digital safety net. It’s a fully digital insurance solution for individuals and families who are worried about their digital identity being compromised or personal and financial data being stolen and used without their knowledge, which can leave them liable for financial losses together with the costs to recover their identity.

Inside MiIdentity there is a tech-driven, 24 hours a day, 365 days a year data monitoring service that alerts you when your data is found on the Web (Open, Deep, and most importantly, Dark) or being used to take out loans or open new bank accounts. The MiIdentity service comes with an online portal where you can keep up to date with threats and alerts, and offers support and actions you can take to maintain control of your data and identity.

As part of the insurance platform, it comes with cover (supported by our MiIncome Digital Identity reinsurance solution) that pays for financial losses, up to limits, if your identity is used and you become liable for a loan or new account, or to replace identity documents and to recover control over your identity – a necessity in today’s digital world.

MiIdentity is a cost-effective way to cover and monitor your identity for a whole year. For the cost of a meal in India, your identity is covered year-round – so when you pay for that meal with your credit card, you can be confident that should your data be stolen, you will be aware and can manage any resultant damage effectively.

MiIdentity is worth the wait and it’s available now.

Read our MiIdentity press release

Tell me more about MiIdentity

To learn more about MiIdentity, visit our product page, and send us your email below to discuss how we can help differentiate your business and you support you customers with innovative identity monitoring.

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MIC Global partners with New India Assurance to launch MiIdentity, India’s first digital identity monitoring and insurance solution

05.29.2024
Cyber Security MiIdentity Press Release
a pr NewIndiaAssurance

NEW YORK, NY, UNITED STATES (May 29, 2024) – With identity theft incidents and subsequent losses on the rise, MIC Global (MIC), a pioneering full stack embedded micro insurance company, has partnered with The New India Assurance Co. Ltd. (NIA), India’s premier general insurance company, to launch India’s first all-in-one digital identity monitoring, restoration, and insurance solution: MiIdentity.

The MiIdentity platform empowers NIA customers to monitor digital identity and financial activity to quickly restore compromised identities and unauthorised transactions.

NIA customers register the identities they wish to track – such as email address, passport number, and banking details – and receive alerts when their monitored data appears on the Dark Web or is involved in suspicious financial activity. The MiIdentity online portal provides advice and support for restoring compromised identities. Insurance triggers provide inconvenience payments (up to policy limits) in the event of monetary loss due to stolen and fraudulent use of identity – insured by NIA with digital reinsurance provided by MIC, in partnership with GIC Re.*

As the world becomes increasingly digital, re/insurance innovations for personal online identities and personas will become more vital and relevant. MIC is excited to be at the forefront of developing these re/insurance solutions, providing a safety net for the digital world.

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

“Just 10 years ago typical transactions in India were all completed in local markets by people buying and selling goods with well-worn banknotes of all sizes. Today, these same people are more likely to use credit cards, smartphones and QR codes. New digital finance apps mean that millions of people in this vast economy can accept payments, settle invoices, and transfer funds anywhere in the country with just a few screen taps or a swipe. Along with this, new risks have been unmasked. Who would have thought 10 years ago, that an average household in India would need their identity protecting? Today, this is very necessary as identity theft and online fraud rocks not only India but Asia as a whole.

“The MiIdentity project has been a massive undertaking for all parties involved and we are excited to launch to the Indian market. The innovative merging of embedded micro insurance and technology within the MiIdentity solution is a testament to MIC and NIA’s unwavering commitment to providing support for people when they need it most in the digital world.

“MiIdentity seeks to mitigate the distress caused by identity fraud with useful education, online support, and financial support. We can’t wait for NIA customers to start reaping the benefits of this new identity protection product.”

NIA endeavor to make insurance products that are easy to understand and accessible, creating simple digital platforms for individuals to purchase relevant coverage and make claims in their time of need. The MiIdentity platform adds another supportive platform to their extensive insurance offering.

Mukta Sharma, General Manager, The New India Assurance Co. Ltd., stated:

“As more of the Indian population moves online and shares sensitive identity information on various platforms, it’s vital that individuals have access to the right protection should their data be breached. I’m pleased to introduce our latest innovation in safeguarding the Indian market against identity theft with our new ‘My Identity Theft Insurance’ product. A unique feature of this new product is that monitoring services are being offered.

“As a committed insurer, we’re dedicated to providing peace of mind and comprehensive protection for our customers’ digital identities.”

Hitesh Joshi, General Manager, GIC Re added:

“GIC Re, India’s sole domestic reinsurer, is pleased to partner with MIC to provide digital reinsurance solutions to the Indian insurance market. We believe this product will meet the need of the market and enhance personal digital security, thereby contributing to a more reassuring digital environment in India.”

Aon’s Reinsurance Solutions brought together leading insurance and reinsurance providers to provide supporting capital for the MiIdentity platform, which in turn delivered strategic value to the re/insurance industry.

Kshitij Anand, Head of International Strategy, Aon Reinsurance Solutions said:

“This product is a great example of how Aon’s multi-faceted approach delivers innovation in the marketplace. In line with our global perspective on Risk Capital, MiIdentity combines India’s leading insurance and reinsurance capacity with MIC Global’s underwriting and tech capabilities to create a solution that assists policyholders in managing their digital heath and identity threats.”

About MIC Global:

MIC Global is a full-stack embedded micro insurance provider purpose-built to transform the insurance industry by reimagining and integrating simple and relevant insurance products that provide loss of income cover for people so that they can provide for their families and recover swiftly. MIC was founded with an aspirational goal to help close the insurance protection gap by providing inclusive and affordable insurance to people and to support them in their time of need.

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

The MiIdentity portal was developed by MiCology, part of the MIC Group of companies.

*MIC’s reinsurance trigger details and exclusions can be viewed here: https://www.micglobal.com/digital-identity/

About The New India Assurance Co. Ltd.:

New India Assurance is India’s largest nationalised general insurance company, offering a wide range of non-life coverages to India and the rest of the world. Based in Mumbai, India, NIA has further operations in 25 countries. As the only Indian direct insurer to be rated A- by AM Best and with a AAA/Stable rating from CRISIL, NIA has the highest degree of financial strength to uphold its commitments to Policyholders.

For more information, please visit https://www.newindia.co.in/

About GIC Re:

GIC Re is the largest reinsurer in the domestic reinsurance market in India and leads most of the domestic companies’ treaty programmes and facultative placements. GIC Re maintains a diversified risk portfolio that includes property, health, motor, agriculture, marine, engineering, aviation, liability, and life. GIC Re has been ranked 16th largest global reinsurer group by AM Best, based on gross reinsurance written premium figures in 2022.

For more information, please visit https://www.gicre.in/

About Aon:

Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries and sovereignties with the clarity and confidence to make better risk and people decisions that help protect and grow their businesses. 

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

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Journey of Building a Global InsurTech – Jamie Crystal, CEO [MENA InsurTech Summit 2024]

05.13.2024
Presentation
mic presentation menainsurtechsummit

At MENA InsurTech Summit 2024, our CEO, Jamie Crystal presented his keynote ‘Journey of Building a Global InsurTech’. Learn about our vision for insurance, the importance of in-country partnerships, getting simple and relevant insurance to individuals, and more. (21m 18s).

To find out more about the conference, visit MENA InsurTech Summit.

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MIC Global partners with Assurekit to provide Loss of Income Cover to India’s workforce

04.02.2024
MiIncome Press Release
a pr Assurekit

NEW YORK, NY, UNITED STATES (April 2, 2024) – MIC Global is partnering with Assurekit and local insurers in India to provide digital loss of income coverage to employees and gig workers.

MIC’s MiIncome digital reinsurance solution, along with Assurekit’s full stack platform, jointly empowers platforms to support their customers through embedded short-term loss of income programs.

Responding to substantial layoff statistics in India*, Involuntary Loss of Employment cover is the first product to be developed as part of this broader partnership. This cover provides eligible customers with up to two months of salary benefit if they involuntarily lose their job.

MIC and Assurekit are collaborating on additional products to further protect the Indian market, including protection for gig workers faced with income challenges due to accidents, hospitalization, and weather events.

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

“I am proud to announce our partnership with Assurekit to bring highly relevant embedded loss of income products to India’s employees and workers. Programs supported by our MiIncome digital reinsurance solution, embedded into familiar platforms in India, will provide a welcome safety net to the country’s workforce. I look forward to working alongside Assurekit in 2024 as we continue to develop innovative loss of income products, reaching more corners of the Indian market.”

Assurekit is a full-stack digital insurance platform that enables any company to offer contextual and relevant protection products to their customers in a plug-and-play manner. 

This partnership combines Assurekit’s cloud-based technologies and MIC’s reinsurance solutions, enabling Assurekit and its partners to quickly begin providing insurance products that offer timely payments to help their customers stay on their feet when faced with short-term loss of income, such as involuntary unemployment.

Adarsh Chokhani, Founder & CEO, Assurekit, added:

“Today, the risk of losing income from unforeseen events remains largely unaddressed. At Assurekit, we’re focused on expanding the social security net for every person in India. Finding a partner like MIC, who shares our vision, feels like the perfect match. This is just the beginning; we’re excited about working together to build out more products in the future.”

About MIC Global:

MIC Global is a full-stack embedded micro insurance provider purpose-built to transform the insurance industry by reimagining and integrating simple and relevant insurance products that provide loss of income cover for people so that they can provide for their families and recover swiftly. MIC was founded with an aspirational goal to help close the insurance protection gap by providing inclusive and affordable insurance to people and to support them in their time of need.

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

About Assurekit:

Assurekit is a full-stack platform that enables companies to offer protection products that matter to today’s customers. Their goal is to create simple, repeatable, and relevant products that cover user inconveniences and offer them on platforms they already use. Founded with the aim of making insurance 10x simpler and more accessible, they strive to build a social security net for every Indian.

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

*TopHire indicates 91,000 employees laid off in India, September 2021–2023, as reported by Mint.

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MIC Global and Turaco partner with Hygeia HMO to drive Health Insurance Services in Nigeria

03.15.2024
MiIncome Press Release
a pr Hygeia

NEW YORK, NY, UNITED STATES (March 15, 2024) – MIC Global and Turaco Inclusive Limited T/A Turaco are partnering with Hygeia HMO to drive growth and make affordable healthcare protection accessible to more underserved individuals in Nigeria.

MIC and Hygeia have been in partnership since 2021, encouraging 12,000 Hygeia customers to put their health first and attend recognized hospitals in their time of need.

MIC’s tailored MiIncome digital reinsurance solution supports local insurance partners to provide Hygeia customers with inconvenience payments, which can be used to assist with the cost of their hospital stay (24hrs+) and expenses incurred during their stay.

Jamie Crystal, Co-Founder & CEO, MIC Global, said:

“With Turaco leading the way, and building on our shared success with Hygeia, we are looking forward to helping more people in Nigeria gain access to valuable insurance products, supporting them when they need it most.”

Turaco joined the partnership through the acquisition of MicroEnsure Ghana in 2023. Now, Hygeia HMO and MIC Global benefit from Turaco’s expertise in facilitating growth, as well as premium and operational support.

Together, the three companies are embarking on a renewed mission to expand healthcare protection within the Nigerian market by developing new products and increasing distribution and accessibility with new corporate partners.

Ted Pantone, CEO & Co-Founder, Turaco, said:

“We are thrilled about this partnership with Hygeia HMO and MIC Global. With 80% of Nigeria still uninsured, but high levels of fintech penetration, Nigeria provides an ideal opportunity for Turaco’s white-labelled, tech-enabled model. In the first year of our Nigeria operations, we saw a high demand for insurtech solutions from both distribution partners and customers.”

Hygeia offers a wide range of health plans for Nigerian individuals, families, and businesses. This partnership enables Hygeia to reach and protect more customers with health plans that ensure people can affordably access medical care through its extensive healthcare provider network.

Kingsley Ezeocha, Head of Sales and Marketing, Hygeia HMO, added:

“We are excited with this partnership as it is in line with our mission: To help our members access quality healthcare affordably. The economic realities in the country have greatly put a divide between the rich and the poor, making quality healthcare inaccessible to a large number of the populace. Over 30 years now, we at Hygeia HMO have championed making quality healthcare accessible and affordable.”

About MIC Global:

MIC Global is a full-stack embedded micro insurance provider purpose-built to transform the insurance industry by reimagining and integrating simple and relevant insurance products that provide loss of income cover for people so that they can provide for their families and recover swiftly. MIC was founded with an aspirational goal to help close the insurance protection gap by providing inclusive and affordable insurance to people and to support them in their time of need.

To learn more, 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 1.5 million lives and has facilitated the payment of more than 20,000 claims to date.

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

About Hygeia HMO:

Hygeia HMO is a healthcare management organization (HMO) in Nigeria that focuses on providing comprehensive and quality healthcare services. Their mission is to improve the health and well-being of individuals and communities by offering a range of healthcare plans and services. Hygeia emphasizes the importance of preventive care, health education, and access to medical services. They strive to create a healthier population through innovative and patient-centric healthcare solutions.

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

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Way.com and Harmonic partner with MIC Global to enable Auto Glass Breakage and Involuntary Loss of Employment Insurance in the US

03.12.2024
Insurtech Press Release
a pr way harmonic

OAKLAND, CA, UNITED STATES (March 12, 2024) – Way.com and Harmonic, and its local insurance partner, are partnering with MIC Global to deliver Auto Glass Breakage and Involuntary Loss of Employment Insurance as an addition to its Way+ membership plans in the US.

Harmonic Insurance Services is collaborating with MIC Global’s innovative technology company, MiCology, which provides its MiConnect technology platform capability to support rapid claims processing when a Way.com member raises a claim.

Way.com is the leading car super app in the US, serving millions of customers with a wide range of car services through its mobile app. The new embedded coverages provide its members with peace of mind and financial protection. Timely payments help with the cost of repair, replacing stolen items, or simply to ease the stress of the situation when their car window is broken, and to keep on top of car-related expenses in the event of involuntary layoff.

About Way.com: Way.com, the leading car platform, serves 7 million drivers, offering a wide array of high-quality car services in one app. Ranked #48 in a16z’s Marketplace 100, Way.com is dedicated to making car ownership affordable, providing top auto insurance and parking rates, cash back on gas, roadside assistance, EV parking, top-rated car washes, the best auto refinance rates, and extensive partnerships across 50 states.

About Harmonic Financial Technology: Harmonic Financial Technology integrates insurance services into everyday products, leveraging scalable technology, customizable user flows, and a robust compliance stack. This enables businesses to embed insurance offerings into their services, helping consumers secure necessary coverage and businesses to generate new revenue streams. For more information, visit harmonicft.com.

About MIC Global: MIC Global is a full-stack embedded micro insurance provider purpose-built to transform the insurance industry by reimagining and integrating simple and relevant insurance products. MIC was founded with an aspirational goal to help close the insurance protection gap by providing inclusive and affordable insurance to people and to support them in their time of need. To learn more, please visit micglobal.com.

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MIC Global partners with WRMS Global to deliver Flood Resilience cover to Merchants and Gig Workers in India

02.08.2024
Gig Economy MiIncome Natural Hazards Press Release
a pr wrms

NEW YORK, NY, UNITED STATES (Feb. 8, 2024) – MIC Global is partnering with WRMS Global and local insurers in India to bring loss of income coverage to India’s merchants and gig workers faced with unprecedented flood risks, supported by MIC’s MiIncome digital reinsurance solution.

In the first of a series of product innovations responding to increasing events caused by natural hazards – such as floods – and the subsequent loss of income gap experienced by working individuals across the globe, MIC have developed their Flood Resilience trigger as part of their MiIncome digital reinsurance solution.

This new to market parametric micro insurance product – available to customers via platform partners and local insurers in India – provides micro businesses, merchants, and gig workers in India with access to cover for when faced with loss of income due to flooding in their local area. MIC’s solution includes a parametric claims process. When defined conditions are met, inconvenience payments are made to help platform companies put money into the pockets of individuals, supporting them when flooding hits their local area.

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

“As we embark on this exciting journey with WRMS, we are proud to introduce our first of its kind flood resilience product for the Indian market. Together, we are pioneering resilience micro insurance, supported by our MiIncome digital reinsurance solution – protecting merchants and gig workers in India from the harsh impact of income loss due to flooding and thereby helping to secure their livelihoods. This innovative product not only defines a new micro insurance category for India but also reflects our commitment to building a more sustainable and resilient future for the backbone of the nation’s economy.”

WRMS is a climate and agriculture risk management company. WRMS helps people and businesses boost productivity, engage in sustainable working practices, and secure a reliable income through risk management solutions based on data, technology, and financial innovation.  Key to this partnership is WRMS’ commitment to securing income.

Anuj Kumbhat, CEO, WRMS, adds:

“Our collaboration with MIC Global is an alliance with a shared purpose. This partnership embodies our joint commitment to create a more resilient future, intricately tailored by our expertise to fortify vulnerable individuals, communities, and businesses against emerging natural disaster risks. Together we are revolutionizing protection for millions of lives and livelihoods, ensuring resilience in the face of rapid climate change and evolving challenges.”

About MIC Global:

MIC Global is a full-stack embedded micro insurance provider purpose-built to transform the insurance industry by reimagining and integrating simple and relevant insurance products that provide protection for people so that they can provide for their families and recover swiftly. MIC was founded with an aspirational goal to help close the insurance protection gap by providing inclusive and affordable insurance to people and to support them in their time of need.

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

About WRMS Global:

Established in 2004, WRMS Global is a leading climate & agricultural risk management company. WRMS Global has collaborated with both Central and State Governments and renowned institutions like PepsiCo, Bayer, World Bank, and HDFC. It has successfully implemented income guarantee programs that have positively impacted more than 10 million beneficiaries. Beyond this, WRMS Global also works with businesses to provide comprehensive risk management solutions to help them protect their operations from extreme weather events and adversaries.

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

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MIC Global Raises US$6 Million Funding Round led by Launchpad Capital

01.25.2024
Company News Press Release
a pr funding

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.

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