Our COO, Harry Croydon, features on the Insurtech Story Podcast podcast, joining Surya Saha as they discuss transforming access to insurance through embedded micro insurance, the role of AI and blockchain within micro insurance solutions, and explore real-world embedded micro insurance success stories and lessons. (28m 39s).
Learn more about Insurtech Story Podcast on their website.
Listen on: Apple Podcasts | Spotify | Amazon Music | YouTube
LONDON, UNITED KINGDOM (Oct. 10, 2024) – MIC Global (MIC) is pleased to announce that it intends to become a Lloyd’s coverholder of Greenlight Re’s Syndicate 3456 (S3456) subject to applicable approvals. This strategic move marks a strengthening of the partnership between MIC and Greenlight Re, building on their shared focus on innovation within the Lloyd’s market.
MIC is focused on embedding micro insurance solutions for platform businesses, while S3456 is specialised in delivering market-leading insurance products through partnerships with leading InsurTechs.
Greenlight Re has been a strategic partner of MIC since its inception, and this next step further solidifies this collaboration. Both parties aim to leverage their collective expertise and resources to drive greater innovation at Lloyd’s.
Jamie Crystal, CEO of MIC, said:
“We are excited about joining forces with S3456. This allows us to build on our existing partnership and to leverage the scale and resources that S3456 and Lloyd’s bring. We are confident that this will enhance the value we can deliver to our clients and business partners.”
Pat O’Brien, CEO of Greenlight Re Ireland, added:
“We are delighted to welcome MIC to S3456. We are confident that the combined strength will create an even more dynamic and innovative hub within Lloyd’s. The addition of MIC as a coverholder with S3456 will provide substantial value and resources to both Greenlight Re and MIC, and we look forward to building on this strong foundation.”
Lorraine Harfitt, CEO of Asta, said:
“This partnership represents an exciting opportunity to strengthen the innovative capabilities of S3456. We look forward to supporting their continued growth and success at Lloyd’s.”
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 Greenlight Re:
Greenlight Capital Re, Ltd. (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.
About Asta:
Asta Managing Agency is the leading third-party managing agent at Lloyd’s and is responsible for 12 syndicates, eight SIABs and one SPA, with capacity under management in 2024 of more than £2.5bn:
8 SIABs:
MGAs:
Asta Underwriting Management Limited (AUML) brings the skills, experience and capabilities of the leading third-party managing agency at Lloyd’s to the MGA market.
MGAs under management:
NEW YORK, NY, UNITED STATES (Sept. 24, 2024) – MIC Global (MIC), a pioneering full stack embedded micro insurance company, is partnering with General Insurance Corporation of India Limited (GIC Re), India’s domestic reinsurer and one of the world’s largest reinsurance groups, to provide digital reinsurance solutions to India’s insurance providers.
The partnership paves the way for MIC’s expansion within the Indian insurance market.
Jamie Crystal, Co-Founder and CEO, MIC Global, said:
“We are excited to be partnering with GIC Re to enable insurers in India to offer simple and relevant products to the country’s population, protecting specific risks that affect individuals daily. This partnership continues our mission to provide our MiIncome reinsurance solution with its technology-enabled loss of income risk triggers to underserved people globally.”
MIC and GIC Re’s first reinsurance solution supports The New India Assurance Co. Ltd.’s ‘My Identity Theft Insurance’ product, which provides identity monitoring, restoration, and insurance services. New India customers register their personal identities on the MiIdentity platform* – such as Permanent Account Number (PAN) and bank card information – and can leverage embedded insurance to help mitigate monetary loss caused by their identity being stolen and used fraudulently.
Hitesh Joshi, Executive Director, GIC Re, said:
“GIC Re, India’s sole domestic reinsurer, is pleased to partner with MIC Global to provide digital reinsurance solutions to the Indian insurance market. We believe our first reinsurance product together will meet the need of the market and enhance personal digital security, thereby contributing to a more reassuring digital environment in India. We look forward to working with MIC to further expand India’s insurance safety net.”
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.
*The MiIdentity platform was developed by MiCology, part of the MIC Group of companies.
To learn more, please visit https://www.micglobal.com or Contact Us (Press Inquiries)
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 has been ranked 16th largest global reinsurer group by AM Best, based on gross reinsurance written premium figures in 2022. GIC Re maintains a diversified risk portfolio that includes property, health, motor, agriculture, marine, engineering, aviation, liability, and life.
For more information, please visit https://www.gicre.in
We are delighted to welcome Erik Jarrin Peters to our team as a SVP – Americas.
With over 25 years of expertise in the insurance and reinsurance industry, Erik is not just a strong underwriter and strategic leader, but a true industry trailblazer. Erik’s experience spans international markets, leading high-performance teams, and delivering outstanding, sustainable results across all lines of business.
Erik’s deep passion for developing risk transfer solutions, especially in micro and inclusive insurance, aligns perfectly with our vision for growth and innovation. Their hands-on approach to crafting client-centric, cross-functional insurance solutions will be a game-changer as we continue to expand our global footprint.
On joining MIC, Erik said: “I am pleased to be part of MIC Global as SVP – Americas. I look forward to connecting with industry leaders as we work to close insurance protection gaps across the Americas with inclusive and innovative embedded micro insurance solutions.”
Our Director of Pricing, Suguna Jayaraj, features on the Insurtech Story Podcast podcast, joining Surya Saha as they discuss the integration of artificial intelligence (AI) and machine learning (ML) into actuarial pricing. Suguna provides insight into why the industry is shifting to AIML, how new data sources like IoT and social media are used, and real examples of AIML’s benefits. (19m 31s).
Learn more about Insurtech Story Podcast on their website.
Listen on: Apple Podcasts | Spotify | Amazon Music | YouTube
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).
Learn more about Next Gen Calls on their website.
Listen on: Apple Podcasts | Spotify
▶️ Watch on: YouTube
25 June 2024
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/
25 de junio de 2024
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/
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.
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
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.
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/
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.
