MIC Global partners with Assurekit to provide Loss of Income Cover to India’s workforce
04.02.2024
MiIncomePress Release
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.
“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.
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.
MIC Global and Turaco partner with Hygeia HMO to drive Health Insurance Services in Nigeria
03.15.2024
MiIncomePress Release
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.
“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.
“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.
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.
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.
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
InsurtechPress Release
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.
MIC Global partners with WRMS Global to deliver Flood Resilience cover to Merchants and Gig Workers in India
02.08.2024
Gig EconomyMiIncomeNatural HazardsPress Release
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.
“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.
“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.
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.
MIC Global Raises US$6 Million Funding Round led by Launchpad Capital
01.25.2024
Company NewsPress Release
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.”
“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.”
“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.
* 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.
MIC Global: Simple Micro Insurance for Everyday Risks – Jamie Crystal, CEO [InsTech Podcast]
01.08.2024
Podcast
Ever wondered what MIC do? Why we do it? And how we are simplifying the insurance process? We have the podcast for you!
This insightful half hour gives you all you need to know about MIC for 2024!
Our CEO and Co-Founder Jamie Crystal features on InsTech‘s first podcast of 2024, joining Matthew Grant as they examine embedded micro insurance, dive into MIC as a company, and discuss our vision for insuring individuals with simple digital reinsurance products that protect their everyday risks. (28m 47s).
Key talking points include:
Understanding the concept of microinsurance
The problem MIC is solving – access to affordable products
Let’s talk about how we can collaborate on a digital reinsurance solution to help close protection gaps for your customers. Simply send us a few details below to get the conversation started.
New Year, New Password: Keeping Your Data Safe in 2024
12.27.2023
Cyber SecurityMiIdentity
With many of your trusted partners playing loose with your data and digital identity, is it time for you to make more effort? Six billion digital records were compromised in 2023 – more than those of 2021 and 2022 combined. (IT Governance)
So, it’s getting worse. The end of the year is time to do something. Many of us are now reflecting on the past year and thinking about how we can improve our habits. This coming year, we propose a different kind of resolution: maintaining your digital identities.
In today’s blog, we discuss what can happen with your compromised data, offer tips for improving your digital identity habits, and explore our solution to keeping your data secure: MiIdentity.
Let’s start with a few facts and figures from the last year…
Millions. Billions. Trillions.
An estimated 365 million people have been affected by data breaches in 2023 – slightly more than the entire population of the United States! (The Independent)
The largest data breach of 2023 happened to a UK-based digital risk protection company, DarkBeam, exposing a massive 3.8 billion records. (IT Governance)
In 2015, the global financial impact of cybercrime was estimated to be $3 trillion. It is now predicted that the annual cost by 2025 will be $10.5 trillion. That’s 5x the size of the UK’s GDP. (Forbes)
Consumers are feeling the effects. In a 2023 survey, 95% of studied organisations had experienced multiple breaches, and more than half of those breached were more likely to pass costs onto consumers. (IBM)
With these huge numbers in mind, is now the time you should be thinking about that 2024 New Year’s Resolution to finally take back some control and track your identity?
Why you should manage your data.
We all provide sensitive data to companies around the world, sometimes as simple as an email address to sign up to a newsletter, other times as complex as our health profiles when applying for insurance. We trust that it will be kept safely and used appropriately. You may not think too much about it when clicking submit, but outside of your control, your information (and by extension, you as an individual) instantly becomes vulnerable.
When a data breach occurs, your information can appear in shadowy corners of the internet – known as the dark web – and fall into the wrong hands. Primarily, cybercriminals use your compromised data for financial gain. With your stolen personal data (name, address, social security number, and date of birth, etc), cybercriminals can make fraudulent loan and credit applications, unauthorized transactions, and empty your bank accounts. With less information available, for example just an email address, you can be included in phishing email lists with the hopes that you may click and reveal more information about yourself.
Depending on how you are targeted, you can be left out of pocket and scrambling to secure your identity. But it doesn’t have to be that way.
Keeping your data secure.
As cyberattacks become more frequent with each passing year, we resolve in 2024 to protect our digital identities. Let’s look at four simple ways to do this.
1. Enable two-factor authentication (2FA) on all your accounts.
Where possible, enable this feature. 2FA adds an additional layer of security to your accounts, prompting users for a one-time password (via email/ SMS/ authenticator app), or biometric identifier (fingerprint/ facial recognition) be provided before allowing access to your account. If a hacker tries to remotely access your account, they will be unable to proceed. Check your account or app settings.
2. Be vigilant to phishing scams – spam emails, unsolicited texts, and unknown callers.
Phishing scams are becoming ever more sophisticated, in many cases looking identical to communications from real companies. You may receive an email asking to click to login and confirm account details (leading to a site harvesting user data), a text requesting confirmation of information (often linked to a premium rate number), or a phone call asking for all sorts of personal information (you know the ones!).
If you receive anything that seems suspicious: think twice, and do not click – unless it’s the delete button! If in doubt, contact the company in question directly.
3. Check for compromised data.
You can find out right now whether your email accounts have been compromised and leaked. Sites like Have I Been Pwned and Cybernews offer free tools that reveal in which breaches, if any, your email addresses and phone numbers have been leaked.
4. Change your passwords regularly and make them complex.
Having checked above, if your data has been leaked, there’s no better time than now to get your passwords updated. Regularly updating your passwords also means that if your details do get leaked, the data will soon be out of date, reducing the chance for malicious access – a good rule of thumb is every 90 days.
Your passwords should have at least 12 characters and include uppercase and lowercase letters, numbers, and special symbols – random jumbles make for even stronger passwords! There are many tools online that can do this and your device may even offer to set one for you, such as LastPass Password Generator or iCloud Keychain – make sure to keep your passwords in a safe, encrypted place.
Use MiIdentity, from MIC Global.
MiIdentity is our all-in-one identity monitoring and insurance platform, brought to customers via our insurance and platform partners. Upon registering, you provide the data that you wish to monitor, and our system proactively searches the dark web for listings and credit bureaus for financial activity. If your data is discovered or a suspicious transaction takes place, you are alerted with detailed information of your breached information – empowering you to secure your identity before it is used maliciously or further financial damage occurs.
In the event of theft and subsequent fraudulent use of personal identity documents, or monetary loss as the result of stolen or breached data, our Digital Identity reinsurance solution enables our partners to provide you with inconvenience payments to help deal with securing your compromised identity – such as replacing documentation or mitigating loss from a fraudulent transaction.
You are not alone in the identity recovery process. The MiIdentity platform is equipped with informative articles to kick-start recovery, and if further support is needed our team is available to help you through chat support and call operators.
Businesses can also benefit from MiIdentity. When a breach occurs, the platform becomes a critical tool in a full-scale data breach response. MiIdentity provides reports which can be used to measure the breach in real time, giving crucial data on the immediate and on-going impact as the breach progresses. Data from MiIdentity enables your recovery team to focus their efforts, and aids in creating specific messaging to support your customers.
Wishing you a secure 2024.
You wouldn’t leave your home or car unlocked for strangers to enter. So, as our lives and activities move increasingly online, we need to treat our personal data with the same respect and importance. With a few simple steps you can keep your data and digital identities safe on the internet and avoid being part of 2024’s statistics – a New Year’s resolution you can be sure to stick to next year and beyond!
“Happy New Year” from all at MIC Global.
Tell me more about MiIdentity
To learn more about our MiIdentity platform and digital reinsurance solution, visit our product page and get in touch with us below or via our contact form to discuss how we can help enhance your business’ customer cybersecurity offering and data breach recovery strategy.
Loss of Income Protection for Micro Entrepreneurs: From Risk to Resilience with Micro Insurance
12.21.2023
Gig EconomyMiIncome
Loss of income is an ever-present concern for micro entrepreneurs. The cause could be as simple as a broken phone or stolen laptop preventing fulfilment of over-the-phone or e-orders (plus the cost of repair or replacement!), sudden illness preventing work for a few days, or an overnight break-in closing a shop for repairs. Inconveniences that make them unable to sell their wares and services, causing immediate loss of income and monetary outlay.
MiIncome digital reinsurance is our loss of income micro insurance solution. We work with insurance and platform partners to support their own income protection products with tailored, trigger-based, reinsurance solutions that are relevant to their target demographic. MiIncome increases brand stickiness by showing platform customers that the brands that they already know and interact with have their backs when they’re faced with life’s inconveniences, boosting customer satisfaction and trust.
Wait, isn’t there already business interruption insurance?
While business interruption insurance sounds like the obvious solution, it generally isn’t suitable for micro entrepreneurs.
Business owners can protect their assets, employee wages, and incomes with business interruption insurance. Typically, these policies cover losses following large-scale disaster events that cause material property damage (building and stock) or create obstacles to business operations at a specified location. Events may include natural disasters, fire, flooding, and utilities failure (water, gas, and electricity).
This one-size-fits-all approach creates a protection gap for micro entrepreneurs. Often, these individuals don’t work from a fixed location or out of a commercial property (such as market and street traders or cottage industries). Many don’t hold stock or have employees to pay. However, they need protection for the financial inconveniences and income disruptions that result from large-scale events, and everyday life incidents that stall their business activities and ability to earn.
Let’s consider a food truck owner. Their business is mobile, they hold small quantities of fresh ingredients replenished daily, and work alone. They insure their truck for damage and theft, but as for their income, business interruption insurance simply isn’t a good fit for this micro business. If a flood were to hit and halt business, the owner is subjected to loss of income while unable to trade.
We are disrupting business interruption insurance.
Providing micro entrepreneurs with a relevant solution.
Our MiIncome digital reinsurance solution fills the gap left by traditional insurance. Unlike business interruption insurance, MiIncome is not dependant on large-scale events and consequential material damage to the business. Instead, through our platform partners, we cover the individual rather than their business.
Designed to protect individual’s income from life’s inconveniences, MiIncome helps our insurance and platform partners to provide quick payments to help cover their customers’ expenses when something happens that disrupts their ability to trade and earn. MiIncome is parametric, with defined pay-out triggers to ensure that a platform’s customers know exactly what they’re covered for, how much to expect, and for how long.
Working with you to support micro entrepreneurs.
Convenience, accessibility, and affordability are key to MiIncome. We collaborate with you to create a highly desirable MiIncome product tailored to the needs of your customers. This is embedded within your platform as an add-on to your core offering – differentiating your brand and creating a new revenue stream.
For example, MiIncome could be offered to micro entrepreneurs as part of a bank’s small business current account, ready to be called upon when income temporarily stops – perfect for the food truck owner mentioned earlier. In the digital world, it could be offered to sellers on an online storefront, for times that they are unable to fulfil orders due to personal circumstances – keeping sellers on the platform with an enticing benefit.
Your solution is integrated with our tech services via API, ready for when a customer needs to claim. Our claims process is powered by advanced AI technologies, allowing for rapid straight through processing. Claims can be received, assessed, settled*, and paid to our local insurance partners without human input, helping you to put money in your customers’ pockets fast – meaning that micro entrepreneurs can recover from whatever inconvenience is impacting their income and get back to business.
Helping micro entrepreneurs stay afloat.
Running a business comes at great personal risk. When unable to trade and faced with unexpected costs through no fault of their own, micro entrepreneurs are vulnerable to loss of income, and often don’t have insurance to fall back on. An affordable MiIncome safety net helps reduce that risk by ensuring they have a buffer in times of hardship, ready to pay out in just a few clicks.
So, for when life happens micro entrepreneurs, be sure to have a MiIncome solution in place to help keep them in business!
Tell me more about MiIncome.
Thanks for reading our article. To learn more about MiIncome, visit our product page and get in touch with us below to discuss how we can help your business put money in your customers’ pockets in their time of need.
MIC Global collaborates with Experian to bolster its MiIdentity product in India
12.20.2023
Cyber SecurityMiIdentityPress Release
NEW YORK, NY, UNITED STATES (Dec. 20, 2023) – MIC Global has entered a service level collaboration with Experian to strengthen the dark web and credit bureau monitoring service within MIC’s MiIdentity platform. MiIdentity is set to launch in India, bringing robust digital identity monitoring to individuals in the country’s rapidly growing online population.
MiIdentity is MIC’s proactive digital identity monitoring and insurance platform. The MiIdentity platform offers real-time dark web and credit bureau tracking, sending registered users alerts when their compromised data or suspicious financial activity is discovered. MiIdentity’s Digital Identity insurance component (provided as digital reinsurance via insurance platform partners) offers cover when individuals suffer a financial loss due compromised identity or financial data and documentation. In collaboration with Experian, Indian users can expect industry leading data monitoring, helping them to keep their data secure and maintained.
Experian is an international data analytics and consumer credit reporting company. The company’s core offerings include credit reporting, scoring models, and identity protection services, which empower businesses to assess creditworthiness and consumers to manage their financial well-being. Experian’s identity tracking expertise drives value and sets new standards in safeguarding digital identities, ensuring a secure and resilient online environment.
About MIC Global:
MIC Global is a full stack digital microinsurance company that provides embedded microinsurance for today’s digital world. MIC Global combines insurance capacity, in-country insurance licenses, world class distribution, and scalable tech. MIC Global creates embedded microinsurance solutions for platform companies that adds value by enhancing their brand, differentiating their product, driving up revenue, and attracting and retaining customers.
Experian is a global information services company that specializes in providing data and analytics solutions to assist businesses and individuals in making informed financial decisions. With a presence in 37 countries, Experian plays a crucial role in the financial ecosystem by collecting and analyzing vast amounts of data related to credit history, identity verification, fraud detection, and more.
Bouncing Back from Natural Disaster: Solving Individual and Economic Resilience with Micro Insurance
11.16.2023
Gig EconomyMiIncomeNatural Hazards
Flood. Storm. Earthquake. Wildfire.
These are among the most common forms of natural hazard events experienced around the world, and they’re becoming more frequent as climate change takes hold. These natural hazards can strike at any moment and often displace people, halt livelihoods, and can even affect country economies.
Resilience – “the capacity to withstand or to recover quickly from difficulties” – is key to individuals and economies coping with the aftermath of catastrophic events. In financial recovery terms, this means having an emergency fund available to aid recovery, but for many this simply is not possible. The insurance industry can offer a lifeline to enable individuals to weather the storm during a natural hazard event and after the dust settles, water retreats, or fires are put out.
In today’s blog, we consider the immediate financial effects of natural hazard events and how micro insurance products, such as MiIncome, can play a vital role in helping individuals and communities bounce back when disaster strikes.
Let’s consider someone many of us see in the streets every day or have seen on news stories…
Weathering the Storm
Ali is a bicycle rickshaw rider living in a country prone to extreme weather. As a gig worker, his income is based on his ability to work. For Ali, that’s riding and receiving fares, so any disruption can be costly. The last few years have been tough. The pandemic halted his earnings as people were mandated to stay in their homes, so he had no choice but to break into his savings to keep on his feet. Now, any emergency expense or loss of income is a major issue, as living week to week, he has little left to save.
Recently, the country has experienced an extended dry spell followed by torrential rainstorms that lasted a couple of days, with more rain expected. In Ali’s hometown, flash flood waters have risen rapidly, resulting in streets resembling rivers, and ground floors of homes and buildings like dirty swimming pools. Lives are on hold as flooding impedes movement, forcing many shops to close and utilities to be switched off.
Ali is attempting to work as usual, but with flood water up to his waist and being unable to see debris around his feet, he soon concedes and returns home, resulting in immediate loss of income. With more rain forecast, he has no idea when he’ll return to the road. To add insult to financial injury, with water and electricity supplies shut off, he needs to buy bottled water and much of his food could go to waste, requiring replacement when normality resumes – another inconvenience he could really do without.
A Global Protection Gap
Ali has an immediate need to access money to survive the flood, but dwindled savings will make day-to-day life challenging.
This begs the question – how can micro insurance be used to improve individual and national economic resilience in areas vulnerable to natural hazards?
MiIncome for Individual Financial Resilience
MiIncome digital reinsurance solution is our affordable, accessible, and relevant loss of income product which ensures people are adequately protected from threats to their livelihoods and incomes. We work with insurers and platform companies to support their own income protection products by tailoring MiIncome to their business and target demographic’s needs.
The MiIncome Resilience trigger provides coverage for loss of income due to natural hazards and extreme weather events. Coverage is parametric, enabling our insurance and platform partners to provide fast inconvenience pay-outs to their customers when insured events are met, to help navigate the issues they face in the moment. Going back to our earlier scenario, with coverage supported by MiIncome in place, Ali’s income gap will be softened, enabling him to afford emergency expenses, plug his lost income, and ride out the weather event.
Branching out further, MiIncome can be utilised at a national scale to help aid a country’s economy in the wake of natural hazards and extreme weather.
Where countries have a large proportion of gig and MSME entrepreneurs operating, a natural hazard event can temporarily remove many of these workers from the economy. Government-backed micro insurance programs can be offered to ensure that their local economy continues to operate and grow while people and small businesses recover from disaster.
Disaster Response Micro Insurance Case Studies
To better understand the practical impact of micro insurance on a national scale in post-disaster scenarios, let’s look at a few examples:
The Philippines: The Philippines is a nation that frequently faces extreme weather, including typhoons and earthquakes. Micro insurance programs, supported by both the government and local organisations, have allowed vulnerable communities to rebuild their homes and livelihoods after devastating events.
India: The Indian government has implemented micro insurance programs that specifically target agricultural communities. These policies provide coverage against crop failure due to extreme weather events, ensuring that farmers can recover and continue their agricultural activities even after a poor harvest.
Haiti: After the devastating earthquake in 2010, micro insurance played a crucial role in helping Haitian families rebuild their homes. Local organizations provided affordable micro insurance options, enabling communities to recover from this catastrophic event.
Helping People Recover from Natural Hazards with MiIncome Resilience
Natural hazards and extreme weather can hugely affect individuals in the moment, with a need for quick access to funds to cover short term loss of income, or in more serious circumstances provide cash to survive. Country’s economies can also suffer disruption while workers are unable to work and pay for goods and services.
With MiIncome Resilience, workers can access policies designed to help them in their hour of need with fast inconvenience payments*, which may provide a real lifeline when navigating a natural disaster. On a grander scale, governments can protect their citizens with government-backed insurance, but also gain a safety net that ensures that their economies remain stable and can weather the storm, while they focus on disaster recovery.
Tell me more about MiIncome Resilience
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