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Navigating Daily Disruptions: How MiIncident Supports Customers When Life Happens

09.20.2023
Micro Insurance MiIncident
blog miincident

Update March 2024: Our MiIncident triggers are now part of MiIncome.

Life is a journey full of surprises, adventures, and unforeseen challenges. Every day, we encounter a myriad of risks. Many of these risks are minor disruptions that hinder our day, creating problems to solve that we hadn’t accounted for, though some can cause major setbacks. It could be a delayed flight, a damaged mobile phone, or in worse cases a natural disaster – the reality is that disruptions are an inherent and unavoidable part of life.

Understanding the daily risks we face enables us to plan for accidents and eventualities beyond our control, helping to mitigate the financial impact and inconvenience caused by unexpected incidents. However, this task often proves to be more challenging than anticipated, particularly when it comes to emerging risks that lack appropriate coverage options – leaving us to make reparations when incidents occur.

How can your company help customers with everyday risks?

Introducing MiIncident

We have developed the MiIncident digital reinsurance solution, a suite of event-based triggers that protect people’s property and possessions, and against daily disruptions. The suite includes Travel Inconvenience, Gadget, Sensor, Porch, and Mobility, with each designed to provide lump-sum reimbursements to individuals who are affected by incidents beyond their control.

MiIncident differentiates your company or service by enabling you to offer timely opt-in coverages to customers. For example, while purchasing a smart doorbell device, a MiIncident program can be offered to replace packages in the event of porch piracy (theft). Whatever your line of business and your customers require, MiIncident can be customized to cater to your specific demographic, desired coverages, or program size. We collaborate with you to ensure that MiIncident is efficiently delivered to your business and the customers within your market.

Your company + MiIncident

MiIncident is an embedded micro insurance product that is implemented into your company’s existing digital platform or service – typically embedded into warranty products, finance products, and guarantees. With a MiIncident program as part of your company’s digital offering, customers are encouraged to opt-in to applicable coverages during the purchase journey, when it’s most relevant for them to consider. MiIncident can also be included as an integral part of a product or service itself, for example within an IoT device service warranty.

The possibilities for incident protection are endless and MiIncident enables this popular product category – delivering useful coverages for everyday risks. When an enrolled customer is affected by a covered incident, they can claim benefits directly from your company’s app or website. Through an integrated API connection, our MIC machine receives customer claim requests for efficient automated handling. Our AI-powered claims process evaluates and investigates the claim details, ultimately making a quick settlement decision* before sending funds to our local insurance partner. This effective process ensures that you can help your customers with funds in their bank account within a matter of hours – allowing them to focus on solving their problem without worrying about the financial implications.

Including MiIncident in your company’s service or product demonstrates to your customers your long-term commitment to their purchase decision. Whether it’s a shattered phone screen, catastrophic weather event, or lost luggage (to name a few!), MiIncident coverages reassure customers that when faced with inconvenience, your company will be there to provide a helping hand – boosting customer satisfaction and brand trust.

MiIncident Triggers

The MiIncident suite consists of six triggers, which are used to create your company’s incident protection program. Each trigger has been developed to cover specific circumstances that impact individual’s lives. These triggers are designed to complement each other, for example a Gadget program could be combined with elements of Travel Inconvenience to offer additional coverage in the event of laptop damage as a direct result of rough baggage handling.

Travel Inconvenience supports travellers in the event of disruption beyond their control that incurs unaccounted for financial outgoing. This could be a delayed flight where an individual needs to buy food while waiting, lost and delayed luggage after a journey that causes a missed connection. In the event of disruption and incurred cost, customers are reimbursed with inconvenience payments to put toward dealing with the situation. Read about Travel Inconvenience.

Gadget covers accidental damage to tech product components, unexpected mechanical breakdown, extended warranty, and theft. We protect a wide range of tech products including mobile phones, point of sale (POS) devices, IoT devices, cameras, drones, sports equipment – and we’re always open to discussing more tech categories! The Gadget trigger provides payments that can be put towards repair or replacement of covered products so that people can get back to using their gadgets as required. Read about Gadget.

Sensor is a warranty coverage linked to IoT sensor devices. Sensor is embedded in the service warranty of specialised devices for monitoring water leakage unrelated to weather events, providing reimbursement for water damage and loss for protected buildings. With the influx of flow and leak detecting IoT sensors for various applications – such as gas flow, electrical current, and pressure sensors – the Sensor trigger can be adapted to meet the requirements of your market.

Porch Package Piracy is a service guarantee that can be embedded into IoT devices such as security cameras and smart doorbells. If a package is left within sight of a covered device and consequently stolen, subscribed customers can claim for reimbursement to pay for replacing the package. With people’s shopping habits increasingly moving online, package deliveries on porches have quickly become a common sight. In response, the Porch Package Piracy trigger is designed to mitigate the risks of packages left in insecure locations. Read about Porch Package Piracy.

Mobility is there for drivers and vehicle companies when they are faced with disruption. Whether a damaged vehicle needs quick repair, a vehicle is targeted and parts stolen, or the vehicle itself is stolen – the Mobility trigger enables quick payments to get drivers back on the road.

Tell me more about MiIncident

To learn more about MiIncident, 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 support benefits.

* 80% of claims turned around within 48 hours, May–Dec 2023.

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MIC Global partners with Turaco to strengthen affordable insurance in Ghana

09.19.2023
Company News Press Release
a pr Turaco

ACCRA, GHANA (Sept. 19, 2023) – Turaco, Africa’s leading tech-enabled affordable insurance company, today announced the acquisition of MicroEnsure Ghana, a pioneering microinsurance company from MIC Global.

Under the deal, MicroEnsure will rebrand as Turaco Ghana and retain the expertise of the existing team and leadership. The acquisition is part of Turaco’s long-term vision to provide simple and accessible insurance to 1 billion people.

The expansion increases Turaco’s operational markets to four–Kenya, Uganda, Nigeria, and Ghana–and active policies by 25%. New and existing customers will benefit from improved tech-driven processes, which will reduce the turnaround time of claims paid out and optimise service offerings.

The acquisition will also provide an opportunity for Turaco to bolster partnerships with incumbents and develop a strategic reinsurance partnership with MIC Global, one of the leading micro-reinsurance businesses in the world.

Ted Pantone, Co-founder & CEO of Turaco, said:

“This deal marks a significant milestone for our growth and expansion strategy for Africa and a strategic move to drive innovation into a market that has one of the continent’s highest insurance coverage rates. We are excited about the opportunity to build on the 15-year legacy of MicroEnsure and leverage our customer-centric tech solution to provide affordable and accessible cover.

“Turaco Ghana is a fantastic team with lots of enthusiasm and most importantly, expertise for this next chapter, which we’re confident will make this transition period seamless for our partners and customers.”

According to 2021 census data, Ghana has one of Africa’s widest insurance coverage levels, with more than 60 per cent of its population holding either the National Health Insurance Scheme (NHIS) or a private health insurance scheme. Yet millions of Ghanaians still lack access to healthcare, with more than 10 per cent experiencing catastrophic financial shocks due to yearly health expenditures. Those who do have insurance find it hard to use, with complex exclusions and slow turnaround times for claims payment.

Leona Abban, General Manager of Turaco Ghana, said:

“As a pioneer of microinsurance in Africa, we focused on making an impact while providing affordable insurance to low-income customers. Over our 15-year history, our inclusive approach has benefited 3 million Ghanaians with the safety net of being insured.

As we move into this next growth phase as Turaco Ghana, we look forward to leveraging our in-market experiences to improve our approach further and capture additional segments of the market that have historically been excluded.”

Turaco Ghana (formerly MicroEnsure) was the pioneer microinsurance intermediary in Ghana, providing insurance for low-income earners and the first to launch mobile insurance through Tigo in 2012 and Airtel in 2013, serving 3 million customers.

In 2020, the company provided insurance protection to 4,000 Micro, Small and Medium Enterprises in Ghana, with free comprehensive life and business protection in partnership with the United Nations Capital Development Fund. In 2020, it launched a health protection plan for customers of Vodafone Ghana.

Harry Croydon, Co-Founder & COO of MIC Global, commented:

“I am delighted to partner with Turaco as they take over management and operations of MicroEnsure Ghana (now Turaco Ghana). We are confident that our micro-insurance products and the unique Turaco model will drive continued success in providing millions of customers the insurance safety net they need ”

Turaco Ghana team photo
Turaco Ghana team

Launched in 2019, Turaco uses technology to increase access to affordable insurance with a seamless and customer-centric approach. Turaco’s B2B2C business model leverages partnerships with tech-enabled, mass-market companies such as telcos, banks, and fintechs, to provide easy distribution and insurance management.

Turaco embeds its service as a white-labelled offering that is bundled with a partner’s core product or service, integrating with their existing payment processes to collect premiums. Leveraging its proprietary algorithms, Turaco ensures claims are processed within three days.

Through its active partnerships, Turaco has designed and delivered a suite of bespoke insurance packages, including medical, life, asset, and vehicle insurance, that have already covered over 1,300,000 lives across Nigeria, Kenya, Uganda, and now Ghana.

About MIC Global:

MIC Global is a full stack digital microinsurance company that provides embedded microinsurance for today’s digital world. MIC Global combines insurance capacity, in-country insurance licenses, world class distribution, and scalable tech. MIC Global creates embedded microinsurance solutions for platform companies that adds value by enhancing their brand, differentiating their product, driving up revenue, and attracting and retaining customers.

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

About 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 1.3 million lives and has facilitated the payment of more than 15,000 claims to date.

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

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How to Build a Micro Insurance Company: The Four Pillars for Success

08.23.2023
Insurtech Micro Insurance
blog fourpillars

In a world brimming with uncertainties, the need for accessible and adaptable insurance solutions has never been clearer. This is where micro insurance steps in, offering a safety net to those who often fall through the gaps of traditional coverage.

This is enabled by micro insurance companies – such as us! – who are built with four fundamental pillars: products, underwriting, technology, and distribution. These elements form the foundations upon which a micro insurance venture stands, determining its ability to reach individuals and provide them with timely protections. Each pillar is crucial in order to serve embedded micro insurance products at scale, on a global level, and – most importantly – profitably.

Here, we examine the pillars needed for a successful micro insurance company, how we utilise each within our own business, and what they mean for our development process, partners, and end-customers:

Simple and Relevant Insurance Products

Micro insurance products are the first essential element – nobody can be insured without a product to offer them! Where traditional insurance products are comprehensive and cover significant aspects such as life, health, home, and car; micro insurance products are simply worded and focus on the small stuff – everyday disruptions that people face such as accidental damage, minor medical expenses, and income gaps. Developing micro insurance products is all about creating solutions to meet the unique needs of individuals with customized product offerings that address specific risks.

These products aren’t concerned with the specific losses or damages that occur – instead, fixed pay-outs are made once defined parameters are met. This approach allows micro insurance to operate in spaces where traditional insurance may provide limited coverages. Early success is being seen within the sharing and gig economies.

Products Designed for Everyday Risks

We have developed a simple and relevant digital reinsurance solution – MiIncome – designed to fill the world’s insurance protection gaps that traditional insurance is not suited to cover. MiIncome is split into distinct triggers, each covering different aspects of people’s lives. When activated, the trigger events allow insured individuals to make a claim. We work with our insurance and platform partners to tailor these triggers to their requirements and create a digital reinsurance solution that fits them perfectly. A partner’s micro insurance product is embedded into their platform or service and offered to their customers during the sales journey.

Crucially, these products are repeatable. This means that once we have developed a particular product in a market, we can roll it out over and over, tweaking as required for each partner. Rapid development and deployment enable platforms to take their insurance product from concept to customer in weeks.

Putting Money in People’s Pockets

Our MiIncome digital reinsurance solution consists of short-term loss of income triggers, covering people’s personal income when threatened by specific circumstances. Let’s look at a few examples.

  • MiIncome Involuntary Loss of Employment offers two or three monthly payments to help cover the loss of income experienced by workers that receive involuntary unemployment while they find a new job.
  • MiIncome Accident & Health provides coverage for individuals who suffer a personal accident and are unable to work or face unexpected medical expenses such as Emergency Room visits or hospital stays, meaning people can look after their health without the worry of how to pay for it.
  • MiIncome Resilience protects individuals from events that disrupt income, such as extreme weather, public transit outages, and family matters.

We also offers triggers for personal property, possessions, and disruptive events that impact individuals in their daily lives. Protections are designed as warranties for tech devices such as mobile phones, IoT sensors, and smart home devices, and inconvenience payments when traveling such as a delayed flight or lost suitcase.

Our MiIdentity solution protects people’s physical and digital lives. Our robust MiIdentity platform, coupled with MiIncome Digital Identity reinsurance, provides protection in cases of identity theft and resultant monetary fraud, reimbursing people for lost funds when targeted by malicious actors.

Each of our triggers give insured individuals peace of mind that should they face the misfortunes that they are covered. Our solutions support our partners in providing timely inconvenience payments to their customers, quickly putting money in their pockets to help bounce back comfortably.

Innovative Underwriting

The next step is to underwrite the products in order to insure people. Simply put, underwriting is the process by which insurance companies assess risks and determine the terms, conditions, and pricing of insurance policies.

For consumer insurance policies, this involves analyzing factors like an applicant’s health, age, occupation, and lifestyle to make informed decisions about coverage eligibility and premium rates. Reinsurance – the transfer of a portion of a primary insurer’s risks to other insurers – involves a different type of risk evaluation. Reinsurers (that’s us!) assess the risks that primary insurers take on, with reinsurers focusing on assessing and modelling portfolios before deciding to offer reinsurance. This process helps spread and manage risk, enhancing the stability of the insurance market.

There are many underwriting companies out there that can assist, however, legacy systems, processes, and convoluted distribution chains have lumbered much of the industry with  high costs and premiums for end-customers – which isn’t ideal for micro premiums. Fortunately, there is another way!

Data-driven Underwriting, Backed by Lloyd’s

To keep our premiums low and be able to sell our products globally, we set our sights on underwriting in-house. First, we built an underwriting team consisting of underwriters, actuaries, and operations and compliance experts. Next, we undertook the monumental task of opening a Syndicate with Lloyd’s of London, MIC Global Syndicate 5183, which we achieved in June 2022 – after an immense amount of hard work and dedication from all involved! As of January 1st, 2025, we continue to leverage Lloyd’s of London’s scale and resources as a Coverholder for Greenlight Re’s Syndicate 3456.

We have a clear and focused product development process where we simultaneously carry out data analysis, risk assessment, decision making, wording development, and premium pricing. This ensures our digital insurance products are designed efficiently, reducing cost and increasing speed to market.

With our underwriting operations in-house, we can better understand our active accounts. As data begins to flow from partners – using APIs – our team analyses the information and creates detailed reports. This enables us to discuss pricing strategy and make informed recommendations to our partners and local insurance partners quickly to drive growth and profitability, while feeding more data into our own pricing models to facilitate future projects.

Our products are underwritten by certain underwriters at Lloyd’s and in-house through MIC Re, so we are able to offer microinsurance to global partners, accommodating projects of all sizes and scope.

Lloyd's logo with 'Syndicate 5183' and financial ratings
MIC Re and Financial Services Commission Anguilla logos

Advanced Technology Built for Scale and Speed

Selling insurance to customers inevitably leads to claims, which need to be processed and settled. It’s possible to achieve this through spreadsheets and file systems, which is fine when there’s only a few policies to handle… but this method soon becomes complicated and difficult to maintain where there are millions of insureds.

Technology for the Digital Marketplace

We invested in technology early on, creating our own tech company – MiCology. This India- and UK-based team specialises in low-code technologies and the development of powerful AI and machine learning algorithms.

Our highly relevant, affordable, underwritten embedded micro insurance products can easily be added into business’ existing digital processes through our advanced technologies. This accelerates the delivery of our digital reinsurance products when and where customers need them, allowing them to gain access to cover that is not readily available through traditional insurance methods.

With MiConnect, partner systems are operational faster than ever

Our low-code tech platform – MiConnect – enables us to configure partner systems rapidly, using pre-built components that can handle the entire insurance process, from policy management, to claims handling, to complaints. Importantly, these systems are built on cloud platforms, giving flexible scalability as insurance programs grow and more customers sign up.

Speed also comes to claims handling: with our machine learning powered digital claims process, customers have money in their pockets faster.

Configured systems are integrated with our partners’ websites and services via API, so when a claim is raised, we can start handling it swiftly*. The process is automated, with our AI machine calling in real world help when necessary. And the more claims handled, the smarter our machine becomes. Local insurers and platform companies are paid quickly once a settlement is reached, enabling them to help their customers fast.

Our claims process is monitored with real-time dashboards so partners can keep track of all the data relevant to their business – embedded microinsurance in action!

Global Distribution through Local Insurance Partnerships

Products, underwriting, and technology – it’s nearly time to start insuring people! Now these carefully crafted coverages need to get into people’s hands so that they can begin to reap the benefits. This is where distribution partners come in.

Our Lloyd’s of London Syndicate 5183 allows us to utilise Lloyd’s international licenses to write business globally. We have been building a worldwide distribution network of local insurance partners, to which we provide our digital reinsurance solutions. These local insurers are experts in their local markets with all the necessary licenses in place to insure individuals.

Our insurance partners issue insurance policies, taking on the local responsibilities of policy issuance and management, claims payment, and compliance with local regulations. Working with insurance partners enables us to offer coverage in a wider range of markets than would otherwise be possible.

Global Distribution for Partners and Brokers

Embedded micro insurance Distribution platform illustration

Digital Insurance Product & Technology Enablement

for Distribution Partners, Banks, Financial Services, Telecom, Travel

Embedded micro insurance underwriting capacity illustration

Underwriting Capacity

for Insurtechs, Insurance Companies, MGAs

Enterprise illustration

Insurance as a Service

for Enterprise, Sharing/Gig Economy, Mobility, Payment Gateways, eCommerce

Full Stack Digital Embedded Micro Insurance

The elements discussed above are all required to be classed as a full stack offering – this capability enables micro insurance companies to serve embedded micro insurance products at scale and on a global level. We have carefully combined these pillars to build the world-first full stack digital micro insurance company we are today, and in doing so we uniquely differentiate ourselves from similar companies worldwide.

  • A robust product portfolio tailored to the unique needs of diverse communities lays the foundation for trust and relevance.
  • The meticulous underwriting process, brought in-house through our Lloyd’s Syndicate, ensures both long-term sustainability and optimum premiums for end-customers.
  • Cutting-edge technology transforms the insurance and claims process, streamlining operations and improving user experiences.
  • A global distribution network ensures that these valuable services reach the farthest corners, leaving no one beyond the reach of security.

Contact us to find out how these essential elements can be used to create a micro insurance product perfectly suited to your target market, adding value to your business, and increasing customer retention and satisfaction, or simply send us your email address to get started.

* 80% of claims turned around within 48 hours, May–Dec 2023.

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MIC Global welcomes Mark Campbell as Innovation Underwriting Director

08.21.2023
Company News Underwriting
Mark Welcome

MIC Global is pleased to introduce Mark Campbell as Innovation Underwriting Director and Active Underwriter s5183.

Based in the UK, Mark joins our Underwriting team as a key figure based in London. Mark will be driving collaboration between our Underwriting and Business Development teams – ensuring that coverage and product design, pricing, and terms and conditions are developed as intended, as well as protecting the underwriting profitability of MIC. Mark will be working with our clients and insurance partners, ensuring their support of our programs globally.  

Mark has over 20 years of professional experience in global Accident and Health underwriting and has developed a comprehensive career within the insurance industry. We look forward to the diverse experience in direct and reinsurance underwriting, insurance strategy development, and relationship management that Mark will bring to MIC. 

On joining MIC, Mark says “Joining MIC allows me to utilise my extensive industry expertise to assist in the acceleration and continued development of exciting and innovative ways to bring microinsurance products to consumers. Most importantly products which provide consumers with simple and valuable protection when ‘life gets in the way’.”

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OPT-INdia: Using Embedded Micro Insurance as a Catalyst to Fill India’s Insurance Protection Gap

08.16.2023
Insurance Industry Insurtech Micro Insurance
blog opt india

India, with its vast population and growing economy, is faced with a significant insurance protection gap – one of the largest in the world. This gap has major social and economic impacts and is prevalent across various segments of the population, posing substantial risks for individuals, families, and businesses.

Why has a protection gap opened? How large is India’s insurance protection gap? How can embedded micro insurance be used to begin filling the space left by traditional insurance companies? Here, we discuss India’s insurance crisis, what strategies can be implemented to combat the gap, and how MIC Global is busy developing relevant products for the Indian market.

Why is there an insurance protection gap in India?

Having insurance is important, there’s no two ways about it. A thriving insurance industry helps mitigate the risks associated with ill-health, loss of income, catastrophes, and theft, to name a few. So, if insurance is such a commodity, why isn’t the Indian market signing up?

From a customer perspective, there are common myths surrounding the purchase of insurance which may play a part, such as unaffordable premiums and a distrust in the insurance industry to honor submitted claims1; while financial illiteracy (a lack of awareness of insurance products and understanding of complex clauses – this is also a global issue), knowing where to buy, and relevancy seem more likely culprits2. Existing insurance products often fail to meet the specific needs of the population, compounding the already low uptake.

Moreover, the underdeveloped insurance infrastructure in the country is another critical factor contributing to the protection gap. Insurance distribution outside of major cities is poor, with general insurers and brokers largely operating inside urban centers. A presence in smaller towns and villages is perceived as unviable due to low profitability2. This leaves limited access for a substantial portion of the country that are without adequate coverage, despite being highly vulnerable to risks.

Many of the issues above can be remedied with suitable insurance products, timely education around available insurance, and improved distribution channels that do not require a physical insurer presence. We’ll get into that later.

Let’s talk numbers.

What exactly is an insurance protection gap?

A country’s insurance protection gap is defined by the disparity between the insurance coverage needed and the actual amount of coverage the population has in place. For example, if a country’s optimal insurance coverage is $2 billion, and the actual coverage in place is $1 billion, the protection gap would be 50%. This gap is flexible and can be affected by the country’s economic outlook and population, and risks such as climate change, cyber security, pandemics, and technological and behavioural changes3.

India’s insurance protection gap.

Speaking at 2021’s National Insurance Academy annual summit, Naveen Tahilyani (CEO, Tata AIA Life Insurance Co) said India’s non-life protection gap ranges from 83% to 92%, with life experiencing a lower percentage4. However, the natural catastrophe protection gap was estimated to be higher, peaking at 95% according to Swiss Re Institute5. With the increase in frequency and intensity of natural disasters and emergence of new risks – such as cyber – to people and industry, G Srinivasan (director, National Insurance Academy) reinforced the urgency to plug the rising uninsured economic losses and loss of lives6.

This represents a huge opportunity for insurers. Where traditional insurance is falling short, this leaves the market wide open for a new approach to insuring India’s under- and uninsured population. To fill this chasmic protection gap, SN Rajeswari (member distribution, IRDAI) suggested insurance companies must increase reach and the potential for uptake by adopting new strategies through leveraging digital technology, data, and micro insurance4.

How can embedded micro insurance help reduce India’s insurance protection gap?

Embedded micro insurance directly counters the issues discussed earlier surrounding distribution, accessibility, education, and relevancy.

In short, traditional consumer insurance policies are generally designed for large coverages, such as life, home, and car. Customers sign up to products directly with an insurance company either online or in-person (historically in India, in-person has been the only way in rural areas), and claims are made by contacting the insurer. As we learned earlier, this strategy is clearly not working in India.

Conversely, embedded micro insurance is intended to offer protections for smaller everyday events. Embedded micro insurance products are digitally distributed via platforms that customers are already engaging with – no need to contact an insurance agency. These insurances are relevant to the product or service they are purchasing, at a time when they are primed to learn about the benefits and consider opting in – such as screen protection for a mobile phone, or as part of a service’s additional benefits, such as income protection for credit card users. Claims are raised through the platform they signed up with, so customers do not have to deal with an insurance company at all.

From a customer perspective, opt-in insurance is convenient, timely, and less imposing than signing up for traditional insurance.

Additionally, access to affordable and relevant insurance products is highly desirable. With small premiums, customers have the option to carry many different insurances that are suited to their needs at the time, rather than traditional blanket coverages. Low premiums also fit the limited budgets of low-income individuals, which in turn encourages greater adoption of insurance products among this segment of the population.

In time, as more platform companies offer embedded micro insurance programs, India’s insurance protection gap will gradually reduce as customers opt-in to products.

Financial inclusion through digitisation and collaboration.

The Indian government is transforming the country into a digitally empowered society with its Digital India initiative. Part of this is building digital infrastructure – known as the India Stack – with one goal being to aid financial inclusion in the country. At the 2023 India Stack Developer Conference, Smt. Debjani Ghosh (President, NASSCOM) stated that financial inclusion through digital means had already reached 80%7. With more of the population managing their finances online, the opportunity for digital insurance penetration becomes more viable.

With greater digital financial inclusion, the government is proactively working with insurtech to develop simplified and easy to understand insurance products to protect the Indian population and counter India’s protection gap.

What is MIC Global doing to help in India?

We are working with local insurance stakeholders to bring innovative embedded micro insurance products to the Indian market. With our digital reinsurance solutions, we have created a repeatable blueprint from which further products can be rapidly rolled out.

This speed to market is enabled by our full-stack capability. By controlling the four key areas of product design, underwriting, our own insurance technology platform, and managing our distribution network, we can rapidly write and deploy products to new partners in weeks. This empowers our partners to quickly identify gaps in the market and deliver crucial coverages to their under- and uninsured customers.

MiIncome, our digital reinsurance solution contains triggers that already have the bulk of development completed, so when partnering with a new client, we simply customise the desired product to their needs, enabling us to meet the specific needs of different communities. If the triggers don’t fit a partner’s needs, we work together to design a suitable solution. This flexibility ensures highly relevant coverages that align with the unique risks of our partners’ customers.

Examples of this include:

  • Our MiIdentity platform, developed to monitor consumer data against the growing threat of data breaches that results in compromised personal information being used for credit fraud, providing reimbursement when a customer is impacted financially. This is offered through a national insurance institution specialising in general insurance.
  • A MiIncome product, designed to offer income protection as a result of involuntary unemployment. This is offered through a private insurer who is rolling out to relevant digital platforms through a company that creates service-oriented technology solutions.
  • An embedded warranty product, in the event of mobile phone screen and internal component damage, enabling repair or replacement of the device. This product is being expanded to protect consumer purchases across other segments such as portable gadgets, fashion, and accessories.

Challenge accepted.

India’s insurance protection gap is a challenging issue that requires concerted efforts from various stakeholders, including the government, insurers, and insurtechs. Alongside government’s initiatives to improving access to digital finance and insurance, embedded micro insurance is positioned to be a promising solution to the protection gap left by traditional insurance companies. By offering affordable, tailored, and accessible insurance products, platforms and services armed with embedded micro insurance solutions – such as those developed here, at MIC Global – can play a vital role in providing a safety net for the underserved sections of Indian society. Slowly but surely, the insurance protection gap will begin to close.

Contact us or simply send us your email address below to see how we can collaborate with your business to benefit its customers and employees with an embedded micro insurance solution, or simply send us your email address to get started.

Sources

  1. Nova Benefits, Why Indians DON’T Buy Health Insurance
  2. Mint, Four reasons why Indians buy such little general insurance, 16 April, 2016
  3. Insurtech Insights, The Insurance Protection Gap: What is it and how does it affect the insurance industry and our quality of life?
  4. The Economic Times, Insurance penetration in India requires combined efforts of all stakeholders, 15 October 2021
  5. Swiss Re Institute, India’s insurance market: poised for rapid growth, January 2023
  6. Financial Express, Need to close insurance protection gap in country: Irdai member, 15 October 2021
  7. PIB Delhi, The First India Stack Developer Conference held on 25 January 2023, 25 January 2023
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Financial Bank: Mobile Phone Extended Warranty and Theft Coverage helps customers with the cost of repair and replacement

08.15.2023
Case Study ESG Lenders & Fintech MiIncident Telecoms
cs mob phone

We have partnered with a leading financial bank by providing digital reinsurance to their local insurance partner, covering mobile phones with an innovative embedded micro insurance solution, giving owners peace of mind in the event of mobile phone damage and theft.

Phone screen displaying credit card offer and sign up button

Problem

The financial bank partners with a local telco to offer a credit card to customers when purchasing a mobile phone through the telco. They wanted to drive acquisition of this credit product and increase customer satisfaction for those that signed up.

The bank saw an opportunity to offer opt-in extended warranty and device protection as an incentive to sign up to their credit card.

Solution

We worked with the bank to tailor our MiIncident Gadget coverage to their specific needs, covering their enrolled credit card customers when mobile phone damage occurs or a device is stolen.

Illustration of hand holding mobile phone with cracked screen, and hand holding phone shape as if stolen
Illustration of hands fixing a broken mobile phone with tools

Implementation

Our digital reinsurance solution is provided to the bank’s local insurance partner. The solution is embedded into the bank’s extended warranty.

When device damage occurs, customers can quickly raise a claim through their credit account and receive a repair via dedicated repair centers, reducing the time spent without their device in full working order. Or in the event of theft, customers can receive a payout to put toward replacing their stolen mobile phone.

Results

Illustration of group of people inside yellow circle

Having embedded our MiIncident embedded micro insurance solution, the financial bank is now able to rapidly provide a highly relevant insurance product that attracts new customers and increases their customer retention.

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Embedded Coverage for Today’s Digital World

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MIC Global welcomes Kalpesh Shah as Head of Syndicate Management

08.14.2023
Company News Underwriting
Kalpesh Welcome

MIC Global is pleased to welcome Kalpesh Shah to the Underwriting team as Head of Syndicate Management.

Based in the UK, Kalpesh joins our Underwriting team becoming the central point of contact for all Syndicate-related matters including finance, business planning, and underwriting performance management. He will be supporting our company leadership and Active Underwriter in the smooth running of MIC Global Syndicate 5183, creating our annual Lloyd’s business plan and working to ensure its metrics are achieved, ensuring MIC’s overall growth and profitability.

Kalpesh’s professional history spans over 20 years in the insurance industry, covering Finance and Underwriting Services where he has been pivotal in improving processes, quality of data and the timely delivery of financial information to help leadership make informed decisions.

On joining MIC, Kalpesh says “MIC embraces diversity and inclusion in its business, from employees to customers which resonates with my passion in the area.  The organisation employs individuals from around the world with their focus being on the skillset they can bring to the company, this combined with micro insurance products that offer solutions to an overlooked demographic is amazing.  The fact that micro insurance is also an untapped market is an exciting prospect, being able to be part of an organisation like this allows me to help drive the change in a positive, innovative and exciting manner.”

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Hope for the Best, Plan for the Worst: Developing Embedded Micro Insurance Products for Life’s Unexpected Events

08.09.2023
Micro Insurance
blog header

Life is great when it’s going smoothly. But as is the way with life, obstacles can appear that throw us off course – and we don’t always see them coming.

This uncertainty is the reason why insurance and companies such as MIC Global exist. It’s not pleasant to have to think about what can go wrong – we all want the best in life and to get by unimpeded – but by considering what worst cases can happen to us and investing in appropriate protections, we can be in a better position should we find ourselves in such circumstances.

So, how do these protection products come about? At MIC Global, we keep track of trends and emerging risks in order to innovate with new products and partners – making relevant insurances available to people so that they can quickly recover when faced with adversity.

In today’s article we explore three news stories from this year and what products we have developed that can support individuals who find themselves in similar situations:

Note: The embedded micro insurance products discussed below are not offered to end-customers directly by MIC Global. We provide our digital reinsurance products to local insurance partners, which support our platform and service partners’ own insurance offerings.

Involuntary Unemployment: Safeguarding Livelihoods Amidst Uncertainty

According to Forbes’ 2023 Layoff Tracker, the US has already seen around 230,000 job cuts this year – and that’s just the big, noteworthy companies. The number is likely higher given the huge number of small and medium businesses. Fifteen-year high interest rates, above average inflation, and trading in a post-pandemic economy has forced many companies to make difficult decisions to stay afloat.

With much of the workforce unable to cover a $500 emergency, an unexpected layoff can put individuals and families in an extremely vulnerable position, potentially unable to pay their essential bills and expenses. This is worrying at the best of times, but with rising household bills, mortgages, and rental fees, people are more reliant than ever on not losing their jobs.

How is MIC protecting against involuntary unemployment?

Our MiIncome product suite has been designed to protect people’s personal incomes in the face of adversity. The ‘Layoff’ trigger has been specifically written to support individuals who become laid off through no fault of their own.

When laid off, an insured individual can raise a claim to receive cash payments straight to their bank account, which helps cover their essential costs of living while they find themselves a new job or income stream.

A recent example of this is our partnership with Grid, a leading US neo-bank. Grid offer their Income Protection program to their customers, which includes embedded micro insurance supplied by MIC Global (as digital reinsurance via The Plateau Group). When receiving involuntary unemployment, customers can inform Grid of their new situation and receive $2,000 payments for up to two months, so that they can focus on finding a new job with less financial burden.

Job loss is a very real threat to people’s incomes and livelihoods and depending on individual financial wellbeing, it can be crippling. Insured customers with MiIncome coverage can plan ahead knowing that they will have cash in their pockets should the worst happen to their job.

Smart Phone Damage: When Life Happens to Devices

In 2023, according to Statista, smart phone adoption globally has reached a staggering 6.92 billion users, or 85.95% of the world’s population, as reported by Bankcell. This inevitably leads countless damaged smart phones every year. A survey of 3,286 Americans by AT&T, as reported by Forbes, revealed that three quarters of adults aged 19–44 have broken a smart phone at some point – the top five reasons could happen to anybody!

Smart phones have become so engrained in life that for some, their livelihoods rely on having an operational device – for example ride-share drivers who work via apps to pick up jobs and communicate with customers. Losing use of a smart phone can take a real toll on people’s ability to earn if they are unable to replace quickly. For others, a shattered screen may not lead to financial hardship, but it is still an inconvenience that hits their bank account that they could do without.

How is MIC protecting against smart phone damage?

We understand how frustrating a broken smart phone can be – we’ve all been there! We created our MiIncome ‘Gadget’ trigger to handle life’s daily disruptions, including smart phone damage. This trigger is purpose built to look after individual’s smart phones – as well as a whole host of other tech products – from component damage, mechanical breakdown, and theft.

We work with our partners to develop warranty products that can be offered to their customers as part of the purchase of their smart phone. In April 2023, we launched our partnership with Turkish cell phone renewal center Garantili Teknologi and Swiss insurtech Virtual i Technologies, in support of their innovative embedded warranty product. In the event of smart phone damage, insured Garantili customers can diagnose and verify damage via an AI-powered app before making a claim. This speeds up the claim process and puts claim payments in customer pockets fast so that they can choose to repair their device via Garantili’s refurbishment center or replace their device.

Smart phone users insured through a platform offering a warranty solution backed by MiIncident can receive quick payments* to mitigate financial burden, so they can get their devices repaired and back in their hands with low disruption, meaning that those who are reliant on their smart phone avoid the worst-case scenario of being without their device for too long. Furthermore, it was predicted that 5.3 billion mobile phones became waste in 2022 alone, so having coverage to repair devices helps people do their part for the environment by using devices for longer and reducing e-waste.

Identity Theft: Guarding Digital Identities

A data breach in October 2022 was alleged to have exposed the personal information of Australian Sarah Luke to the Dark Web. Her information was picked up by hackers and became involved in a credential stuffing cyber-attack launched at Paypal in December 2022, as one of around 35,000 accounts used. Hackers gained access to her Paypal account and committed hundreds of fraudulent transactions before she was able to regain control. She has since been ordered by US courts to pay US$1.2M to Adidas and the National Basketball Association (NBA) due to sale of counterfeit goods in her name. Ms Luke is now trying to clear her name through the relevant authorities.

Data breaches and stolen personal information are an ever-present threat for companies and individuals, becoming increasingly prevalent as companies go digital. Thankfully for most, stories of the severity described above are not common – but that’s not to say that personal information leaked to the Dark Web isn’t a serious concern.

How is MIC protecting against identity theft?

We have developed the MiIncome ‘Digital Identity’ trigger, which is coupled with our MiIdentity platform. Together, individuals are assisted with identity tracking, restoration, and money loss.

Identity restoration claims are activated when two events occur: an individual’s identity is stolen and is subsequently used in fraudulent activity. We support people to reclaim their identities with inconvenience payments that help to replace documentation, bank cards, and personal IDs, and to restore their credit history. Furthermore, in the event of monetary loss from a financial account caught up in the identity restoration claim, we offer lump sum payments to help people recover from lost funds.

Considering the example above, if enrolled with our MiIdentity coverage Ms Luke and the other affected account holders would have been made aware of these possibilities and alerted when our monitoring service discovered their data listed on the Dark Web. Knowing your information is on the Dark Web and potentially for sale is just the first step in protecting your identity. Our MiIdentity service enables individuals to take measures to protect their accounts, to be aware of their compromised accounts, and receive financial support to regain control where necessary. This can help to avoid personal accounts being used by malicious actors for fraudulent activities which, as seen here, could spiral into international legal proceedings – a prime example of ‘what’s the worst that could happen?’

Contact us to see how an embedded micro insurance solution from MIC Global can help your business protect its customers from their own worst-case scenario, or simply send us your email address to get started.

* 80% of claims turned around within 48 hours, May–Dec 2023.

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MIC Global welcomes Vanessa Mugwelo as Pricing Actuary

08.02.2023
Company News Underwriting
Vanessa Welcome

MIC Global is pleased to welcome Vanessa Mugwelo to the Underwriting team as Pricing Actuary.

Based in Kenya, Vanessa joins our growing international Underwriting team to develop data strategies, monitor our product performance, and create pricing models in order to drive pricing decisions within the department.
 
Vanessa’s professional history encompasses the insurance and actuarial industry, where she emphasized dedicated client service, precise policy documentation, streamlined operations, and insurance pricing expertise. Her adeptness in formulating and implementing data-driven pricing strategies that optimize risk and value will contribute to heightened client satisfaction and improved financial results at MIC.

On joining MIC, Vanessa says “The vibrant and forward-thinking atmosphere at MIC, marked by its positive culture and diversity, immediately resonated with me. Its track record of nurturing professional development and fostering creativity is truly appealing. I’m enthusiastic about bringing my expertise to a team that values excellence and embraces innovative solutions in the microinsurance sector. Joining MIC entails becoming a member of a visionary organization that prioritizes exceptional client value and industry leadership.”

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From Songs to Dollars: How iPod Helps to Define Micro Insurance

07.26.2023
Insurance Industry Micro Insurance
blog pocket

There are many things that the late Steve Jobs will be remembered for. For us, one of his outstanding qualities was his innate ability to explain and market a product in a way that resonated with consumers. In this article, we reveal how his genius description of the original iPod shaped the way we think about our own micro insurance products.

Sell benefits, not features.

In 2001, at a small press event at Apple’s former Infinite Loop headquarters, Jobs revealed the first-generation iPod. Holding the gadget for the audience to see, he coolly explained “This amazing little device holds 1,000 songs and it goes right in my pocket”, casually slipping it back into his own pocket.

The iPod revolutionized the music industry overnight – becoming the must-have tech device of the early 2000’s – with Jobs’ simple explanation becoming the basis of its marketing campaign: 1,000 songs in your pocket.

Instantly, people knew what the iPod was about. Now, Apple could have marketed the iPod for what it was: The world’s first portable digital media player, 5GB hard drive, superfast Firewire connection, rechargeable lithium polymer battery… but to the average consumer that’s just tech jargon. Companies have a matter of seconds to make a first impression, so messaging is crucial – a more detailed explanation can come once a customer is engaged. When getting the attention of a potential customer, one way to make a solid first impression is to tell them how a product will benefit them – how it will make their life better.

For the iPod, those five words said it all. “1,000 songs” – that was comfortably more than the typical persons’ entire music library. “In your pocket” – it was small, portable, and easily accessible. People understood and proved it in their millions – by the time Apple retired the iPod line in 2022, it was estimated that they had sold 450 million devices.

Drawing inspiration.

Much like how the iPod transformed the music industry and how people experienced music on-the-go, micro insurance is revolutionizing the insurance industry and how people think about and access insurance.

Traditionally, personal insurance policies are applied for via a comprehensive in-person or online sign-up process, with successful applicants receiving documentation containing their policy certificate and details of how to make a claim. Likewise, the claims process itself can be documentation heavy, and slow to validate and pay out. Often these policies provide coverages measured in thousands – such as for health, life, home, and vehicle – with premiums paid monthly or annually. In some ways, conventional consumer insurance can be like the portable CD players of old – cumbersome, awkward to navigate, not particularly convenient, and people carried just a few discs at a time.

Which is where micro insurance comes in, offering an alternative to regular insurance. We could, and often do, describe our brand of digital reinsurance for what it is: digital embedded micro insurance products, underwritten by certain underwriters at Lloyd’s and in-house through MIC Re, partner driven global distribution, powerful API enabled straight through processing for claims and policy management. Within the insurance industry these terms are well understood, much like the iPod’s description above within the tech industry. But as an explanation of what we do for the everyday person, it’s not necessarily as easy to grasp.

So, inspired by Jobs’ simple words, we like to characterise micro insurance in a similar manner: $1,000 in your pocket.

Hear us out… “$1,000” – coverage levels ideal for typical everyday claims. “In your pocket” – readily accessible policies applied for at the point of sale, via platform and service partner mobile apps and websites, with straightforward, lightweight sign-up processes and claims paid rapidly. Combined, this makes the “$1,000 in your pocket” relevant to the customer.

Micro insurance. The next big thing.

Expanding on this statement in more detail, MIC Global’s micro insurance programs are designed to fill the protection gap that traditional insurers have allowed to develop. Providing coverages for tens or hundreds of dollars for everyday incidents – such as broken gadgets, breaks in income, warranties, travel disruption, and loss of income driven by an event – our digital reinsurance products allow our insurance and platform partners to help their customers in their time of need.

Our embedded micro insurance products are highly accessible through partner platform mobile apps, websites, and subscriptions. We work with our partners to integrate our products into their sales process and create simple, understandable application processes to ensure that their customers can get insured quickly without causing disruption to the partner’s business – in short we add trust and we add value. When a claim arises, customers have convenient access to their coverage direct from the platform they enrolled with. Claims are sent to MIC and can be processed in hours thanks to our AI-powered software, and monetary benefits can be paid to our insurance partners to help the platform’s customers just as quickly. Put simply, this is insurance in a box for our partners.

For example, we have recently partnered with a new neo bank to support their Income Protection product. Customers apply through the bank’s app and the benefit is embedded in the client’s subscription and services. When a subscribed customer needs to make use of the benefit, the system is ready to pay* and support them in their hour of need, putting a $1,000 in to their pocket in an instant.

With simple, relevant, and affordable micro insurance products available at the touch of a button, our partners’ customers have peace of mind that when life happens, they can rely on their protection solution to ensure they have cash in their pocket to get back on track.

Contact us to see how MIC Global can help your business benefit its customers and employees with an embedded micro insurance solution, or simply send us your email address to get started.

* 80% of claims turned around within 48 hours, May–Dec 2023.

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