In The Press

MIC Global welcomes Lyric Lewis as Head of Claims

10.05.2022

Company News Underwriting

MIC Global is excited to welcome Lyric Lewis to the team as Head of Claims.

Based in Nashville, Tennessee, Lyric graduated from MTSU with a Finance Degree focusing on Insurance and Risk Management. Lyric Lewis has since built up over 20 years of claims and operations experience having lead teams at CNA Insurance, Unitrin Multi-Lines Insurance Company and Property Damage Appraisers, Inc. His experience ranges from Long Term Care and Life to Property and Casualty Insurance. Lyric looks forward to applying his skills, knowledge and business acumen to the microinsurance space.

On joining MIC, Lyric says “I am passionate about being a part of an organization that is purpose driven in its mission, and MIC Global embodies this by endeavoring to innovate and deliver insurance accessibility to traditionally underserved communities globally. I look forward to developing and providing innovative embedded microinsurance products with partner companies worldwide in new and intriguing ways. I am proud and excited to join this dynamic team!”

In The Press

MIC Kenya and BBOXX Kenya announce partnership

10.03.2022

MiIncome Press Release

NAIROBI, KENYA (Oct. 3, 2022) – BBOXX Kenya and MIC Kenya (part of MIC Global) are working together to provide a Micro Insurance health solution to BBOXX sales Agents. The insurance cover will protect the Agents in case of hospitalization, death and medical expenses due to an accident.

This is an income protection solution and will help the agents with cash back in their most difficulty times of either loss of life or Hospitalization.

BBOXX Capital started its operations in the year 2014 in Homabay, Kisumu with a goal to answer SDG 7,Ensure access to affordable, reliable, sustainable and modern energy for all. With an accelerated growth based on need for clean energy solutions, BBOXX expanded its operations and is now present in 34 counties in Kenya. BBOXX has positively impacted over 500,000 Kenyans by providing clean, reliable, and affordable electricity to their homes, communities, and businesses for the first time. Every day, BBOXX team works hard to provide the best service to their customers and delivers an unparalleled improvement in the quality of life for rural and urban households

BBOXX has over 5000 sales agents who work hard to ensure solar equipment’s are distributed across the the 34 counties and BBOXX appreciates the effort that the sales agents enforce towards the goal and is due to this, BBOXX has offered to ensure that all the sales agents are insured as a way of an added benefit. In Kenya, most people who work as sales agents are locked out of extra benefits other than their commission fees and this has contributed to agents turn over in the industry. Is for this reason that BBOXX has taken a step to ensure that the agents are well considered and offered some cushion in their time of difficulty hence ensuring their peace of mind. The Hospitalization cover will play a big role to ensure that there is minimal agents turn over at BBOXX as well as setting BBOXX apart from other competitor companies in the industry in terms of safeguarding its sales representative.

Appreciating the partnership as another step towards the goal of reaching out to the tens of millions of uninsured and under-insured Kenyans, Ms. Wairimu Njoki, Country Manager, MIC Kenya, says

“We are delighted to be partnering with BBOXX Solar Limited to further MIC’s mission of providing innovative, ground breaking insurance solutions to the mass market across Africa with products and services that have the power to truly transform and improve lives”

As a way of promoting the global agenda of Universal Health Coverage (UHC), the cover offers BBOXX sales agents the freedom to visit any of the over 4,000 NHIF accredited hospitals and clinics across the country, to easily access medical care.

About BBOXX Kenya

BBOXX believe that energy access is the entry point to unlocking a future that is otherwise not possible.

As a next generation utility, BBOXX provide affordable, reliable, and clean electricity and other utility services to millions who are living without, transforming lives and unlocking the potential of communities, cities, and countries.

BBOXX works alongside governments and world-class international partners to help to achieve the United Nations’ Sustainable Development Goals in the next decade, with energy access serving as a catalyst for enabling economic development of communities and making progress on a range of the global goals.

BBOXX is scaling through partnering with others, such as our joint venture with EDF in Togo, and through the backing of investors including Mitsubishi Corporation.

For more details,please visit https://bboxx.co.ke/#/purpose

About MIC Kenya

MIC Kenya, is a pioneer in providing need based insurance using cutting edge technology to emerging consumers since 2002. We have rapidly grown to be the industry’s leading innovator, creating over 200 products aimed at low income families. We has served over 65 million people by partnering with a range of MFIs, Banks, mobile networks and ride hailing companies across Africa and Asia.

MIC Global is world’s first global end-to-end digital micro insurance solution that has combined reinsurance capacity, in-country insurance licenses, world class distribution and market leading AI functionality.

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

In The Press

MIC Global acquires FLOvate Solutions Ltd, introduces MiCology

10.03.2022

Company News Press Release

NEW YORK, NY, UNITED STATES (Oct. 3, 2022) – MIC Global, the full-stack digital insurance company specialising in innovative embedded microinsurance, is pleased to announce the acquisition of FLOvate Solutions Ltd, the UK-based developers of the LEAP low-code process automation solution to strengthen its ability to develop and offer innovative technology solutions for its customers.

As a full-stack digital insurance company, MIC Global offers a complete digital solution, including product design, underwriting, global fulfilment, customer journey and claims management. The acquisition of FLOvate Solutions and the LEAP low-code platform serves to strengthen MIC Global’s extensive in-house digital capabilities. The acquisition will see FLOvate Solutions rebranded as MiCology as it becomes part of the MIC Global brand.

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

“I am delighted to welcome FLOvate Solutions into the MIC Global family. With more than 20 years’ experience of developing business process automation software for the insurance and financial services sectors, their in-depth understanding of the markets we operate in, combined with their technical expertise and the power of the LEAP low-code platform, made them the obvious fit to complement our existing capabilities.”

FLOvate’s team of 16 are based in Ipswich, UK, and includes solutions analysts, software developers, business analysts, deployment specialists and project managers. They will join the MIC Global team of more than 110 employees, with operations in 17 countries and growing.

Additionally as part of the rebrand, existing MIC team members based in Bangalore, India – who previously worked under the TonkaBI banner before merging into MIC Global in 2020 – will be joining the newly formed MiCology team.

About MIC Global:

MIC Global is a full stack digital insurance company that provides embedded insurance for today’s digital world. MIC Global combines insurance capacity, in-country insurance licenses, world class distribution, and scalable tech. MIC Global creates embedded insurance solutions for platform companies that adds value by:

Enhancing their brand
Differentiates their product
Drives up revenue
Attracts and retains customers

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

In The Press

Free Rider FinTech sees policies jump 13x in five months

09.15.2022

Case Study Lenders & Fintech MiIncome Platforms

OYE is a Fintech in Kenya that provide a platform for commercial two-wheeler riders to get access to financial services including insurance. The platform runs predominantly through USSD and mobile App. They are a start-up and began operation in January 2020 and has since on boarded over 10,000 riders onto the platform.

Person filling up moped with fuel at Oye partner

Problem

OYE was looking to onboard motorcycle riders onto the platform and drive fuel consumption at certain petrol stations. The client reward targets with insurance as the incentive to drive uptake and fuel consumption through OYE Fuel partners.

Solution

OYE has partnered with MIC Global to provide usage based embedded insurance to the riders. MIC designed a need based Personal Accident cover with various benefits including temporary disability that allows the riders to still get income in case of a temporary disability due to an accident.

Implementation

The product was embedded on OYE’s offering with target fuel consumption being used as the trigger for coverage.

Results

The client has had a steady growth month on month with an average growth of over 150% per month.

The policies have grown to almost 13 times from month 1 to month 5.

Average claim amount is 200 USD.

Embedded Coverage for Today’s Digital World

In The Press

IoT Loss Control Company boosts ESG credentials

09.13.2022

Case Study ESG IoT MiIncident Platforms

InsureTEK is a company that offers loss control as a service to a wide range of property companies and REITs including multi-family resorts, hotels offices, and military properties. They source IOT sensors, and partners with Mastec – a Fortune 500 company – who perform local installations. Their services are provided via multi-year contracts.

We recently partnered with InsureTEK to develop an embedded microinsurance to include alongside their offering.

Illustration woman presenting technology

Problem

Our client wanted to launch a water leak reimbursement warranty program to enhance their service offering to 1000s of properties throughout the US and Europe, but found that they were unable to find an insurer in the market who was willing to find similar coverage in the marketplace.

Solution

MIC Global evaluated the client’s sensor technology and designed an embedded insurance warranty product customized to the prospective client’s loss-control as a service.

Illustration water detected by loss control device

Implementation

The service warranty product was embedded into the monthly subscription cost of the IoT smart device product. Water loss/ damage reimbursement is then triggered when water is detected by the installed sensors. Customers are incentivized to choose our partner as their product comes with the added value of a service warranty to protect customers’ properties.

Results

Person installing water loss control device

InsureTEK have installed around 1000 devices as of August 2022 across multiple properties. Within a short period of time, these devices have detected water leaks* which has led to thousands of dollars saved per year on the cost water, lowered energy bills and reduced the properties’ overall environmental impact and footprint.

*continuous running water due to faulty, worn out or incorrect plumbing

Installations of InsureTEK’s sensors have not only greatly reduced the risk of water loss, they have also made the losses more predictable and therefore easier to finance.

By reducing water loss, Insuretek have positively contributed to their Environmental, Social and Governance ‘ESG’ credentials. Under Environmental, water preservation is the number one issue for property companies.

“When we were seeking a company to strategically partner with us on our innovative Loss Control as a Service platform, we searched the market for a company that understood that the risk management and insurance markets needed to evolve to stay relevant. MIC Global brought an entrepreneur’s spirit matched with a technical expertise that quite simply has become a cornerstone of our business. Their innovators and professionals are second to none in matching outside the box thinking with regulatory compliance and coming up with a solution where 1+1= 5!”
Michael P. Murphy, KM, President and CEO at InsureTEK

“For the first time in history, underwriters now have access to real-time data emanating from the risks they cover. Starting with water loss monitoring, MIC facilitates InsureTEK’s LCaS, delivering accurate, seamless data which lowers risk in a cost-effective platform. This advance in loss control underwriting technology also checks the ESG box for energy and water conservation, giving underwriters new tools for the policyholders we serve. Simply stated, LCaS which has enormous potential for a new age of underwriting critical loss events.”
Peter L. Piecuch, Chief Risk Management Officer at InsureTEK

Embedded Coverage for Today’s Digital World

In The Press

MIC Global and Insuretek partner to deliver Water Loss Coverage to Europe and US

09.13.2022

ESG MiIncident Press Release

NEW YORK, NY, UNITED STATES (Sept. 13, 2022) – In order to mitigate water damage and conserve water throughout Europe and the US, MIC Global and InsureTEK are partnering to bring innovative IOT water sensor technology with embedded microinsurance to property companies and REITs.

InsureTEK recognised that there was a requirement within the property industry for greater water protection and monitoring, with owners facing challenges in sourcing the necessary equipment and data. In their endeavor to save gallons of water and reduce properties’ environmental impact, they developed a Sensor Enabled Loss Control as a Service (LCaaS) and ESG monitoring solution – billed as a monthly subscription – which includes IOT water sensors, financing, installation, warranty, monitoring, and mitigation.

Erik Johnson signing InsureTek contract at Lloyd's Of London Building — Erik Johnson, MIC Global Syndicate 5183’s Active Underwriter, binding the InsureTek contract – the Syndicate’s first underwritten policy. Lloyd’s Of London Building, 31st August 2022

MIC Global brings their highly relevant, affordable MiIncident digital reinsurance solution into InsureTEK’s platform, providing warranty coverage in the case of a water damage claim.

In another exciting development, InsureTEK has become the first underwritten insurance policy to be provided via MIC’s Lloyd’s underwriting Syndicate 5183.* To commemorate the occasion Erik Johnson, MIC Global Syndicate 5183’s Incoming Active Underwriter, visited the iconic Lloyd’s of London Building to bind the policy.

Steven Haase, President of STP Insurance Services says:

“InsureTEK’s large scale deployment of their Loss Control as a Service platform was the perfect partner fit for us to launch our combination of technology and microinsurance products.”

Harry Croydon, Co-Founder and COO of MIC Global states:

“Many people are talking about how IoT can help the Insurance industry, we are actually doing it and rolling out insurance across thousands of devices globally.”

Michael P. Murphy KM, President and Chief Strategy Officer at InsureTEK says:

“When we were seeking a company to strategically partner with us on our innovative Loss Control as a Service (LCaS) platform, we searched the market for a company that understood that the risk management and insurance markets needed to evolve to stay relevant. MIC Global brought an entrepreneur’s spirit matched with a technical expertise that quite simply has become a cornerstone of our business. Their innovators and professionals are second to none in matching outside the box thinking with regulatory compliance and coming up with a solution where 1+1= 5!”

Peter L. Piecuch, Chief Risk Management Officer at InsureTEK adds:

“For the first time in history, underwriters now have access to real-time data emanating from the risks they cover. Starting with water loss monitoring, MIC facilitates InsureTEK’s LCaS, delivering accurate, seamless data which lowers risk in a cost-effective platform. This advance in loss control underwriting technology also checks the ESG box for energy and water conservation, giving underwriters new tools for the policyholders we serve. Simply stated, LCaS has enormous potential for a new age of underwriting critical loss events.”

As of August 2022, InsureTEK has installed around 1000 devices across multiple properties and locations. Within a short period of time, these devices have detected water leaks (continuous running water due to faulty, worn out or incorrect plumbing) resulting in thousands of dollars saved per year on the cost of water and reduced energy bills and environmental impact and footprint for properties.

Read our InsureTEK Case Study

About MIC Global:

MIC Global is a full stack digital insurance company that provides embedded insurance for today’s digital world. MIC Global combines insurance capacity, in-country insurance licenses, world class distribution, and scalable tech. MIC Global creates embedded insurance solutions for platform companies that adds value by:

1. Enhancing their brand
2. Differentiates their product
3. Drives up revenue
4. Attracts and retains customers

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

* Update Jan. 1, 2025: MIC Global Syndicate 5183 has closed as of the end of its 2024 Year of Account. MIC continues to offer Lloyd’s backed insurance underwriting as a Coverholder of Greenlight Re’s Syndicate 3456. Read more.

About InsureTEK:

InsureTEK is a services and technology platform company providing building portfolio owners Sensor Enabled Loss Control and ESG Monitoring. They currently focus on water damage and water conservation; their platform can address any building related risk.

For more information, please visit https://www.insuretek.com or email info@insuretek.com. 

In The Press

Embedded Everything – Harry Croydon, CEO [Africa Fintech Summit Washington D.C 2022]

08.19.2022

Panel

At Africa Fintech Summit 2022 in Washington D.C., our CEO, Harry Croydon participated as a panelist on ‘Embedded Everything’ alongside Fehintolu Olaogun (CEO, Credpal) and Milkah Wachiuri (Chief Growth Officer, Cellulant). The panel was moderated by Amee Parbhoo (Managing Partner, Accion Venture Lab).

During the discussion, the panelists delved into the operational aspects and advantages of integrating financial services into traditionally non-financial products or services, specifically considering the perspective of Africa. (54m 02s).

For more information, visit Africa Fintech Summit.

In The Press

MIC Global Promotes Paige Stiefel to Chief Underwriting Officer

08.15.2022

Company News Underwriting

MIC Global is delighted to announce the promotion of Paige Stiefel to Chief Underwriting Officer. At MIC, being the Chief Underwriting Officer is broader than the traditional industry standard of CUO. At its core, Underwriting is an art, not a science. At MIC, the CUO embodies creativity, artistry, and innovation – all key skills of Paige.

Being the CUO at MIC Global means dealing with some of the most innovative companies and startup in the world and matching that innovation through underwriting. This is where the art comes in, taking ambiguity, data, analysis, and experience to tell a story and create meaningful products and experiences for our customers. With Paige’s leadership the underwriting team listens to our customers to break down traditional insurance barriers to take our customers on a journey – a journey to develop programs that provide protection, trust, peace of mind, and an overall safety net.

In The Press

Micro Finance Institution (MFI) loan defaults reduce 50%

08.04.2022

Case Study Lenders & Fintech MiIncome

Musoni MFI is the largest micro lending business in Kenya, providing loans for business and agricultural purposes. Musoni lends out about $30 million annually and has partnered with MIC since 2015.

Problem

Musoni came to MIC with the aim of reducing Portfolio At Risk (PAR) which ensured business continuity and in addition enable borrowers to bounce back easily and continue with business operation in case of a risk event.

Solution

MIC Global created a credit linked solution combining health, life and property risk coverages.

Implementation

The product is sold on an embedded basis with the loan officers in charge of customer education.

Results

Illustration group of people with 25K+ figure

Over 25,000 policies enrolled each year.

Down arrows with 50% reduction of default at musoni

Reduction of default by over 50%.

9% annual growth rate.

Embedded Coverage for Today’s Digital World

In The Press

Introducing MIC Global’s Innovation Underwriters

08.03.2022

Company News Underwriting

MIC Global is excited to announce the creation of Innovation Underwriters. Today, we highlight our first two Innovation Underwriters, Kostas Diakogeorgios (left) and Antonio Pedro. Based in London and New York, respectively, and covering the Americas, Europe, Middle East, Africa, and Asia; our Innovation Underwriters will be on the frontlines of product creation and implementation, looking for new and interesting approaches to embedded microinsurance insurance!

“The opportunity to be one of the first Innovation Underwriters at MIC Global is exciting; it’s an absolute privilege to grow my underwriting experience to develop new and innovative ways to bring microinsurance to the masses. MIC Global is constantly striving to drive product innovation and I’m confident that I can do my part to help!”
– Kostas Diakogeorgios

“It is a great pleasure to have been offered a position as one of the first, of what I am sure will be many, Innovation Underwriters within MIC and the insurance industry. The role aims to reinvent the way insurance companies do business by promoting greater homogeneity between underwriting and sales processes and I am excited to see where I can take this role, and where this role takes me as I develop as an underwriter.”
– Antonio Pedro

In The Press

MIC Global welcomes Lyric Lewis as Head of Claims

Let’s Grow Together

In The Press

MIC Kenya and BBOXX Kenya announce partnership

Let’s Grow Together

In The Press

MIC Global acquires FLOvate Solutions Ltd, introduces MiCology

Let’s Grow Together

In The Press

Free Rider FinTech sees policies jump 13x in five months

Let’s Grow Together

In The Press

IoT Loss Control Company boosts ESG credentials

Let’s Grow Together

In The Press

MIC Global and Insuretek partner to deliver Water Loss Coverage to Europe and US

Let’s Grow Together

In The Press

Embedded Everything – Harry Croydon, CEO [Africa Fintech Summit Washington D.C 2022]

Let’s Grow Together

In The Press

MIC Global Promotes Paige Stiefel to Chief Underwriting Officer

Let’s Grow Together

In The Press

Micro Finance Institution (MFI) loan defaults reduce 50%

Let’s Grow Together

In The Press

Introducing MIC Global’s Innovation Underwriters

Let’s Grow Together