In The Press

MIC Global partners with Garantili Teknoloji and Virtual i Technologies to bring innovative mobile phone reinsurance to Turkey

04.25.2023

ESG MiIncident Press Release

NEW YORK, NY, UNITED STATES (April 25, 2023) – MIC Global is partnering with Garantili Teknoloji and Virtual i Technologies by providing digital reinsurance to a local Turkish insurer to cover mobile phones with a unique, innovative embedded microinsurance solution, ensuring customer claims are validated successfully and paid fast.

Garantili Teknoloji is a Cell Phone Renewal Center, based in Turkey. Garantili saw an opportunity to improve the mobile phone insurance process for their customers by combining a mobile application, artificial intelligence, and microinsurance coverage enabling customers to create their own claims quickly and reduce the time that they are without their device.

Virtual i Technologies, based in Switzerland, developed an artificial intelligence powered mobile application that enables customers to prove device damage at point of claim. This system allows the customer to drive the claims process by providing information when required, speeding up the claims process.

MIC brings their specialist MiIncident digital reinsurance offering to our local Turkish insurance partner, supporting a tech-enabled offering for Garantili in the event of damage to a mobile phone, including screen and core internal components. This is MIC’s latest example of working with partners to support them in offering embedded microinsurance inside an IOT device, giving end-customers peace of mind and near-instant access to their coverage in the event of a claim.

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

“Bringing innovation to the embedded micro insurance market is what we do. Working with a local carrier, Garantili and Virtual i has given us the opportunity to deliver our MiIncident digital reinsurance solutions to the market in Turkey, combined with technology and great service partners. Bringing our market leading solution to the refurbished phone market supports environmental aspects of this innovative partnership. Breathing new life into mobile phones adds considerable value to the customer when making their purchase decisions.

Service is at the heart of what we are delivering through the partnership with a commitment to support growth, pay claims and support customers when something goes wrong. Our digital reinsurance product underpins the service through the partnership.

We are pleased that we are working with a world class team and are able to show case innovation and leadership in reinsurance and leveraging AI technology and great sales support. We are excited about the future of service in Turkey through our partners who are committed to bringing innovative solutions that solve real issues to the benefit of their customers.”

Sedat Erdoğan, Director of Garantili Teknoloji Insurance and Assistance Services, adds:

“We decided to take a step into innovative insurance in order to take the service quality we provide to the next level and meet the demands of our customers in this field. However, the insurance products available in the market in this regard were insufficient to meet the demands and expectations of the customers.

In cooperation with Helmet Broker, Virtual i Technologies and a local insurer, in line with the needs of the market we have prepared a service package that will greatly benefit our customers. The innovative insurance product we offer to our customers has a structure that we can easily explain to the customers due to its scope; it is user-friendly and technology-based, in which damage processes are carried out very quickly. We believe that we will maximise the customer satisfaction with this product, both in the purchasing and damage processes.

We are proud of being the pioneer and the first in Turkey – and in the world – with this new offering supported by MIC Global’s MiIncident digital reinsurance. Our customers will meet the world of artificial intelligence with this innovative insurance they purchase, while their mobile phones will be secured. We think that we will be initiating a new approach in the sector with the high technology and artificial intelligence infrastructure.”

Veysel Sinan Geylani, Founder and CEO of Virtual i Switzerland AG, concludes:

“We have achieved a great collaboration with the MIC Global team. We have been negotiating with many different reinsurance companies; but especially in the area of technology, MIC Global is the one that we have been looking for. MIC are significantly focused on risks with high volume and capable of handling the infrastructure required for projects with unique technology backgrounds like ours.

As Virtual i – a company providing digital, end to end, AI-driven next generation of commercial and consumer insurance solutions – we had a successful smooth integration with MIC in the process of alignment in each part of the collaboration, made possible by of the level of excellence in the technology infrastructure and the DNA that MIC Global has in terms of professional know-how and experience in the digital reinsurance area.

I would like to emphasize that a critical value for us was the fact that MIC Global offered an infrastructure that solves a significant challenge of the under-insured. As Virtual i, we are providing unique innovative insurance solutions to the ecosystem and MIC Global has been a great partner for us to work with.”

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 Garantili Teknoloji:

Garantili Teknoloji is the first company in Turkey to be authorised and audited by TSE as the “Cell phone Renewal Center” by the Ministry of Customs and Trade for the renewal of second-hand mobile phones and tablets. Garantili renews all mobile phones and tablets that meet certain conditions in accordance with the procedure and return them to service with high quality, features and technical sufficiency of brand new phones.

For more information, please visit https://garantili.com.tr/

About Virtual i Technologies:

Virtual i Technologies is a Switzerland based company providing digital, end to end, AI driven next generation of commercial insurance solutions. Their unique platform allows the insurance value chain to be simplified and empowered with genuine data.

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

In The Press

The Race to the Future: How Development in AI and Formula 1 Compare

01.11.2023

AI

As the sun rose over the track, a team of engineers huddled around the sleek, silver race car. They had been working tirelessly for months, pouring over data, and fine-tuning every detail to ensure that their vehicle was the best it could be. As they prepared to take to the track, they knew that they were up against fierce competition. The world of Formula 1 was filled with teams who were all striving for the same goal – to be the fastest and the best.

Not too far away, a team of software developers were grouped around a computer screen, lines of code scrolling across the display. Today was the culmination of months of writing, testing, and debugging – they were finally ready to show off their new Artificial Intelligence (AI) system at a special press conference. The technology space was full of AI assistants and chatbots, so they knew they had to impress to stand out – they needed to be unique and the best.

While these two teams may seem to be worlds apart, Formula 1 racing and AI have a lot in common! They both rely on high performance and the constant need for improvement. Just like a Formula 1 team, an AI system is only as good as its current capabilities. If an AI system is not constantly learning and improving, it will fall behind and become obsolete.

Intrepid Formula 1 engineer teams are constantly analyzing data, testing new technologies, and adjusting their cars to gain a competitive edge. Similarly, AI systems also rely on data and the ability to learn and adapt to improve.

Back at the track, and the engineer team was confident in their car and their abilities. They knew that they’d put in the time to analyze, adjust, and test; improving and updating their car to stay ahead of the competition. As the race began, the team watched nervously from the pits as their driver hurtled around the track at breakneck speeds. They knew that every second counted, and that even the slightest mistake could mean the difference between victory and defeat.

In a nearby auditorium, the software developers were watching backstage as their Technology Lead spoke confidently to the crowd. They too felt nervous of what may happen during the demonstration, what if their chatbot AI failed at the last moment? But like the engineers with their car, the developers knew that the AI they’d be nurturing for months was ready. The team had been tweaking the code and testing for weeks, squashing every bug that wriggled out, and teaching the software with the best data.

Both AI and Formula 1 are also ever evolving industries. New technologies and techniques are constantly being developed and implemented, and those that do not keep up with the times risk falling behind. In both cases, success is dependent on the ability to continuously learn, adapt, and improve.

One key difference between AI and Formula 1 is that while a Formula 1 team may have a set goal or objective, such as winning a race or championship, the goals of an AI system can be more open-ended. AI systems can be used to solve a wide range of problems and can be trained to perform a variety of tasks.

With all this in mind, was the engineer’s and developer’s hard work successful? Over at the track, as the chequered flag waved, the sleek silver car triumphantly crossed the finish line in first place, not just a win for the driver but the whole team behind them as well. And in the auditorium, a standing ovation as the new chatbot AI answered questions on a range of subjects fluently and accurately, as if a second person were speaking on stage.

As you can see, the world of AI is not so different from the world of Formula 1. Both are high performance industries that require continuous improvement to stay at the top of their game. Whether it’s analyzing data, testing new technologies, or adapting to changing conditions, both AI and Formula 1 rely on the ability to learn and evolve in order to succeed.

Time to come clean – this article wasn’t entirely written by hand. In fact, a new chatbot AI technology from OpenAI, ChatGPT, generated the title and majority of the body as part of an experiment to see how the chatbot AI handles content creation. This new technology has been helping people with all manner of questions, troubleshooting, and research – even providing ideas and writing content for blogs and social media.

To find out more about this article writing experiment, head over to our sister site MICology to read more.

In The Press

MIC Global partners with Waada Digital creating Pakistan’s largest insurtech

11.04.2022

Company News Insurtech Press Release

PAKISTAN (Nov. 4, 2022) – MIC Global are pleased to announce a new partnership with Karachi-based Waada Digital; with Waada acquiring MicroEnsure Pakistan and combining its operations with their own. This partnership between two strong companies creates the largest Insurtech in Pakistan, with a combined active customer base of over 1.5 million, and enables Waada to work across a wide spectrum and serve customers through all four of Pakistan’s telcos and its vast agent network.

Harry Croydon, MIC Global Co-Founder & COO, who joins the Waada Digital board and cap table says,

“Waada hold the same values that we embody – bringing affordable, accessible insurance through technology to those currently underserved – and I am excited by the potential that this partnership holds for the future of insurance in Pakistan.”

Ishaq Kothawala, Founder at Waada Digital said,

“We are really thrilled to share the news about this acquisition and our funding round.

With this milestone, comes responsibility; responsibility to trail blaze Insurance digitization to increase Insurance penetration in Pakistan. With a huge untapped retail insurance market (my estimate is around $5bn), unprecedentedly progressive regulators (SECP) and our crazy team, we have the right platform to achieve this. We just need to get our heads down, focus and build a sustainable and profitable business, a brand that consumers trust, and a company with global foot print.”
Source: LinkedIn

Source: Bloomberg

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)

About Waada Digital:

Waada Digital aim to simplify insurance, making affordable and accessible products for the currently underserved population of Pakistan. As an Insurtech, they aim to leverage technology to create insurance products that are affordable and available to everyone and increase insurance penetration within the country.

For more information, please visit https://waada.pk/

In The Press

No/Low Code Claims Management – Harry Croydon, CEO [ITC Vegas 2022]

10.28.2022

Panel

At ITC Vegas 2022, our CEO, Harry Croydon participated as a panelist on ‘No/Low Code Digital Claims Management’, alongside Andy Cohen (President & COO, Snapsheet), John Wang (Partner, Head of Inpoint Claims, Aon), and Brent Williams (CEO, President & Founder, Benekiva). The panel discussed low code and its application in claims and policy management, moderated by Simone Dossetor (CEO, Insurtech Australia). (36m 36s).

To find out more, visit Insurtech Connect Vegas.

In The Press

Moving Up the Data Learning Curve Unveils Product, Risk Opportunities – Harry Croydon, CEO [LIIFT 2022]

10.10.2022

Panel

At LIIFT 2022, our CEO, Harry Croydon, shared his views on the use of data within the insurance industry, as a panelist on the insightful ‘Moving Up the Data Learning Curve Unveils Product, Risk Opportunities’ alongside Hareem Naveed (Munich Re Life US) and Cletus Nunes (Sr. Dir Insurance Commercial Auto, Azuga). (16m 12s).

Click here for AM Best TV coverage of LIIFT 2022.

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 partners with Garantili Teknoloji and Virtual i Technologies to bring innovative mobile phone reinsurance to Turkey

Let’s Grow Together

In The Press

The Race to the Future: How Development in AI and Formula 1 Compare

Let’s Grow Together

In The Press

MIC Global partners with Waada Digital creating Pakistan’s largest insurtech

Let’s Grow Together

In The Press

No/Low Code Claims Management – Harry Croydon, CEO [ITC Vegas 2022]

Let’s Grow Together

In The Press

Moving Up the Data Learning Curve Unveils Product, Risk Opportunities – Harry Croydon, CEO [LIIFT 2022]

Let’s Grow Together

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