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MIC Global Raises US$6 Million Funding Round led by Launchpad Capital

01.25.2024
Company News Press Release
a pr funding

NEW YORK, NY, UNITED STATES (Jan. 25, 2024) – MIC Global (MIC), a full stack embedded microinsurance provider, today announced it has raised a US$6 million seed funding round. The round was led by Launchpad Capital, and joined by Greenlight Re Innovations, Ironsides Partners, and existing investors.

MIC Global provides simple and relevant microinsurance products for underserved consumers and businesses, embedded at the point of sale. Focusing on global insurance protection gaps, MIC’s digital reinsurance solutions provide payments to help people cope in the wake of unexpected loss of income, everyday risks, and identity theft. MIC currently operates in over 17 countries with plans to rapidly expand their geographical reach in 2024 through existing and new platform, insurer, and operating partnerships. With MIC’s in-house underwriting through Lloyd’s Syndicate 5183* and MIC Re, end-customers and business partners can expect long-term sustainable premiums, backed by Lloyd’s AA- ratings from Fitch Ratings, Kroll Bond Rating Agency, and Standard & Poor’s.

The funding will fuel MIC Global’s growth plans, including investments in infrastructure, talent, and market expansion.

Jamie Crystal, Co-Founder and CEO of MIC Global, said:

“We are pleased to welcome Launchpad Capital, GreenlightRe Innovations, and Ironsides Partners as strategic investors and partners to help fuel MIC Global’s continued growth as the preeminent embedded micro insurance provider. MIC is reimagining how insurance is bought and sold, and the additional capital will support the company’s global growth strategy with a focus on expanding our technology-enabled insurance platform to provide protection to people in both developed and emerging countries through our banking, mobile phone, digital/technology, insurance, and insurtech partners.”

Ryan Gilbert, Managing Partner at Launchpad Capital, added:

“Jamie Crystal and Harry Croydon bring decades of global insurance and technology leadership to the embedded microinsurance opportunity. They built a team, technology infrastructure, and underwriting capacity that allows embedded distribution partners to rethink microinsurance. Innovators shouldn’t be restricted to ‘on the shelf’ products. MIC Global is the insurance sector’s equivalent to fintech’s sponsor banks.

“Over the past year our team and portfolio companies, Harmonic Financial Technology and Grid, have been impressed by the way the MIC team has enabled global insurance innovation with a ‘can-do’ attitude and ‘out of the box’ thinking. We all look forward to the future of this partnership.”

Andrew Drake, CEO of Harmonic Financial Technology and Venture Partner at Launchpad Capital, said:

“We got to know MIC well by working closely with Jamie and Harry on an innovative glass insurance program, soon followed by an Income Protection program. They think differently about using technology to design and deliver high frequency, low dollar insurance programs that help customers address real-world risks.”

About MIC Global:

MIC Global is a full stack embedded micro insurance provider combining insurance capacity, embedded distribution, and scalable tech. MIC delivers simple digital reinsurance solutions to diverse insurance and platform partners, enabling individuals and small businesses to access relevant loss of income safety nets for when life happens. MIC’s innovative microinsurance products are tailored and embedded into platform ecosystems, adding value by enhancing the partner’s brand, differentiating their product, driving revenue, and attracting and retaining customers.

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.

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MIC Global collaborates with Experian to bolster its MiIdentity product in India

12.20.2023
Cyber Security MiIdentity Press Release
a pr experian

NEW YORK, NY, UNITED STATES (Dec. 20, 2023) – MIC Global has entered a service level collaboration with Experian to strengthen the dark web and credit bureau monitoring service within MIC’s MiIdentity platform. MiIdentity is set to launch in India, bringing robust digital identity monitoring to individuals in the country’s rapidly growing online population.

MiIdentity is MIC’s proactive digital identity monitoring and insurance platform. The MiIdentity platform offers real-time dark web and credit bureau tracking, sending registered users alerts when their compromised data or suspicious financial activity is discovered. MiIdentity’s Digital Identity insurance component (provided as digital reinsurance via insurance platform partners) offers cover when individuals suffer a financial loss due compromised identity or financial data and documentation. In collaboration with Experian, Indian users can expect industry leading data monitoring, helping them to keep their data secure and maintained.

Experian is an international data analytics and consumer credit reporting company. The company’s core offerings include credit reporting, scoring models, and identity protection services, which empower businesses to assess creditworthiness and consumers to manage their financial well-being. Experian’s identity tracking expertise drives value and sets new standards in safeguarding digital identities, ensuring a secure and resilient online environment.

About MIC Global:

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

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

About Experian:

Experian is a global information services company that specializes in providing data and analytics solutions to assist businesses and individuals in making informed financial decisions. With a presence in 37 countries, Experian plays a crucial role in the financial ecosystem by collecting and analyzing vast amounts of data related to credit history, identity verification, fraud detection, and more.

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

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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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MIC Global and The Plateau Group partner with Grid and Harmonic Insurance Services to protect American workers’ income

07.11.2023
MiIncome Press Release
a pr Grid

NEW YORK, NY, UNITED STATES (July 11, 2023) – MIC Global is partnering with leading US neo-bank Grid to help its customers protect their incomes in the event of involuntary layoffs. Harmonic Insurance Services brokered the partnership, along with The Plateau Group as the local insurer.

Grid’s Income Protection provides eligible customers with a $2,000 monthly benefit for up to two months if they lose their job involuntarily. This innovative embedded protection enables Grid to cover their enrolled customers’ essential expenses, to preserve their credit, and to focus on finding a new job in the event of a lay-off.

Grid is a consumer financial services platform in the US, offering clients early wage access, early access to tax refunds, credit-building tools, and rewards via their popular mobile app.

Edward Chung, CEO, Grid says:

“With Grid Income Protection, we help and support our customers when they need a financial boost the most. The $2,000 benefits will help our customers by reducing the stress and anxiety while they’re between jobs. The overall goal of our program is to prevent late payments, credit defaults and hits to their hard-won, improved credit scores when they are laid off.”

Harmonic’s expertise in digital insurance led to connecting Grid with MIC Global to create this partnership.

Andrew Drake, Founder & CEO, Harmonic Insurance Services explains:

“We help businesses grow by providing microinsurance programs that make life easier for their customers. Today’s economy presents lots of uncertainty for American workers. Grid’s Income Protection can ease anxiety and provide a safety net for the vulnerable.”

The Plateau Group is an insurance holding company that provides insurance solutions to the financial services industry and their customers. MIC Global delivers their MiIncome digital protection product to Grid through a partnership with The Plateau Group. Plateau has been instrumental in the launch of Grid’s product offering.

Joe Melendez, CEO, The Plateau Group, adds:

“Plateau’s focus is on delivering technically integrated and easily accessible financial protection solutions that meet the demands of today’s lenders and their consumers. MIC Global, Grid and Harmonic have been incredible to work with as we integrate these solutions into their platforms and workflows to empower their partners and customers.”

Together, MIC and Plateau are supporting Grid’s tech-enabled offering for when Grid’s customers are most financially vulnerable. MiCology, part of the MIC Group of companies, provide the tech service that drives the benefit payment process, integrating seamlessly with the Grid platform via API and bringing fast AI-powered assessment and payments to Grid’s customers.

This is the latest example of MIC’s commitment to providing a safety net for when people fall on hard times, by working with like-minded partners to support them in offering unique embedded solutions. End-customers have the peace of mind that they will have money in their pocket to cover debts when the unexpected happens.

Jamie Crystal, Co-Founder and CEO, MIC Global enthuses:

“Working with Plateau, Grid and Harmonic has been a pleasure. It was only in April that we first discussed the idea of our MiIncome project with the team and to have it launched in just a few short weeks is fantastic. Our MiIncome digital reinsurance product has been designed to fit the needs of carriers and partners who protect working individuals – and we are seeing good early demand for it. We are excited to develop our relationship with these partners.”

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 The Plateau Group:

The Plateau Group are a US based insurance holding company who specialize in credit insurance, service contracts and other loan related products. Plateau market, manufacture, administer and reinsure products tailored to the needs of their customers.

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

About Grid:

Grid is a US financial services platform that provides clients with early wage access, early access to tax refunds, unemployment cover, and debit and credit card services which help individuals build their credit scores while receiving rewards and benefits.

For more information, please visit https://getgrid.app/

About Harmonic Insurance Services:

Harmonic Insurance Services helps businesses grow by integrating insurance into their apps and services.  Harmonic connects leading digital businesses with innovative carriers, provides turnkey integration technology and ensures compliance.  Harmonic’s programs improve service, reduce risk for its clients’ customers, and, in doing so, build more and stronger customers.

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

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MIC Global and The Plateau Group partner with Leap Financial to deliver digital medical expense protection in the USA

07.05.2023
MiIncome Press Release
a pr LeapFinancial

NEW YORK, NY, UNITED STATES (July 5, 2023) – MIC Global and The Plateau Group are partnering with Leap Financial to provide Leap’s digital protection product, covering up to $1,000 of individuals’ expenses in the event of a trip to a medical facility. This new embedded micro insurance solution gives Leap customers timely reimbursement benefits, mitigating concerns when paying for healthcare.

MIC Global is committed to creating embedded micro insurance products that take care of people, with its MiIncome digital reinsurance solution dedicated to protecting personal finance. Partnerships like this give people convenient access to simple, relevant benefits and peace of mind to look after their health without worrying about financial burdens.

Jamie Crystal, Co-Founder and CEO, MIC Global says:

“Our successful partnership with The Plateau Group begins with Leap Financial. With a shared vision of empowering individuals with comprehensive financial and healthcare tools, we enable h.way customers to put their health before finance by offering a convenient blend of banking and healthcare benefits that truly puts the customer first.”

Leap Financial’s platform, h.way, benefits its customers with financial products and services that bring economic prosperity through cash-back, savings, and early payment schemes. To further help their customers, Leap sought to offer payments to cover bills for a range of standard medical procedures, including blood and urine tests, broken limbs and stitches, prescribed medications, and radiography procedures. Once subscribed to a Plan, h.way customers get the assurance that they will have cash in their pockets to help cover their unforeseen medical expenses so that they may recover much more comfortably.

Marcela Henao, Co-Founder, Leap Financial, concludes:

“We are thrilled to partner with MIC Global and The Plateau Group to further enhance the value that our h.way Monarca Plus account offers h.way customers. In addition to providing coverage of up to $1,000 for medical expenses, this specific h.way account tier offers additional benefits beyond medical emergencies, such as no maintenance fees, no minimum balance required, early payday, and cash-back on international money transfers—all within an FDIC-protected account. These advantages are highly valued by our Hispanic consumers.”

The Plateau Group is an insurance holding company that provides insurance solutions to the financial services industry and their customers. MIC Global delivers their MiIncome digital reinsurance product to Leap through a partnership with The Plateau Group.

Joe Melendez, CEO, The Plateau Group says:

“Plateau is proud to strengthen its dedication to providing modern, seamlessly integrated, and accessible digital financial protection solutions through its strategic partnerships with MIC Global and Leap Financial. By supporting Leap’s distinctive range of essential healthcare tools, we are taking our commitments to the next level, and we are thrilled to deepen our longstanding partnership with MIC Global in the process.  We eagerly anticipate empowering Leap customers with timely and simple protection solutions that will make a meaningful difference”

MIC and Plateau support Leap Financial’s tech-enabled offering with opportune benefits in h.way customers’ time of need. This is ensured by MiCology, a part of the MIC Group of companies, which powers the tech behind Mi Income with AI-driven processing for optimum assessment and settlement, integrated via API into Leap’s platform.

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 The Plateau Group:

The Plateau Group are a US based insurance holding company who specialize in credit insurance, service contracts, and other loan related products. Plateau market, manufacture, administer and reinsure products tailored to the needs of their customers.

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

About Leap Financial:

Leap Financial is a technology service provider. Leap enables financial and non-financial institutions to leverage financial services. Leap offers a proprietary cloud-based financial platform for a digital wallet, instant issuing, cross-border payments, payment facilitation (acquiring), P2P Payments, and more, including regulatory compliance on CIP, AML, OFAC, and BSA.

For more information, please visit https://www.leapfinancial.com/ and https://www.h-way.com/

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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
a pr Garantili

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/

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

11.04.2022
Company News Insurtech Press Release
a pr Waada

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/

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MIC Kenya and BBOXX Kenya announce partnership

10.03.2022
MiIncome Press Release
a pr Bboxx

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

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MIC Global acquires FLOvate Solutions Ltd, introduces MiCology

10.03.2022
Company News Press Release
name micology

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:

  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)

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In The Press

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

09.13.2022
ESG MiIncident Press Release
a pr Insuretek

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.

Illustration water detected by device
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. 

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