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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

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

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

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

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:

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)

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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:

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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MIC Global commences underwriting at Lloyd’s through Syndicate 5183

06.22.2022

Press Release Underwriting

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.

NEW YORK, NY, UNITED STATES (June 22, 2022) – MIC Global announces today that it has received approval for Lloyd’s Syndicate 5183 to commence underwriting, effective immediately. Syndicate 5183 will be managed by Asta through Lloyd’s syndicate-in-a-box (SIAB) platform.

Syndicate 5183 further cements MIC Global as an international leader in providing embedded solutions to platform companies – a position which is further strengthened by the appointment of Erik Johnson as Senior Underwriting Manager in support of its objectives.

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

“Through our new syndicate at Lloyd’s, MIC Global can now offer companies highly relevant, affordable insurance products which can easily be embedded into their existing digital processes. This will accelerate the delivery of micro insurance products when and where customers need them, allowing them to gain access to cover that is not readily available through traditional insurance methods. The hard work of the team, coupled with the support of Asta, has been fundamental to our successful application.”

Steve Haase, President of STP Insurance Services, LLC, a USA-based broker, spearheaded the organization of MIC Global’s first two partnerships that will allow the company to underwrite business through Lloyds Syndicate 5183.

The first partnership is with InsureTEK – a manufacturer of an IoT water sensor system, that helps predict and prevent catastrophic water events before they happen.

Michael P. Murphy, KM President, and CEO of InsureTEK comments:

“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!”

MIC Global’s second account to be underwritten by Syndicate 5183 is h.way, a Hispanic-owned neobank built around the financial needs and issues facing the Hispanic community.

Lionel Carrasco, Founder and CEO at h.way, said:

“We have found that much of our customer base does not have health insurance. By partnering with MIC Global, we are helping our members get access to up to $1,000 for unexpected medical expenses as part of our h.way membership experience. This is an example of how we develop banking services centered around the specific financial needs of our Hispanic community. MIC Global’s value proposition clearly aligns with our company’s purpose of providing equitable financial services and cultural-driven product innovation.”

Julian Tighe, CEO of Asta, adds:

“We are delighted that MIC Global’s Syndicate has received approval from Lloyd’s to commence underwriting. Entry to Lloyd’s allows MIC Global to greatly expand the reach of its offering. Collaborations like this serve as an excellent example of how Asta can assist forward-thinking organizations such as MIC Global with accessing the Lloyd’s market.”

Jamie Crystal, Executive Chairman of MIC Global, concludes:

“We strongly believe embedded insurance is the future for the insurance industry and will help provide resources for the many people that don’t have access under traditional systems. We are thrilled to receive approval to commence underwriting as a Lloyd’s syndicate. This will assist us in driving forward our mission to provide embedded insurance solutions throughout the world.”

️ Embedded micro insurance and innovative underwriting can help your business. Talk to us today.

About MIC Global:

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 Asta:

Asta Managing Agency Ltd is the leading third-party managing agent at Lloyd’s and is responsible for ten syndicates, one SPA and four Syndicates-in-a-Box with capacity under management in 2022 of more than £1.5bn.

Asta Underwriting Management Limited (AUML) brings the skills, experience, and capabilities of the leading third-party managing agency at Lloyd’s to the MGA market. AUML currently manages four MGAs.

See https://www.asta-uk.com/our-clients/ for full details. 

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MIC Global receives ‘in-principle’ approval to establish Syndicate 5183

01.28.2022

Press Release Underwriting

NEW YORK, NY, UNITED STATES (Jan. 28, 2022) – MIC Global has received ‘in-principle’ approval from Lloyd’s for the creation of MIC Global Insurance Syndicate in a box (Syndicate) MIC 5183. MIC Global is a pioneering insurtech providing end-to-end digital micro insurance products.

The new syndicate 5183 will be managed by Asta, the leading third-party managing agent at Lloyd’s and is scheduled to underwrite business incepting on or after 1 April 2022.

Entry into the Lloyd’s market represents a significant step in MIC Global’s growth, furthering their ambition to build a global safety net and provide insurance to the millions of people and businesses who lack ready access to insurance. Through its Lloyd’s Syndicate 5183, MIC Global further cements its position as an international leader in micro-insurance and embedded insurance solutions

MIC Global stands apart in the industry as a full-service insurance company with the global capability and technology to provide fully digital data-driven frictionless insurance.

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

“MIC is a spark for innovation and change in the industry. We envision a world where insurance is accessible to everyone, which means creating new ways of providing coverage by leveraging our technology and principles of straight-through processing. We have generated great momentum by providing embedded insurance solutions to like-minded platform businesses. Our Lloyd’s Syndicate 5183 will enable us to accelerate our plans to provide micro transactional insurance globally to as many businesses, platforms, and customers as possible.”

Jamie Crystal, executive chairman of MIC Global, said:

“Insurance provides a critical safety net to support people and businesses in their time of need, yet insurance is too often inaccessible, inefficient, and cost prohibitive. We set out to build a full stack digital insurance company from the ground up to provide simple and relevant insurance for platform businesses, their customers, and their service providers. The need is global, and we are excited to leverage our technology in partnership with Lloyd’s, the preeminent global insurance platform, to provide embedded insurance solutions throughout the world.”

Julian Tighe, chief executive officer of Asta, added:

“We are extremely pleased to partner with such an innovative business and are looking forward to supporting MIC Global. The SIAB model facilitates cost-effective and efficient entry to Lloyd’s and offers the flexibility required to adapt to changing business needs. Syndicate 5183’s business plan, which aims to deliver micro-insurance to a broad range of platform businesses and small and medium-sized enterprises that remain underserved by today’s market, is exactly the sort of initiative that benefits greatly from access to Lloyd’s via the SIAB framework.”

About MIC Global:

MIC Global is a full stack digital insurance platform that combines insurance capacity, in-country insurance licenses, world class distribution and scalable tech. MIC Global provides insurance to the millions of people and businesses that are unserved by the current insurance models.

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

About Asta:

Asta Managing Agency Ltd is the leading third-party managing agent at Lloyd’s and is responsible for twelve syndicates, one SPA and two Syndicates-in-a-Box with capacity under management in 2022 of more than £1.4bn.

Asta Underwriting Management Limited (AUML) brings the skills, experience and capabilities of the leading third-party managing agency at Lloyd’s to the MGA market. AUML currently manages four MGAs.

See https://www.asta-uk.com/our-clients/ for full details.

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MIC Global and Bikmo partner to enhance Cycle-To-Work Schemes in Austria

11.23.2021

MiIncident Press Release

NEW YORK, NY, UNITED STATES (Nov. 23, 2021) – MIC Global (MIC) (formerly Micro Insurance Company) and Bikmo are partnering to provide digital solutions to encourage Cycle to Work schemes in Austria. In this partnership, MIC Global brings their underwriting expertise, with the ability to create unique solutions for very specific, non-traditional use cases. Bikmo, a European-based insurtech that specializes in bicycle insurance, will control product sales as well as handle the claims process.

A Cycle to Work scheme is an initiative to promote healthier commutes to and from work while also reducing environmental pollution. It allows employers to loan bicycles (or advance a loan for the purchase of a bicycle) to employees as a tax-free benefit. It’s a win-win scenario. If employees are cycling to and from work, they’ll be healthier, and thus, less likely to take sick days. It also means employers can supply less car parking spaces, which reduces their costs and is also good for the environment. Lastly, for employees looking for an alternative to public transportation post-covid, cycling to work is a good option. It keeps employees active and happy.

In an effort to further boost the attractiveness of these cycle-to-work schemes in Austria, MIC and Bikmo have designed a service warranty product that is embedded into the bicycle loans given by employers. This insurance-based product allows employees to take their bicycle in for service annually, which is a great added benefit for them. It also gives peace of mind to employers, knowing that if an employee needs a repair or replacement for their bike, they are covered. In other words, the cost of an unexpected circumstance related to their bicycle will not be the reason an employee stops biking to work. Having a built-in warranty means they can take care of any of their bicycle servicing needs and be back in action quickly.

Richard Leftley, EVP of Micro Insurance Company, says:

“We are very excited to make our first entry into the EU market and to do so with an innovative insurtech such as Bikmo is an endorsement to our focus on underwriting simple, effective insurance products.”

David George, CEO at Bikmo, adds:

“It’s been a delight to work with an insurer as agile and responsive as MIC Global to bring a product to market in record time for Bikmo. We’re looking forward to working with Richard and the team as we develop this product and new initiatives.”

This collaboration between MIC Global and Bikmo is pedaling down a great path towards improving the lives for countless Austrians.

About MIC Global:

MIC Global is a full stack digital insurance platform that combines insurance capacity, in-country insurance licenses, world class distribution, and scalable tech. MIC Global provides insurance to the millions of people and businesses that are unserved by the current insurance models.

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

About Bikmo:

Bikmo is an award-winning cycling insurance specialist who invests in technology to protect the world’s cyclists. They insure bikes, kit and riders across the UK, Ireland, Germany and Austria.

For more information, please contact David George at press@bikmo.com or visit bikmo.com.

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MIC Global and Lofte Kesho are partnering to offer digital solutions to Livestock Farmers

08.23.2021

MiIncome Press Release

NAIROBI, KENYA (Aug. 23, 2021) – MIC Global (MIC) (formerly Micro Insurance Company) and Lofte Kesho are partnering to offer digital solutions to livestock farmers in an effort to improve their economic well-being. Lofte Kesho, an integrated FinTech and AgriTech player, was created to help farmers collateralize animals as assets for financial benefits such as loans, working capital, cow replacement loans, and investment loans. They have also created unique systems for animal identification as well as the process of tokenizing animals using blockchain.

Lofte Kesho is partnering with MIC in an effort to strengthen their mission of helping farmers to unlock the financial benefits associated with their livestock. By partnering with MIC, farmers will now be able to insure their livestock, which gives them access to credit opportunities – as they will now be able to use their insured livestock as collateral. This will help improve the financial state for many farmers. Furthermore, MIC is also offering a life and hospitalization cover to the middle and low segment Livestock farmers to safeguard them against many of the risks they face, so when the unexpected happens, they are able to bounce back swiftly.

Ms. Wairimu Njoki, Country Manager, MIC Global, says:

“We are pleased to be partnering with Lofte Kesho as they improve the inclusivity of livestock farmers for enhanced access to financial solutions. Farmers have always held assets through their livestock but are often locked out of financial access because historically, financial institutions have not considered livestock as a good form of security. By MIC insuring farmers’ livestock, it has enabled financial institutions to get on board with accepting livestock as a secure asset, and thus, feel confident in accepting it as collateral.”

Bernard Njathi, Co-Founder of Lofte Kesho, says:

“Our farmers are faced with multiple challenges. According to the World Bank, by the year 2050, food demand will increase by 70%. So what does this really mean? We need to support our farmers – both our Crop and Livestock farmers. This is why Lofte Kesho Kenya Limited acknowledges that our livestock farmers are not necessarily poor but lack a supportive ecosystem that properly promotes and unlocks animal identification, valuation, insurance and animal collateralized loans. As a result, Lofte Kesho is excited to partner with Micro Insurance Company to further our aim of providing value-added services to livestock farmers in the areas of animal health, nutrition, and productivity. Our partnership with MIC will further enhance our ability to offer peace of mind to livestock farmers.”

MIC and Lofte Kesho join forces to address both the financial and insurance inclusivity against the marginalized – using the FarmTrek platform as a route to access these services. This partnership combines Lofte Kesho’s knowledge of livestock along with MIC’s expertise in product design to ensure optimal product consideration and adjusted premiums.

About Lofte Kesho:

Founded in 2018 with headquarters in Kenya, Lofte Kesho is an integrated FinTech and AgriTech player offering an animal identification and traceability platform. In partnership with InfoCorp Technologies, Lofte Kesho has rolled out FarmTrek, a solution that brings inclusive financial services to the livestock industry in emerging markets via its blockchain-based platform. Lofte Kesho works with smallholder farmers to unlock financial benefits associated with their animals.

For more information, please contact Bernard.Njathi@loftekesho.com or visit: https://www.loftekesho.com/

About MIC Global:

MIC Global (MIC) is a global insurance platform delivering technology, underwriting, policy management, and distribution. MIC provides insurance to platforms, micro & small businesses, and to the 4 billion people on the planet that are currently unserved. Whereas most insurtechs seek to improve existing monoline products and markets, we follow the concept of straight through processing. We do this in order to create highly relevant insurance products that we can offer globally at a very low cost via our platform to support people in their local communities. Micro Insurance Company is the world’s first global end-to-end digital microinsurance platform that combines reinsurance capacity, in-country insurance licenses, world class distribution, and market leading AI functionality.

For more information, please contact wairimu.njoki@microinsurance.com or visit: https://micglobal.com/

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MIC Global and Hava Net Limited partner to provide digital insurance solutions to Hava’s Corporate Riders

08.04.2021

MiIncident Press Release

NAIROBI, KENYA (Aug. 4, 2021) – Hava Net Limited and MicroEnsure (now a part of MIC Global) have entered into a strategic partnership with the aim of providing digital insurance solutions to Hava’s corporate riders.

Hava is a technology-driven transportation solutions provider that offers online ride-hailing and delivery services in Kenya. Made by Kenyans, for Kenyans, Hava strives to balance both sides of the transportation equation – offering drivers a way to earn money and providing customers with access to an affordable transportation service. Under this arrangement, MIC and Hava will work together to provide need-based insurance and protection plans to safeguard riders who use Hava’s platform. These risks include loss of life, disability, incurred medical expenses, and loss of personal belongings while riding with Hava.

This partnership provides end-to-end enrollment, coverage, and claims settlement support, which reduces paperwork for customers and speeds up the entire process.

Ms. Wairimu Njoki, Country Manager, MIC Global, says:

“Hava is simplifying and improving the lives of the majority of Kenyans by providing easy and quick access to taxi services through the Hava ride-hailing platform. MIC Global is pleased to be their chosen partner to further drive this mission and add value by providing access to insurance for riders who choose Hava as their preferred ride-hailing platform. Through this partnership, users of Hava can travel and go about their day with peace of mind, knowing they are covered for life.”

Also speaking on the Launch, Mohamed Nuur, Director at Hava, says:

“We are proud to provide trip insurance for Hava customers. Hava is a local ride-hailing platform made for Kenyans by Kenyans, and our top priority is the wellbeing, safety, and comfort of our clients and drivers. Our partnership with MicroEnsure (now part of MIC Global) gives both us and our clients the assurance that they are always covered and protected. We will always have their backs every time they ride with Hava.”

About Hava:

Hava is a modern, sustainable and fast-growing online ride-hailing company based in Kenya with an aim of balancing a Driver’s need to earn a livelihood with that of a Rider, affordable transportation across major cities and towns. With a wide range of options to choose from; vehicle types to drivers nearby, we are the panacea to all your conveyance ills. Riders can quickly request a ride from their mobile phone using the Hava app. Our drivers are at least 21 years of age, have a smartphone, with a courteous and a friendly persona. Their vehicles are in superb condition, clean and well maintained in addition to being fully certified and licensed. For more information, please contact: mohamed@hava.bz or visit: https://www.hava.bz/

About MIC Global:

MIC Global (MIC) is a global insurance platform delivering technology, underwriting, policy management, and distribution. MIC provides insurance to platforms, micro & small businesses, and to the 4 billion people on the planet that are currently unserved. Whereas most Insurtechs seek to improve existing monoline products and markets, we follow the concept of straight through processing. We do this in order to create highly relevant insurance products that we can offer globally at a very low cost via our platform to support people in their local communities. Micro Insurance Company is the world’s first global end-to-end digital micro insurance platform that combines reinsurance capacity, in-country insurance licenses, world class distribution, and market leading AI functionality.

For more information, please contact: wairimu.njoki@microinsurance.com or visit: https://micglobal.com/

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