IoT - MIC Global

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

The global online shopping boom has given rise to a new wave of crime, dubbed ‘porch piracy’, with an estimated 43% of consumers in the US alone becoming the victim of package theft. Porch surveillance devices have proved to be a convenient solution to this issue.

We recently partnered with an IoT Smart Doorbell Device product manufacturer to create ‘Doorbell Insurance’, an embedded service warranty product, in order to set themselves apart from competition.

Illustration of delivery person at front door

Problem

An IoT smart doorbell camera device manufacturing company wanted to close the loop on their product and offer a complete service to their customers. Their system notifies homeowners when someone is at their front door or on their porch. However, packages still go missing at an alarming rate. The client wanted to offer a complete service to set it apart from other providers. As a result, MIC Global came on board to help our client create a custom solution through the use of embedded insurance in order to add value.

Solution

MIC Global created a custom service warranty product dubbed ‘doorbell insurance’ which covers customers from the risks of porch piracy — the act of burglars stealing packages from front doors and porches.

Illustration of thief stealing package from front door

Implementation

The service warranty product was embedded into the cost of the IoT smart device product. Thus, customers deciding between our partners’ doorbell camera device versus another brand are incentivized to choose our partners’ since it comes with the added value of a service warranty to protect customers from package theft.

Results

Happy customers and an increase in customers choosing our clients’ product over competitors.

Embedded Coverage for Today’s Digital World

In The Press

IoT Loss Control Company boosts ESG credentials

Let’s Grow Together

In The Press

IoT Smart Doorbell Manufacturer increases customer purchases

Let’s Grow Together