In The Press

Virtual Wallet Provider grows sign-ups, renewals, and cross sales

06.10.2022

Case Study MiIncome Platforms

Historically, the Philippines has been a cash-based economy. People did not have bank accounts because the majority work in the informal sector, lack identification, and don’t have a social security code.

We recently partnered with a virtual wallet provider who offer a digital bank account app linked to a mobile network, to create in-app insurance solutions in order to differentiate them from their competition.

Illustration of Hands exchanging money and mobile phone with Virtual Wallet Provider app

Illustration of Mobile phones with different symbols on screen

Problem

As mobile wallets grew in popularity in the Philippines, our client gained dozens of competitors. Therefore, they needed a way to differentiate themselves.

Solution

By offering additional financial services to existing customers, the company could stay competitive and increase revenue. As a result, MIC Global designed the first-ever version of digital insurance in the Philippines. This unique bundled product included funeral insurance, accident insurance, and hospicash.

Illustration of Virtual Wallet Provider callcenter staff speaking to person on phone

Implementation

We designed an SMS based digital channel for direct enrollment and established an outbound call center in the Philippines to assist customers with enrollment, claim support, receiving payouts, etc.

Results

Illustration of person using mobile phone

For the virtual wallet provider customer signup increased, voluntary renewals increased, and customer lifetime value through insurance cross sells increased.

Embedded Coverage for Today’s Digital World

In The Press

Ride Sharing Company increases driver retention by 40%

04.13.2022

Case Study MiIncome Platforms

Employee retention is growing issue for businesses, with employees concerned about how they will manage if struck down by sickness. This is especially a concern for workers in the gig economy, such as those working for a ride sharing company.

We recently partnered with a ride sharing company, to enable them to offer health insurance to drivers in order to give them peace of mind and security, and ultimately increase employee retention.

Illustration of people with crossed arms and thumbs up

Problem

At the onset of the pandemic, a ride sharing company was struggling with a high employee turnover rate due to fear surrounding the Covid-19 virus.

Solution

MIC Global created a custom health insurance product to distribute to drivers in order to curb their worries about getting sick and not having access to healthcare.

Green car with hands using app on mobile screen

Implementation

MIC Global created a user-friendly digital process embedded right within their mobile app, where drivers are able to enrol for insurance, make payments, file claims, and receive claim payments all within the click of a button.

Results

Person holding phone up and pointing to app

Increased driver retention by 40% by protecting drivers against loss of income due to health related events.

“We’ve seen a big uptick in driver retention since implementing built-in health cover.” – Client

Embedded Coverage for Today’s Digital World

In The Press

Agricultural Lender pays loans to protects farmers after disaster

04.11.2022

Case Study Lenders & Fintech MiIncome

One Acre Fund (OAF) is the largest lender to farmers in Africa. OAF was created to supply financing and training to help agricultural workers grow their way out of hunger and build lasting pathways to prosperity.

We recently partnered with OAF to help their farmers pay loans back on time when they fell on hard times, with an embedded insurance solution.

Problem

Some farmers struggled to repay their loans when disaster struck. The two main causes were:

A death in the family:
Funerals are a big deal and very costly in Africa
Health issues:
If someone gets sick and as a result, have large medical expenses or are unable to work.

Solution

MIC Global created simple health and funeral insurance products to help with these two major financial burdens, so more farmers would be able to pay their loans on time.

Implementation

MIC created a video that explained the insurance products very simply and loaded the video onto tablets to give to loan officers to play for farmers out in the fields.

Results

One Acre Fund farmers are able to repay their loans even when disaster strikes.

Silhouette of west Africa with 1M+ notation

MIC Global now provides insurance to over one million people in East Africa.

Farmers now have access to a safety net to protect them from the costs associated with health issues or a death in the family.

Embedded Coverage for Today’s Digital World

In The Press

Virtual Wallet Provider grows sign-ups, renewals, and cross sales

Let’s Grow Together

In The Press

Ride Sharing Company increases driver retention by 40%

Let’s Grow Together

In The Press

Agricultural Lender pays loans to protects farmers after disaster

Let’s Grow Together