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Free Rider FinTech sees policies jump 13x in five months

09.15.2022

Case Study Lenders & Fintech MiIncome Platforms

OYE is a Fintech in Kenya that provide a platform for commercial two-wheeler riders to get access to financial services including insurance. The platform runs predominantly through USSD and mobile App. They are a start-up and began operation in January 2020 and has since on boarded over 10,000 riders onto the platform.

Person filling up moped with fuel at Oye partner

Problem

OYE was looking to onboard motorcycle riders onto the platform and drive fuel consumption at certain petrol stations. The client reward targets with insurance as the incentive to drive uptake and fuel consumption through OYE Fuel partners.

Solution

OYE has partnered with MIC Global to provide usage based embedded insurance to the riders. MIC designed a need based Personal Accident cover with various benefits including temporary disability that allows the riders to still get income in case of a temporary disability due to an accident.

Implementation

The product was embedded on OYE’s offering with target fuel consumption being used as the trigger for coverage.

Results

The client has had a steady growth month on month with an average growth of over 150% per month.

The policies have grown to almost 13 times from month 1 to month 5.

Average claim amount is 200 USD.

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IoT Loss Control Company boosts ESG credentials

09.13.2022

Case Study ESG IoT MiIncident Platforms

InsureTEK is a company that offers loss control as a service to a wide range of property companies and REITs including multi-family resorts, hotels offices, and military properties. They source IOT sensors, and partners with Mastec – a Fortune 500 company – who perform local installations. Their services are provided via multi-year contracts.

We recently partnered with InsureTEK to develop an embedded microinsurance to include alongside their offering.

Illustration woman presenting technology

Problem

Our client wanted to launch a water leak reimbursement warranty program to enhance their service offering to 1000s of properties throughout the US and Europe, but found that they were unable to find an insurer in the market who was willing to find similar coverage in the marketplace.

Solution

MIC Global evaluated the client’s sensor technology and designed an embedded insurance warranty product customized to the prospective client’s loss-control as a service.

Illustration water detected by loss control device

Implementation

The service warranty product was embedded into the monthly subscription cost of the IoT smart device product. Water loss/ damage reimbursement is then triggered when water is detected by the installed sensors. Customers are incentivized to choose our partner as their product comes with the added value of a service warranty to protect customers’ properties.

Results

Person installing water loss control device

InsureTEK have installed around 1000 devices as of August 2022 across multiple properties. Within a short period of time, these devices have detected water leaks* which has led to thousands of dollars saved per year on the cost water, lowered energy bills and reduced the properties’ overall environmental impact and footprint.

*continuous running water due to faulty, worn out or incorrect plumbing

Installations of InsureTEK’s sensors have not only greatly reduced the risk of water loss, they have also made the losses more predictable and therefore easier to finance.

By reducing water loss, Insuretek have positively contributed to their Environmental, Social and Governance ‘ESG’ credentials. Under Environmental, water preservation is the number one issue for property companies.

“When we were seeking a company to strategically partner with us on our innovative Loss Control as a Service platform, we searched the market for a company that understood that the risk management and insurance markets needed to evolve to stay relevant. MIC Global brought an entrepreneur’s spirit matched with a technical expertise that quite simply has become a cornerstone of our business. Their innovators and professionals are second to none in matching outside the box thinking with regulatory compliance and coming up with a solution where 1+1= 5!”
Michael P. Murphy, KM, President and CEO at InsureTEK

“For the first time in history, underwriters now have access to real-time data emanating from the risks they cover. Starting with water loss monitoring, MIC facilitates InsureTEK’s LCaS, delivering accurate, seamless data which lowers risk in a cost-effective platform. This advance in loss control underwriting technology also checks the ESG box for energy and water conservation, giving underwriters new tools for the policyholders we serve. Simply stated, LCaS which has enormous potential for a new age of underwriting critical loss events.”
Peter L. Piecuch, Chief Risk Management Officer at InsureTEK

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IoT Smart Doorbell Manufacturer increases customer purchases

06.10.2022

Case Study IoT MiIncident Platforms

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.

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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.

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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

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