The Challenge
Banks and fintechs are transforming how people manage money, offering speed, simplicity, and innovation. But, without a financial safety net, customers are more likely to churn, fall behind on payments, or reduce usage. Traditional insurance products like Home and Auto do nothing to help your customers when they lose their job or can’t work.
01
When asked for the largest expense they can cover using only savings, 43% said they do not have enough savings for a $1,000 emergency expense. 30% indicated they could not cover three months of expenses by any means.
02
When someone loses their job they typically stop making their monthly loan payments, max out their credit cards, and wipe out their savings, leading to a costly defaults and credit impairment.
Why MiIncome™
Matters for Digital Banking & Fintech
MiIncome™ enables financial platforms to protect their customers if they are laid-off or cannot work and protects the company from the downstream risk:
Reduce Delinquency & Charge-Offs
Enables customers to maintain loan payments even after job loss and to avoid credit impairment
Increases Deposits & Engagement
Provides direct cash deposits to help maintain cash balances — financially resilient customers stay engaged
Drive Premium-Tier Adoption
MiIncome™ can be bundled with credit products, memberships, and subscription services to increase adoption
Build Long-Term Loyalty
Customers remember who supported them during financial distress — MiIncome™ helps Banks and Fintechs to differentiate, attract and retain customers.
How It Works
MiIncome™ is a full turn-key solution delivered via a simple API that provides immediate short-term income protection for:
Involuntary Unemployment
Job loss triggers payouts from layoffs
Critical Illness or Injury
Illness or Injury triggers payouts from inability to work
Natural Disaster
Weather trigger payout for disruption
Business Impact
MIC collaborates with its partners using a pull-strategy to create highly relevant Income Protection products that help you to attract, retain, and monetize customers.
MiIncome™
Is a simple and relevant add-on that is easy to understand and embed via a fully digital journey with a positive claims experience, all delivered at an affordable price point.
Enables you to monetize your customers by generating incremental monthly revenue and reduce delinquency so that you can maintain your revenue streams, avoid costly defaults, preserve the LTV of the customer and reduce your CAC.
Seamless Integration
Our low-code platform makes it easy to launch in weeks. Fully digital, globally scalable, and backed by Lloyd’s and other A rated insurers, MiIncome™ is built to grow with your platform.
