In The Press

Financial Bank: Mobile Phone Extended Warranty and Theft Coverage helps customers with the cost of repair and replacement

08.15.2023

Case Study ESG Lenders & Fintech MiIncident Telecoms

We have partnered with a leading financial bank by providing digital reinsurance to their local insurance partner, covering mobile phones with an innovative embedded micro insurance solution, giving owners peace of mind in the event of mobile phone damage and theft.

Problem

The financial bank partners with a local telco to offer a credit card to customers when purchasing a mobile phone through the telco. They wanted to drive acquisition of this credit product and increase customer satisfaction for those that signed up.

The bank saw an opportunity to offer opt-in extended warranty and device protection as an incentive to sign up to their credit card.

Solution

We worked with the bank to tailor our MiIncident Gadget coverage to their specific needs, covering their enrolled credit card customers when mobile phone damage occurs or a device is stolen.

Illustration of hand holding mobile phone with cracked screen, and hand holding phone shape as if stolen

Illustration of hands fixing a broken mobile phone with tools

Implementation

Our digital reinsurance solution is provided to the bank’s local insurance partner. The solution is embedded into the bank’s extended warranty.

When device damage occurs, customers can quickly raise a claim through their credit account and receive a repair via dedicated repair centers, reducing the time spent without their device in full working order. Or in the event of theft, customers can receive a payout to put toward replacing their stolen mobile phone.

Results

Illustration of group of people inside yellow circle

Having embedded our MiIncident embedded micro insurance solution, the financial bank is now able to rapidly provide a highly relevant insurance product that attracts new customers and increases their customer retention.

Embedded Coverage for Today’s Digital World

In The Press

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.

Embedded Coverage for Today’s Digital World

In The Press

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

Embedded Coverage for Today’s Digital World

In The Press

Micro Finance Institution (MFI) loan defaults reduce 50%

08.04.2022

Case Study Lenders & Fintech MiIncome

Musoni MFI is the largest micro lending business in Kenya, providing loans for business and agricultural purposes. Musoni lends out about $30 million annually and has partnered with MIC since 2015.

Problem

Musoni came to MIC with the aim of reducing Portfolio At Risk (PAR) which ensured business continuity and in addition enable borrowers to bounce back easily and continue with business operation in case of a risk event.

Solution

MIC Global created a credit linked solution combining health, life and property risk coverages.

Implementation

The product is sold on an embedded basis with the loan officers in charge of customer education.

Results

Illustration group of people with 25K+ figure

Over 25,000 policies enrolled each year.

Down arrows with 50% reduction of default at musoni

Reduction of default by over 50%.

9% annual growth rate.

Embedded Coverage for Today’s Digital World

In The Press

Tier 2 Banks: Deposit Linked Offering sees additional 10,000 policies sold

08.01.2022

Case Study Lenders & Fintech MiIncome

Tier 2 banks cater to the variety of retail depositors most of who are in the informal sector and do not earn regular structured income. This segment is estimated to be the largest demographic in the next 20 years.

Problem

This demographic is generally ignored by the traditional insurance companies. They therefore did not have insurance policies that catered to their peculiar needs. The banks therefore requested a product that will be best suited to the needs of their depositors.

Solution

MIC introduced a deposit linked offering bundled insurance offering called Fearless Insurance which is sold to the customers of these banks on a voluntary basis. Benefits include death, permanent disability, hospitalization and maternity.

Bank desk with tellers and customers providing deposit linked offering

Implementation

MIC distributes this deposit linked offering solution throughout the banking halls of various partners via sales agents who are strategically placed in the banks so that they are close to the customers.

Results

A satisfied customer base who have purchased over 10,000 policies since the introduction of the Fearless Insurance offering and a happy banking partner generating extra income through commissions.

Embedded Coverage for Today’s Digital World

In The Press

Tier 2 Banks: Credit Linked Offering eliminates loan defaults for insured perils

08.01.2022

Case Study Lenders & Fintech MiIncome

Savings and Loans Companies are Tier 2 banks in Ghana. They specialize in lending to the SMEs across the country. MIC provides solutions to four of the largest lenders in this segment.

Problem

As their loan book expanded, they were faced with a huge number of loan defaults due to the death, disability and hospitalization of borrowers. This in turn impacted heavily on their non-performing loan ratios.

Solution

Embedding life and property insurance into loans to ameliorate the effects of perils such as death and property destruction on the default rate on loan book.

Person working on laptop with tech icons surrounding them

Implementation

MIC employs its MiConnect Platform to administer the policy to ensure proper data administration and claims monitoring and payment.

Results

A healthy loan book devoid of defaults due to insured perils.

This intervention has resulted in payouts of over 3,100 claims amounting to approximately GHS 7,600,000 since 2018.

This has advanced the financial inclusion agenda as most of the claimants have never had any form of insurance prior to being enrolled.

Embedded Coverage for Today’s Digital World

In The Press

Mobile Telecom Company receives 69,000+ new policy sign-ups

08.01.2022

Case Study MiIncome Telecoms

Insurance distribution via mobile telecom companies has been the single largest contributor to deepening insurance penetration in Ghana. MIC Global is a pioneer and continues to be at the forefront in this space. This model which allows mobile phone subscribers to use call minutes to purchase insurance via the mobile telecom companies.

MIC Global pioneered the 1st mobile–delivered insurance Technical Service Provider.

Tigo Family Care Insurance through Tigo (2010-2012) – 1 Million lives on Insurance through Mobile phone.

Airtel Insurance through Airtel (2013-2016) – 1.2 Million lives on Free Insurance. 325K paying per month.

Vodafone Insurance (2020-present)

Vodafone Ghana is a leader in telecommunications solutions in Ghana and a subsidiary of Vodacom Group. They offer voice, data and mobile financial services to their over 9 million customers. Vodafone has a global customer base of over 220 million subscribers spread across 4 continents.

Illustration hands holding Mobile phones

Problem

Vodafone Ghana was looking for an innovative solution to monetize their customer base while bringing value to them as well.

Solution

An innovative bundled insurance cover providing customers with varied covers to ensure Vodafone is a one stop shop to their base for insurance.

Implementation

Free to paid model where MIC proposed free insurance to on-board to first users of insurance. Enrolment methods include the use of Digital and Call Centre channels to upsell paid for insurance. Premiums are deducted from airtime and mobile wallets.

Results

Over 69,000 customers signed onto the free version with significant numbers using self-sign up option since November 2020.

Embedded Coverage for Today’s Digital World

In The Press

National Bank sees 66% growth in salary accounts over 12 months

08.01.2022

Case Study Lenders & Fintech MiIncome

Absa Bank is one of the biggest and oldest banks in Ghana and has a substantial customer base. They offer a range of banking services in both retail and corporate banking.

Absa is considered to be at the forefront of product innovation and technology in the African financial sector.

Problem

Absa was in search of a way to retain existing blue and white collar workers bank accounts as well as attract new customers to open accounts. They also aimed to increase market share in a fluid and competitive industry.

Solution

Introduction of an income replacement tool on an embedded basis, or Retrenchment Insurance, to distinguish account holders and provide a superior product offering to the client.

Illustration person lost job thinking money

Illustration laptop with tiny person on top

Implementation

MIC introduced embedded retrenchment insurance for all account holders. This helped to increase enrollment of salary accounts to blue and white collar workers in Ghana.

Results

Since the introduction of this solution, salary accounts increased from 12,000 to 20,000 accounts in the first 12 months, representing a 66% growth.

It further increased by over 300% to 43,000 over a subsequent six year period. 11,000 accounts have since been reclassified as micro/mass market customers.

The portfolio still boasts of over 33,000 accounts and continues to grow steadily. This solution has positioned Absa as a market leader and resulted in increased revenue for that vertical.

Embedded Coverage for Today’s Digital World

In The Press

Telecom Company grows users by 50,000 within weeks

06.10.2022

Case Study MiIncome Telecoms

Telecommunication companies often offer their own apps to customers in order to manage payments, airtime and provide news and special promotions. But customer engagement can be lacking with a telecom company.

We recently partnered with a telecommunications company to help offer a simple embedded health insurance product in order to incentivize customers to use their mobile app.

Illustration hand holding Telecom Company mobile phones

Problem

The telecom company wanted more customers to use their mobile app.

Solution

Incentivizing the telecom company’s customers to use the mobile app to purchase airtime, by also giving them access to simple insurance.

Illustration People using Telecom Company mobile phones

Implementation

MIC Global embedded a simple health insurance product for the telecom company’s customers to purchase that is easy to understand, straightforward, and can be purchased right from their mobile app. Customers can also make claims and receive payment right to their phone with the click of a button.

Results

Illustration people standing infront of 50K+ notation

Over 50,000 additional people signed up in the first few weeks.

Illustration person showing Telecom Company mobile phone screen

Increased mobile app usage, as well as increased customer retention and loyalty.

Not to mention, providing uninsured people with access to health insurance.

Embedded Coverage for Today’s Digital World

In The Press

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.

Embedded Coverage for Today’s Digital World

In The Press

Financial Bank: Mobile Phone Extended Warranty and Theft Coverage helps customers with the cost of repair and replacement

Let’s Grow Together

In The Press

Free Rider FinTech sees policies jump 13x in five months

Let’s Grow Together

In The Press

IoT Loss Control Company boosts ESG credentials

Let’s Grow Together

In The Press

Micro Finance Institution (MFI) loan defaults reduce 50%

Let’s Grow Together

In The Press

Tier 2 Banks: Deposit Linked Offering sees additional 10,000 policies sold

Let’s Grow Together

In The Press

Tier 2 Banks: Credit Linked Offering eliminates loan defaults for insured perils

Let’s Grow Together

In The Press

Mobile Telecom Company receives 69,000+ new policy sign-ups

Vodafone Insurance (2020-present)

Let’s Grow Together

In The Press

National Bank sees 66% growth in salary accounts over 12 months

Let’s Grow Together

In The Press

Telecom Company grows users by 50,000 within weeks

Let’s Grow Together

In The Press

IoT Smart Doorbell Manufacturer increases customer purchases

Let’s Grow Together