Harry Croydon, MIC’s Co-Founder & COO, features on the Category Visionaries by Front Lines podcast, joining Brett Stapper to discuss the evolving insurance technology landscape, navigating major market challenges such as the dot-com bubble, the emergence of embedded micro insurance, and building a global insurance infrastructure to service the platform economy through broker and insurance partnerships (21m 49s).
In 1999, when digital tools were still in early adoption, Harry ventured into a new field: cyber insurance, or “insuring the Internet”. His early business survived the dot-com crash and 9/11 by prioritizing resilience over rapid spending. This lesson proved vital when he co-founded MIC Global, an embedded micro insurance company that’s raised $13 million to reshape insurance for the digital economy. However, success required him to rethink the company’s business model entirely.
Initially, MIC Global aimed to match customers with insurance giants like AIG and Munich Re, earning fees as a broker. But after months of effort, they found these deals hard to close. Major insurers viewed them as too small, leading Harry to pivot. MIC Global became an insurance provider itself, allowing them to take on clients directly. This shift enabled MIC Global to serve companies operating at global scale, especially platform businesses that need flexible, multi-country coverage—something traditional insurers were slow to provide.
To meet these unique demands, MIC Global built its infrastructure to support rapid, global growth from the start. Recognizing the limitations of traditional distribution, they embedded insurance into customer purchase flows. This approach ensures that clients can buy coverage seamlessly within their transactions, for instance, rent protection added when a user agrees to a rental payment.
Their multi-channel strategy also avoids dependence on brokers or direct sales alone. Partnerships with global insurers extend MIC Global’s reach, making them an ideal partner for platform companies needing international coverage. Harry emphasizes that technology is key to future insurance growth, especially in areas like claims, fraud management, and customer service.
His takeaway for tech founders is simple: understand the need first, then build a tailored solution—even if it means transforming into the type of company the market lacks.
Learn more about Front Lines on their website.
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