MiIdentity: Maintaining your online identity.
Some things take a long time. Sometimes taking your time is worth it. Today, we are launching our MiIdentity™ product in India.
MiIdentity is a collaboration of some of the largest insurance companies in the world, with MIC Global instrumental in bringing these partners together. We are very excited to get the MiIdentity program launched. We’re confident this will be worth it.
Our MiIdentity journey started just over two years ago when we were asked to come up with an innovation that would help bring together the London insurance market and the Indian consumer. We went though many iterations during development, starting with a product that was 600 Rupees (USD$7.20) per month per policy and met the digital innovation requirements. We were all happy with this result. Then, in a follow-up meeting, customer feedback revealed that it should be closer to and under 1,000 Rupees per year per policy!
So, back to the drawing board. How do we keep the essence of the product but deliver it at 1/10th of the cost? Our collective teams were up to the challenge! Our technology team reengineered the product platform and operational processes, while we worked with our partners to refine the insurance elements, accomplishing a market-fit product that was acceptable to all and within budget.
Next was the delicate negotiations of the release and getting it through three or four layers of compliance and approval. Those who know me understand how patient I am, so one can understand that the past 12 months have been interesting. This process has been a test. However, the outcome has been an impressive collaboration between many teams and groups of people, from different countries and companies, with careful diplomacy to weave a path to get MiIdentity launched.
Finally, the day has come that we are releasing MiIdentity into the Indian Market. Brokers and insurance partners can now buy the product though their relationships with New India Assurance.
So, what is MiIdentity?
MiIdentity’s goal is to maintain your online identity safety in a digital world. Our world has been growing digitally for decades and it’s becoming increasingly important to have a safety net for when life happens, and this includes our digital worlds and our online identities.
MiIdentity establishes a digital safety net. It’s a fully digital insurance solution for individuals and families who are worried about their digital identity being compromised or personal and financial data being stolen and used without their knowledge, which can leave them liable for financial losses together with the costs to recover their identity.
Inside MiIdentity there is a tech-driven, 24 hours a day, 365 days a year data monitoring service that alerts you when your data is found on the Web (Open, Deep, and most importantly, Dark) or being used to take out loans or open new bank accounts. The MiIdentity service comes with an online portal where you can keep up to date with threats and alerts, and offers support and actions you can take to maintain control of your data and identity.
As part of the insurance platform, it comes with cover (supported by our MiIncome Digital Identity reinsurance solution) that pays for financial losses, up to limits, if your identity is used and you become liable for a loan or new account, or to replace identity documents and to recover control over your identity – a necessity in today’s digital world.
MiIdentity is a cost-effective way to cover and monitor your identity for a whole year. For the cost of a meal in India, your identity is covered year-round – so when you pay for that meal with your credit card, you can be confident that should your data be stolen, you will be aware and can manage any resultant damage effectively.
MiIdentity is worth the wait and it’s available now.
Read our MiIdentity press release
Tell me more about MiIdentity
To learn more about MiIdentity, visit our product page, and send us your email below to discuss how we can help differentiate your business and you support you customers with innovative identity monitoring.
