For the vast majority of us, regular income is essential. From the property we live in and traveling to places we need to go, to the clothes we wear and the food we eat – income provides the economic means to afford the necessities of everyday life and luxuries that we desire. Generally speaking, this is as an employee of a company – which is great while it works.
But what happens when we find ourselves without an income for reasons beyond our control? Perhaps being unexpectedly laid-off takes away regular salary, or an accident at home prevents working. Suddenly we’re wondering how our bills will be covered and essential expenses will be paid for while our we sort out a new position or adjust our life – a heavy burden for anybody.
Harder still is to gain access to insurance cover that can help you in your hour of need and is affordable.
How can your company help customers with gaps in income?
Introducing Mi Income
MIC Global has developed Mi Income, a suite of financial protection triggers built to cover disruptions to people’s income. Within this suite are Layoff, Health, and Resilience triggers which have been specifically designed to provide short-term income protection to individuals in full- and part-time employment, self-employment through independent contract work, gig work, and moonlighting or freelancing while operating through a platform company.
Mi Income can help differentiate your company or service. Whatever your customers’ needs, Mi Income can be tailored to be suitable for your demographic, coverages required, or scale of the program. We work with you to ensure that Mi Income is delivered to your business and customers efficiently within your market.
Your business + Mi Income
Mi Income is an embedded micro insurance product that is included as part of your company’s existing digital platform or service. This provides your customers with convenient access to income protection through a brand that they are already engaged with and trust – adding value to your company and differentiating from your competitors.
With Mi Income as part of your company’s digital offering, your customers can be encouraged to opt-in to their new benefits or a new program. This could be as an additional benefit to their existing subscription, or as a stand-alone product creating a supplementary revenue stream for your business.
Income protection through Mi Income is a powerful and in-demand product. When enrolled customers find themselves without income, they can claim income benefits directly from your company’s app or website. When a customer makes a claim, the MIC machine spins into action. Receiving information via integrated API connection, our AI-powered automated claims process assesses, investigates, and makes a settlement decision based on provided information – meaning that your customers can have money in their pockets within hours, so that they can concentrate on getting back to earning without financial worries.
With a Mi Income earnings protection offering, your company is seen as a leading brand for financial wellbeing by providing a safety net for when customers need it most. Not only does this support help alleviate the immediate impact of lost income, but it also demonstrates your company’s unwavering commitment to customer satisfaction and reinforces the crucial bond of trust that you have established with them.
Mi Income Triggers
Within the Mi Income product suite sit relevant triggers, which are the used to design your company’s income protection program. Each trigger represents different situations that can impact an individual’s income and reasons that they would need coverage.
Our Layoff trigger typically provides gap income protection for up to three months, giving people peace of mind that they can cover their expenses while looking for another job after involuntary unemployment.
Our Health trigger provides expense and debt repayment coverage in the event of injury, sickness, or death of a repaying individual. When injured or sick and unable to work, instalments are paid to the insured individual to ensure that they can keep on top of expenses and do not miss loan payments while they recover; and in the unfortunate case of the death, outstanding debt amounts are repaid to protect the individual’s family.
Our Resilience trigger helps individuals bounce back from events that impact their income. Benefits are paid to mitigate loss of income or expenses in cases such as weather events and public transport disruptions that prevent workplace attendance, missed shifts while caring for sick family members, or incidents occurring that halt earning, for example while a ride-share driver waits for their damaged vehicle to be repaired.