NEW YORK, NY, UNITED STATES (September 24, 2024) – MIC Global (MIC), a pioneering full stack embedded micro insurance company, is partnering with General Insurance Corporation of India Limited (GIC Re), India’s domestic reinsurer and one of the world’s largest reinsurance groups, to provide digital reinsurance solutions to India’s insurance providers.
The partnership paves the way for MIC’s expansion within the Indian insurance market.
Jamie Crystal, Co-Founder and CEO, MIC Global, said:
“We are excited to be partnering with GIC Re to enable insurers in India to offer simple and relevant products to the country’s population, protecting specific risks that affect individuals daily. This partnership continues our mission to provide our MiIncome reinsurance solution with its technology-enabled loss of income risk triggers to underserved people globally.”
MIC and GIC Re’s first reinsurance solution supports The New India Assurance Co. Ltd.’s ‘My Identity Theft Insurance’ product, which provides identity monitoring, restoration, and insurance services. New India customers register their personal identities on the MiIdentity platform* – such as Permanent Account Number (PAN) and bank card information – and can leverage embedded insurance to help mitigate monetary loss caused by their identity being stolen and used fraudulently.
Hitesh Joshi, Executive Director, GIC Re, said:
“GIC Re, India’s sole domestic reinsurer, is pleased to partner with MIC Global to provide digital reinsurance solutions to the Indian insurance market. We believe our first reinsurance product together will meet the need of the market and enhance personal digital security, thereby contributing to a more reassuring digital environment in India. We look forward to working with MIC to further expand India’s insurance safety net.”
About MIC Global:
MIC Global is a full-stack embedded micro insurance provider purpose-built to transform the insurance industry by reimagining and integrating simple and relevant insurance products that provide loss of income cover for people so that they can provide for their families and recover swiftly. MIC was founded with an aspirational goal to help close the insurance protection gap by providing inclusive and affordable insurance to people and to support them in their time of need.
*The MiIdentity platform was developed by MiCology, part of the MIC Group of companies.
To learn more, please visit https://www.micglobal.com or Contact Us (Press Inquiries)
About GIC Re:
GIC Re is the largest reinsurer in the domestic reinsurance market in India and leads most of the domestic companies’ treaty programmes and facultative placements. GIC Re has been ranked 16th largest global reinsurer group by AM Best, based on gross reinsurance written premium figures in 2022. GIC Re maintains a diversified risk portfolio that includes property, health, motor, agriculture, marine, engineering, aviation, liability, and life.
For more information, please visit https://www.gicre.in
