New York, NY – 13 September 2022
In order to mitigate water damage and conserve water throughout Europe and the US, MIC Global and InsureTEK are partnering to bring innovative IOT water sensor technology with embedded microinsurance to property companies and REITs.
InsureTEK recognised that there was a requirement within the property industry for greater water protection and monitoring, with owners facing challenges in sourcing the necessary equipment and data. In their endeavor to save gallons of water and reduce properties’ environmental impact, they developed a Sensor Enabled Loss Control as a Service (LCaS) and ESG monitoring solution – billed as a monthly subscription – which includes IOT water sensors, financing, installation, warranty, monitoring, and mitigation.
MIC Global brings their highly relevant, affordable microinsurance products into InsureTEK’s platform, providing warranty coverage in the case of a water damage claim.
In another exciting development, InsureTEK has become the first underwritten insurance policy to be provided via MIC’s Lloyd’s underwriting Syndicate 5183. To commemorate the occasion Erik Johnson, MIC Global Syndicate 5183’s Incoming Active Underwriter, visited the iconic Lloyd’s of London Building to bind the policy.
Steven Haase, President of STP Insurance Services says:
“InsureTEK’s large scale deployment of their Loss Control as a Service platform was the perfect partner fit for us to launch our combination of technology and microinsurance products.”
Harry Croydon, President and CEO of MIC Global states:
“Many people are talking about how IoT can help the Insurance industry, we are actually doing it and rolling out insurance across thousands of devices globally.”
Michael P. Murphy KM, President and Chief Strategy Officer at InsureTEK says:
“When we were seeking a company to strategically partner with us on our innovative Loss Control as a Service (LCaS) 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!”
Peter L. Piecuch, Chief Risk Management Officer at InsureTEK adds:
“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 has enormous potential for a new age of underwriting critical loss events.”
As of August 2022, InsureTEK has installed around 1000 devices across multiple properties and locations. Within a short period of time, these devices have detected water leaks (continuous running water due to faulty, worn out or incorrect plumbing) resulting in thousands of dollars saved per year on the cost of water and reduced energy bills and environmental impact and footprint for properties.
Notes to Editors:
About MIC Global:
MIC Global is a full stack digital insurance company that provides embedded insurance for today’s digital world. MIC Global combines insurance capacity, in-country insurance licenses, world class distribution, and scalable tech. MIC Global creates embedded insurance solutions for platform companies that adds value by:
1. Enhancing their brand
2. Differentiates their product
3. Drives up revenue
4. Attracts and retains customers
InsureTEK is a services and technology platform company providing building portfolio owners Sensor Enabled Loss Control and ESG Monitoring. They currently focus on water damage and water conservation; their platform can address any building related risk.