NEW YORK, NY, UNITED STATES (April 2, 2024) – MIC Global is partnering with Assurekit and local insurers in India to provide digital loss of income coverage to employees and gig workers.
MIC’s MiIncome digital reinsurance solution, along with Assurekit’s full stack platform, jointly empowers platforms to support their customers through embedded short-term loss of income programs.
Responding to substantial layoff statistics in India*, Involuntary Loss of Employment cover is the first product to be developed as part of this broader partnership. This cover provides eligible customers with up to two months of salary benefit if they involuntarily lose their job.
MIC and Assurekit are collaborating on additional products to further protect the Indian market, including protection for gig workers faced with income challenges due to accidents, hospitalization, and weather events.
Jamie Crystal, Co-Founder and CEO, MIC Global, said:
“I am proud to announce our partnership with Assurekit to bring highly relevant embedded loss of income products to India’s employees and workers. Programs supported by our MiIncome digital reinsurance solution, embedded into familiar platforms in India, will provide a welcome safety net to the country’s workforce. I look forward to working alongside Assurekit in 2024 as we continue to develop innovative loss of income products, reaching more corners of the Indian market.”
Assurekit is a full-stack digital insurance platform that enables any company to offer contextual and relevant protection products to their customers in a plug-and-play manner.
This partnership combines Assurekit’s cloud-based technologies and MIC’s reinsurance solutions, enabling Assurekit and its partners to quickly begin providing insurance products that offer timely payments to help their customers stay on their feet when faced with short-term loss of income, such as involuntary unemployment.
Adarsh Chokhani, Founder & CEO, Assurekit, added:
“Today, the risk of losing income from unforeseen events remains largely unaddressed. At Assurekit, we’re focused on expanding the social security net for every person in India. Finding a partner like MIC, who shares our vision, feels like the perfect match. This is just the beginning; we’re excited about working together to build out more products in the future.”
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.
To learn more, please visit https://www.micglobal.com or Contact Us (Press Inquiries)
About Assurekit:
Assurekit is a full-stack platform that enables companies to offer protection products that matter to today’s customers. Their goal is to create simple, repeatable, and relevant products that cover user inconveniences and offer them on platforms they already use. Founded with the aim of making insurance 10x simpler and more accessible, they strive to build a social security net for every Indian.
For more information, please visit https://www.assurekit.com/
*TopHire indicates 91,000 employees laid off in India, September 2021–2023, as reported by Mint.
