Pakistan – 4 November 2022
MIC Global are pleased to announce a new partnership with Karachi-based Waada Digital; with Waada acquiring MicroEnsure Pakistan and combining its operations with their own. This partnership between two strong companies creates the largest Insurtech in Pakistan, with a combined active customer base of over 1.5 million, and enables Waada to work across a wide spectrum and serve customers through all four of Pakistan’s telcos and its vast agent network.
Harry Croydon, MIC Global President & CEO, who joins the Waada Digital board and cap table says,
“Waada hold the same values that we embody – bringing affordable, accessible insurance through technology to those currently underserved – and I am excited by the potential that this partnership holds for the future of insurance in Pakistan.”
Ishaq Kothawala, Founder at Waada Digital said,
“We are really thrilled to share the news about this acquisition and our funding round.
With this milestone, comes responsibility; responsibility to trail blaze Insurance digitization to increase Insurance penetration in Pakistan. With a huge untapped retail insurance market (my estimate is around $5bn), unprecedentedly progressive regulators (SECP) and our crazy team, we have the right platform to achieve this. We just need to get our heads down, focus and build a sustainable and profitable business, a brand that consumers trust, and a company with global foot print.”Source: LinkedIn
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
For more information, please visit https://www.micglobal.com or Contact Us (Press Enquiries)
About Waada Digital:
Waada Digital aim to simplify insurance, making affordable and accessible products for the currently underserved population of Pakistan. As an Insurtech, they aim to leverage technology to create insurance products that are affordable and available to everyone and increase insurance penetration within the country.
For more information, please visit https://waada.pk/