New York, NY, United States, 8 February 2024 – MIC Global is partnering with WRMS Global and local insurers in India to bring loss of income coverage to India’s merchants and gig workers faced with unprecedented flood risks, supported by MIC’s MiIncome digital reinsurance solution.
In the first of a series of product innovations responding to increasing events caused by extreme weather – such as floods – and the subsequent loss of income gap experienced by working individuals across the globe, MIC have developed their Flood Resilience trigger as part of their MiIncome digital reinsurance solution.
This new to market parametric micro insurance product – available to customers via platform partners and local insurers in India – provides micro businesses, merchants, and gig workers in India with access to cover for when faced with loss of income due to flooding in their local area. Our solution includes a parametric claims process. When defined conditions are met, inconvenience payments are made to help platform companies put money into the pockets of individuals, supporting them when flooding hits their local area.
Jamie Crystal, CEO & Co-founder, MIC Global, says:
“As we embark on this exciting journey with WRMS, we are proud to introduce our first of its kind flood resilience product for the Indian market. Together, we are pioneering resilience micro insurance, supported by our MiIncome digital reinsurance solution – protecting merchants and gig workers in India from the harsh impact of income loss due to flooding and thereby helping to secure their livelihoods. This innovative product not only defines a new micro insurance category for India but also reflects our commitment to building a more sustainable and resilient future for the backbone of the nation’s economy.”
WRMS is a climate and agriculture risk management company. WRMS helps people and businesses boost productivity, engage in sustainable working practices, and secure a reliable income through risk management solutions based on data, technology, and financial innovation. Key to this partnership is WRMS’ commitment to securing income.
Anuj Kumbhat, CEO, WRMS, adds:
“Our collaboration with MIC Global is an alliance with a shared purpose. This partnership embodies our joint commitment to create a more resilient future, intricately tailored by our expertise to fortify vulnerable individuals, communities, and businesses against emerging natural disaster risks. Together we are revolutionizing protection for millions of lives and livelihoods, ensuring resilience in the face of rapid climate change and evolving challenges.”
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 protection 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.
About WRMS Global:
Established in 2004, WRMS Global is a leading climate & agricultural risk management company. WRMS Global has collaborated with both Central and State Governments and renowned institutions like PepsiCo, Bayer, World Bank, and HDFC. It has successfully implemented income guarantee programs that have positively impacted more than 10 million beneficiaries. Beyond this, WRMS Global also works with businesses to provide comprehensive risk management solutions to help them protect their operations from extreme weather events and adversaries.
For more information, please visit https://wrmsglobal.com/