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MIC’s Underwriting Appetite

Our MiIdentity Digital Identity underwriting appetite enables us to offer protection designed to cover an individual’s identity theft and consequential loss of money. These include, but are not limited to, national identity, driver’s license, credit cards, debit cards, mobile phone number or email ID. We deliver our solutions through programs with commercial customers and local insurers to offer additional value to their customers.

Bridging A Protection Gap

The traditional protection contracts fail to address the emerging needs of the digital, sharing and gig economy. We are here to fill the gap in the market by addressing specific circumstances that can inconvenience an individual from identity theft. In addition to insurance coverage, our product comes with an identity monitoring service that sends alerts to insured members if their personal data is found on the dark web or is used for a loan application with a financial institution.

What Can Be Covered?

We do not have pre-determined triggers or perils outlined in our underwriting appetite for this type of business. Instead, we work with partners, insurers, and reinsurers to tailor the protection to the products they provide to their customers. For example, we can cover the cost of identity restoration from a bank or a credit bureau and reimburse for any unrecoverable loss of money. The cause of the loss must be beyond the control of the insured individual. Typical coverage can include:

  • Identity Restoration – The protection requires two triggers to be met for Identity Restoration and loss of Money claims:
    • Identify Theft – The first trigger required for a claim is the theft of an individual insured’s identity details that they have registered with the identify monitoring partner (e.g. national identity, driver’s license, credit cards, debit cards, mobile phone number or email ID) that has been picked up by the monitoring partner and/or reported by the individual insured – this alone does not trigger a claim. A second trigger is required.  However, the product does provide the individual insured with education and tips on how to address this discovered theft of their identity.
    • Fraudulent Use – The second trigger, which also must occur, is the actual fraudulent use of an individual insured’s identity. This happens when an individual insured gets a notification from the data monitoring partner of a transaction or attempted transaction and the individual confirms that they don’t recognize the transaction. This event triggers the Identity Restoration part of a claim (e.g. replacement identity documents, credit restoration).
  • Money Loss – If as part of the Identity Restoration claim event the individual suffers a funds transfer from their financial account initiated by an unauthorized person, they are eligible to make a Loss of Money claim.

Policy Limits We Can Offer

  • MIC typically offers an aggregate claim limit of up to USD $5,000 per insured member. This can be adjusted up or down depending on the demographics being covered, coverage required, and scale of the program.
  • We work with our partners, brokers, and insurers to tailor our limits specifically to each program.

Data Requirements

  • MIC requires that data on program enrolments, premiums, and claims be provided by partners on a monthly basis with insurers/brokers being able to provide data using Application Programming Interface (API) within 90 days of a program incepting.
  • MIC will work with your partners, brokers, and insurers to put in place API connections for the seamless and real-time sharing of data between parties on the program.
  • MIC, working with our partners, may seek integration with apps and webpages for the purpose of monitoring and validating claims, performing diagnostics, and assessing and managing risk.

Program Changes

  • MIC has the ability to review program pricing, terms, and conditions in collaboration with the partner, broker, and insurer (on new risks that are covered by the program) if the loss ratio (i.e. claims/premium) is above 65%.

Minimum Annual Program Premium

  • MIC has a minimum annual premium on each program of 240,000 USD / CAD / GBP / EUR.

What Is Typically Not Covered?

We work with our partners, insurers, and reinsurers to create products that add value to all parties, with typical coverage exclusions being:

  • Voluntary disclosure of any confidential information (e.g. information that could be used to impersonate an individual or access their bank accounts like bank account details) by the insured or his/her family members.
  • Voluntary disclosure of any confidential information for dishonest, criminal, malicious or fraudulent purposes by the insured or his/her family members (e.g. a member of the policyholder’s family shares the policyholder’s on-line banking details).
  • Physical injury, sickness, disease, disability, shock, mental anguish and mental injury including required care, loss of services, or death as a result of a claim.
  • Losses related to any business activity unless such losses arise solely from personal identity theft.
  • Losses for which an outside entity is legally liable.
  • Cyber loss, cyber-attack or cyber incident unless such losses arise solely from personal identity theft.
  • War, civil war and terrorism.

MIC Risk Carrying Entities

  • MIC Global Syndicate 5183 is a Lloyd’s of London Syndicate managed by Asta Managing Agency Limited and can do business in territories where Lloyd’s is licensed to write (re)insurance.
  • Micro Insurance Company regulated by the Anguilla Financial Services Commission.

This is an indicative product summary. Policy triggers, coverage, and exclusions will need to be tailored for each specific opportunity.

MicroEnsure (UK) Limited is an appointed representative of Asta Managing Agency Ltd which is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Micro Insurance Company is regulated and authorised by the Anguilla Financial Services Commission.

Please note that any information in this product summary is for general information purposes only and is targeted at large sophisticated (re)insurance buyers, regulated (re)insurance distributors, and regulated (re)insurers.

Our products are subject to eligibility requirements, exclusions, limitations, and other terms and conditions. Please refer to your policy documentation for full details.

The content of this page does not constitute advice or a recommendation to purchase any product. You should seek professional advice before making any decisions based on the information provided. STP Group Holdings LLC, MicroEnsure (UK) Limited, Asta Managing Agency Limited, Micro Insurance Company, and their subsidiary and affiliated companies are not responsible for any losses that may arise from reliance on the information provided in this product summary.

Let’s talk about how MiIdentity can benefit your organisation

To discuss MiIdentity further, please contact us below.