NEW YORK, NY, UNITED STATES (July 8, 2020) – Creation of the world’s first global end to end digital platform to bring micro transactional insurance to the unserved.
Effective 1st July 2020, STP Group merged with MicroEnsure and TonkaBI to create “The Micro Insurance Company” (later rebranding as the global insurtech “MIC Global”) which aims to provide insurance to internet platforms, millions of micro & small businesses and to the 4 billion people on the planet that are currently unserved
Insurers have been operating for decades and yet billions of people and millions of businesses still have no access to the safety net that insurance provides. Insurance is a highly fragmented market fixated on complex products, cumbersome customer journeys and stymied systems that prevents the swift payment of claims. The forming of “The Micro Insurance Company” will be the first global end-to-end digital micro insurance solution that will combine reinsurance capacity, in-country insurance licenses, world class distribution and market leading AI functionality.
Harry Croydon, CEO, STP Group, said
“Today’s announcement marks one of the most significant milestones in the history of the micro insurance industry. After years of market development, it is only now that the necessary technology has been developed so that we can offer complete micro insurance products to the unserved. We provide people with a simple safety net, so when the unexpected happens they can bounce back swiftly.”
MIC is formed through the merger of TonkaBI, STP Insurance Services, and MicroEnsure which brings together resources, expertise and skills in underwriting, technology and distribution. Whereas most Insurtechs seek to improve existing monoline products and markets, we follow the concept of straight through processing to create highly relevant insurance products and to offer them globally and very low cost so that we can support people in their local communities.
Richard Leftley, founder of MicroEnsure, said
“Today marks a new chapter for MicroEnsure, as the first dedicated micro insurance pioneer we needed to take on the role of underwriting; we have found the right partners to create, sell and service our own products globally and at a massive scale. We look forward with great excitement to working together to enhance lives of people globally.”
About Us
Micro Insurance Company (MIC Global)
The insurance industry has historically encouraged and protected socio-economic progress, but people and businesses are still desperately seeking workable solutions to their problems and many are left unserved. Global insurtech MIC Global was formed to address this large market globally and focuses on the unserved population and businesses of the world by providing an insurance platform that is capable of assuming various types of micro transactional insurance risk covering GIG Workers, IoT, Sharing Economy, Micro/Small Businesses and Weather, all managed through technology and delivered at low cost by using the principles of straight through processing. www.micglobal.com
TonkaBI
TonkaBI specialises in transforming the way you look at data by applying a data driven business intelligence approach. Our focus is to work with businesses who want to be data driven in this new area of insurance and technology. At our heart, TonkaBI is software development company that specialises in strategic development with a strong focus on AI, Computer Vision and RPA. TonkaBI enjoys helping our partners transform their businesses into digital platforms and solving their problems for better performance and higher growth. www.tonkabi.com
MicroEnsure
MicroEnsure is a pioneer in providing insurance to emerging consumers starting in 2002 within the microfinance community it rapidly grew to be the industry’s leading innovator being first to market with weather index insurance, using mobile networks to distribute insurance and creating over 200 products aimed at low income families. It has served over 65 million people by partnering with a range of MFIs, Banks, mobile networks and ride hailing companies across Africa and Asia.
MEDIA CONTACTS
EST time zone – Harry Croydon CEO harry.croydon@microinsurance.com
GMT time zone – Richard Leftley EVP International richard.leftley@microensure.com
