Insurance as we know it began in the wake of the Great Fire of London in 1666. The first insurance company was formed to offer compensation in the event of fire in return for a premium, and this concept soon became a worldwide industry. Whilst the industry has grown in size, scope and complexity over the centuries, the basic premise remains the same – a customer pays a premium for a coverage policy, which the insurance company honours in the event of loss.
Simply put, an insurance company’s policy premiums are collected into a pool, from which customers’ claims are paid. At the end of the financial year, money left in the pool becomes the insurance company’s profits. By 2020, the insurance industry was worth $6.3 trillion.
Insurtech: Shaping the Digital Future of Insurance
This valuation is predicted to be just the tip of the iceberg. With the relatively recent emergence of insurtech in 2010 (now representing a $7 trillion opportunity) and industry advances in digital capability, the insurance industry has the potential to double in worth to $13 trillion. This ‘new’ $7T can be imagined as mostly sitting alongside the existing incumbents’ $6T+, with insurtechs operating inside this innovative new world – though there is some crossover, with insurtech bringing traditional products into the digital world and providing a bridge for the old incumbents to join in.
Where does MIC Global fit in?
MIC Global is a part of this new digital world. As a full stack digital micro insurance company, we are already built for the digital insurance future. We provide our products to end-customers through a B2B model of partnerships with local insurers, brokers, and retail and platform companies.
Innovative Micro Insurance Products
MIC develops straightforward micro insurance products from the ground up that are embedded into partners’ existing products, offering their customers easily accessible coverage with the click of a button. Our products are simply priced, with the option to collect premiums as one-off or recurring daily, weekly, or monthly fees, giving partners great flexibility with their pricing models.
We have developed three distinct product categories, each with their own unique triggers:
- Mi Identity, for physical and digital wellbeing
- Mi Income, for personal finance
- Mi Incident, for property, possessions, and daily disruptions
Each category covers a different part of people’s lives, allowing partners to choose how they want to benefit their customers – and if our current triggers don’t fit a partner’s model, we work together to create a new trigger that works for them.
Fast, Scalable Technology
Our low-code technology capability is powered by advanced machine learning and AI, meaning that claim settlement takes hours, not weeks. Our MiConnect system is capable of fully automating assessment, investigation, and settlement decisions – calling in real world help when necessary – and provides reports and interactive dashboards on all activity for comprehensive data analysis and audit. What’s more, a partner’s claims software solution can be up and running within weeks using pre-configured systems that are tailored to their specific needs.
So how is MIC Global any different to other insurtechs?
Syndicate-backed Underwriting Capacity
What sets MIC apart from other insurtechs is our underwriting capacity. Commencing in 2022, our Lloyd’s Syndicate 5183 alongside MIC Re in Anguilla allows us to write policies for our products and underwrite them, collect premiums and settle claims – without relying on third party underwriters. This speeds up the claims process and cuts costs – savings we’re able to pass on through smaller (or micro), affordable premiums.
On top of this underwriting capacity, we’ve been building a worldwide distribution network of local insurers to deliver our digital reinsurance solutions to partners and brokers – making MIC Global the first embedded micro insurance company to be operating on a global level.
Micro Coverages, Major Benefits
Our focus is on daily coverage in an unpredictable world; developing micro insurance for emerging economies and everyday risks. While traditional insurance companies are insuring policies for thousands or hundreds of thousands of dollars, our coverages are protecting people for their day-to-day disruptions with policies for tens or hundreds of dollars. While this is micro in nature, the impact on people’s lives is major. A few examples include payments to replace a stolen package (Mi Incident Porch), loss from a leaking tap (Mi Incident Sensor), or income protection in the case of accident (Mi Income Layoff) – the scope for implementation is truly endless.
With innovative micro insurance products, technology capability, underwriting capacity, and a growing distribution network, MIC Global is the next insurance company – built for the digital future and leading the micro insurance revolution!
Contact us to see how MIC Global can help your business benefit its customers and employees with an embedded micro insurance solution.