Update: July 1st 2022
Competition closed to entry on June 30th 2022. Winner to be announced September 13th 2022.
The competition may be over, but we’d still love to hear from you! If you have an innovative idea that could benefit from embedded micro insurance, get in touch with us to see how MIC Global can help you increase revenue and improve KPIs by using embedded insurance products to attract and retain customers and service providers.
Original article: April 27th 2022
MIC Global – a full stack insurtech that creates embedded insurance products and services for platform companies in over 12 countries with 4 million insureds – is hosting a competition and inviting all insurtech business owners to enter.
The Prize:
Working with MIC Global to design and implement an embedded insurance product for your business.
Along with MIC Global’s great tech, we recently received in-principle approval for Lloyds Syndicate 5183 and will begin writing business on June 1st, 2022. This will help us expand even further into the US, Europe, and Asia.
The winner of this competition will get a once in a lifetime chance to work with MIC Global to design and create an innovative embedded insurance product that will help their business achieve one of the following: increase sales, drive revenue, attract more customers, and/or increase loyalty of existing customers.
Enrollment:
Enrollment for the competition is now open and the cut off for submissions is June 30th, 2022. The winner will be announced on September 13th at the InsurTech London event.
To apply, applicants should send either a video submission (3 minutes max) or a written business proposal (500 words max) and can submit it via MIC Global’s website here: https://www.micglobal.com/competition
Criteria:
Must have at least ONE of the following:
- an existing user base of customers
- access to customers through other sales channels / partners
- solid traction with a clear, committed strategy for growth and scale
- an innovative idea that your competitors don’t offer
Must be in one of the following sectors:
- Gig Economy / Shared Economy
- Telecoms
- Banks
- IoT Smart Device Manufacturers
- Weather / Travel related
- Food delivery services
- Home renting/ vacation rental services
- Digital Creators
- Micro entrepreneurs (service industries, shop owners, farmers, etc.)
- Transactions (money flow, digital wallets, payment platforms, etc.)
- Pet products/ services
- Mobility (ride-sharing, good moving, logistics, etc.)
Please note: This is a global competition and we welcome entries from all parts of the world. Unfortunately we are unable to work with sanctioned entities.
Grading Scale:
Contestants will be graded on a scale from 1-5 in the following categories. The contestant with the highest average rating across all 5 categories will be the winner:
- Innovativeness
- Ability to prove it can work – (Has your business done it before with another product or service? If not, what other convincing data can you provide to show proof of concept/ success?)
- Investment Stage (does your business have any investors yet?)
- Potential Revenue (a solid strategy for growth and scale)
- Track record (What successes/ wins has your business had thus far to show credibility?)
We look forward to hearing from you. Good luck!
