MG

Mic Global

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Company Research Report: MIC Global



Company Overview



  • Name: MIC Global

  • Mission of the Company: To solve short-term loss of income for individuals globally by offering embedded parametric microinsurance. This aims to support micro-entrepreneurs, gig workers, and individuals facing short-term income loss.

  • Founded: 2020

  • Founders: Information not available

  • Key People:

  • Harry Croydon, Co-Founder, President & COO

  • Jamie Crystal, CEO

  • Suguna Jayaraj, Director of Pricing

  • Erik Jarrin Peters, SVP – Americas

  • Headquarters: New York, USA

  • Number of Employees: 51-200

  • Revenue: No information available

  • Known For: MIC Global is known for providing microinsurance solutions targeting short-term income loss, integrating these solutions into platform companies globally.


Products



MiIncome


  • Description: Embedded microinsurance product focused on covering individual loss of income due to various risks.

  • Key Features:

  • Parametric triggers covering daily risks that disrupt income.

  • Automated claims process to assist customers effectively.

  • Coverage includes involuntary loss of employment, resilience for natural hazards, accident & health, rent defaults, identity monitoring & restoration, travel inconvenience, goods transit & delivery, porch package piracy, and mobility.


MiIdentity


  • Description: Digital identity monitoring and insurance solution.

  • Key Features: Provides protection against identity theft and associated risks. Recently launched in partnership with New India Assurance as India’s first digital identity monitoring and insurance solution.


Additional Technologies


  • MiConnect: High-level information not available.

  • MicroPay: High-level information not available.

  • Coverpoint: High-level information not available.

  • MiCology: High-level information not available.


Recent Developments



  • New Partnerships:

  • Partnered with inDrive to provide personal accident and medical expense coverage to drivers.

  • Collaborated with New India Assurance to launch MiIdentity in India.

  • Formed a partnership with Assurekit to offer Loss of Income Cover in India.


  • Product & Feature Launches:

  • Launched MiIdentity in India, marking the introduction of digital identity monitoring in the region.


  • Strategic Initiatives:

  • Entered a strategic partnership with India’s General Insurance Corporation of India (GIC Re), pushing digital reinsurance solutions to local insurers.

  • Focus on leveraging advanced technology such as AI in pricing and underwriting strategies to streamline and improve insurance offerings.


  • Leadership Changes:

  • Erik Jarrin Peters appointed as SVP – Americas to expand operations and presence in the American markets.


Additional Information



  • Underwriting Partners: MIC Global operates with underwriting capacity through Lloyd’s Syndicate 5183 and MIC Re in Anguilla.

  • Licensing: Licensed in over 200 countries facilitating a global reach for its microinsurance solutions.

  • Technology and Approach: Utilizes advanced technology to refine the insurance and claims processes, making them more efficient and user-friendly through seamless API integrations.

  • Market Presence: Active in regions such as the US, UK, India, and across Latin America, with a focus on supporting gig economies and emerging markets.

  • Growth Initiatives: Engaged in initiatives that drive innovation in microinsurance, expanding coverage through the use of new technology such as IoT and AI.


This report outlines the fundamental aspects of MIC Global, its product offerings, recent strategic movements, and technological endeavors, establishing its position as a progressive leader in the microinsurance industry.