“As a Lloyd’s syndicate, MIC Global can now offer companies high-quality, relevant and affordable insurance products that can be easily embedded into their existing digital processes,” said Harry Croydon, the company’s founder and CEO. “This will accelerate the delivery of micro-insurance products when and where customers need them [by] giving access to coverage not readily available through traditional insurance methods.”
Steve Haase, president of STP Insurance Services, LLC, a US-based brokerage, led the organization of MIC Global’s first two partnerships, allowing the insurtech company to insure business through Lloyds Syndicate 5183.
The first partnership is with InsureTEK, a loss control-as-a-service (LCaaS) platform that helps predict and prevent catastrophic water events before they happen. The second account endorsed by Syndicate 5183 is h.way, a Spanish-owned neobank built around the financial needs and problems facing the Hispanic community.
“When looking for a strategic partner to help us create an embedded cover for IoT water sensor systems, we searched the market for a company that understood the need to evolve to stay relevant,” said Michael P. Murphy. , CEO of InsureTEK . “MIC Global brought together the entrepreneurial spirit with a technical expertise that has simply become a cornerstone of our company.”
Meanwhile, Lionel Carrasco, founder and CEO of h.way, explained that they discovered that a large portion of their customer base did not have health insurance to partner with MIC Global.
“By partnering with MIC Global, we help our members access up to US$1,000 for unexpected medical expenses as part of our h.way membership experience,” he said. “MIC Global’s value proposition clearly aligns with our company’s goal to provide fair financial services and culturally driven product innovation.”