MIC Global (MIC) – a full stack embedded microinsurance provider – announced it raised a $6 million seed funding round. The funding round was led by Launchpad Capital and joined by Greenlight Re Innovations, Ironsides Partners, and existing investors. The funding will drive MIC Global’s growth plans, including infrastructure, talent, and market expansion investments.
MIC Global offers simple and relevant microinsurance products for underserved consumers and businesses – which are embedded at the point of sale. Focusing on global insurance protection gaps, MIC’s digital reinsurance solutions provide payments to help people cope in the wake of unexpected loss of income, everyday risks, and identity theft. And MIC currently operates in over 17 countries with plans to rapidly expand their geographical reach in 2024 through existing and new platform, insurer, and operating partnerships.
With MIC’s in-house underwriting through Lloyd’s Syndicate 5183 and MIC Re, end-customers and business partners can expect long-term sustainable premiums, which are backed by Lloyd’s AA- ratings from Fitch Ratings, Kroll Bond Rating Agency, and Standard & Poor’s.
KEY QUOTES:
“We are pleased to welcome Launchpad Capital, GreenlightRe, and Ironsides Partners as strategic investors and partners to help fuel MIC Global’s continued growth as the preeminent embedded micro insurance provider. MIC is reimagining how insurance is bought and sold, and the additional capital will support the company’s global growth strategy with a focus on expanding our technology-enabled insurance platform to provide protection to people in both developed and emerging countries through our banking, mobile phone, digital/technology, insurance, and insurtech partners.”
– Jamie Crystal, Co-founder and CEO of MIC Global
“Jamie Crystal and Harry Croydon bring decades of global insurance and technology leadership to the embedded microinsurance opportunity. They built a team, technology infrastructure, and underwriting capacity that allows embedded distribution partners to rethink microinsurance. Innovators shouldn’t be restricted to ‘on the shelf’ products. MIC Global is the insurance sector’s equivalent to fintech’s sponsor banks.
“Over the past year our team and portfolio companies, Harmonic Financial Technology and Grid, have been impressed by the way the MIC team has enabled global insurance innovation with a ‘can-do’ attitude and ‘out of the box’ thinking. We all look forward to the future of this partnership.”
– Ryan Gilbert, Managing Partner at Launchpad Capital
“We got to know MIC well by working closely with Jamie and Harry on an innovative glass insurance program, soon followed by an Income Protection program. They think differently about using technology to design and deliver high frequency, low dollar insurance programs that help customers address real-world risks.”
– Andrew Drake, CEO of Harmonic Financial Technology and Venture Partner at Launchpad Capital
