World’s first micro transactional insurance platform created
A three-way merger between STP Group, MicroEnsure and TonkaBI has formed the new entity The Micro Insurance Company (TMIC).
As the name suggests, the company’s focus will be on providing microinsurance to the 4bn people in the world who do not hold any kind of protection policy.
Microinsurance works in a similar fashion to regular insurance: policyholders receive contingency coverage in return for paying a premium. However, in this instance, it will be for the protection of those with a low income.
Usually a highly complex and fragmented market, TMIC has remedied the situation by creating the world’s first end-to-end digital solution specifically for microinsurance, combining reinsurance, country insurance licenses, market distribution and artificial intelligence (AI).
A significant milestone
Commenting on the merger, Harry Croydon, Founder of STP Group and now the CEO of TMIC, said, “Today’s announcement marks one of the most significant milestones in the history of the microinsurance industry.
“After years of market development, it is only now that the necessary technology has been developed so that we can offer complete microinsurance products to the unserved. We provide people with a simple safety net, so when the unexpected happens, they can bounce back swiftly.”
Each of the constituent partners has contributed a vital element to the company’s overall development: resources, technical experience and thorough knowledge of the insurance sector.
TonkaBI brings the enterprises’ automation capabilities, utilising AI, robotic process automation (RPA) and computer vision to accelerate operational processes and spearhead digital transformation efforts.
Meanwhile, MicroEnsure has accrued almost 20 years in the microinsurance space, having launched over 200 products and served in excess of 65mn people across Africa and Asia. It accomplished this through intelligent partnerships with MFIs, banks and other innovative tech-based companies.
“Today begins an important new chapter for MicroEnsure,” said Richard Leftley, Founder of the company and now EVP of TMIC.
“As the first dedicated microinsurance pioneer, we needed to take on the role of underwriting having found the right partners to create, sell and service our own products globally and at a massive scale. We look forward with great excitement to working together to enhance the lives of people globally.”
