The move supports the insurtech’s ambition to build a safety net for those that cannot access insurance easily
Insurtech Micro Insurance Company (MIC) Global has received ‘in principle’ approval from Lloyd’s for the creation of a syndicate in a box (SIAB), called MIC 5183.
The new syndicate, which will be managed by Lloyd’s third-party managing agent Asta, is scheduled to underwrite business from 1 April 2022.
The insurtech provides end-to-end digital micro insurance and embedded insurance products.
Entering the Lloyd’s market is the next step in the firm’s growth agenda, supporting its ambition to build a global safety net and provide insurance to people and businesses that lack ready access to insurance.
Harry Croydon, MIC Global’s chief executive and president, said: “MIC is a spark for innovation and change in the industry.
”We envision a world where insurance is accessible to everyone, which means creating new ways of providing coverage by leveraging our technology and principles of straight-through processing.
“We have generated great momentum by providing embedded insurance solutions to like-minded platform businesses. Our Lloyd’s syndicate will enable us to accelerate our plans to provide micro transactional insurance globally to as many businesses, platforms and customers as possible.”
Julian Tighe, Asta’s chief executive, added: “We are extremely pleased to partner with such an innovative business and are looking forward to supporting MIC Global.
“The SIAB model facilitates cost effective and efficient entry to Lloyd’s and offers the flexibility required to adapt to changing business needs. Syndicate 5183’s business plan, which aims to deliver micro insurance to a broad range of platform businesses and small and medium-sized enterprises that remain underserved by today’s market, is exactly the sort of initiative that benefits greatly from access to Lloyd’s via the SIAB framework.”
Jamie Crystal, MIC Global’s executive chairman, said: “Insurance provides a critical safety net to support people and businesses in their time of need, yet insurance is too often inaccessible, inefficient and cost prohibitive.
“We set out to build a full stack digital insurance company to provide simple and relevant insurance for platform businesses, their customers and their service providers. The need is global and we are excited to leverage our technology in partnership with Lloyd’s, the preeminent global insurance platform, to provide embedded insurance solutions throughout the world.”