Effective 1st July 2020 STP Group merged with MicroEnsure and TonkaBI to create “The Micro Insurance Company” which aims to provide insurance to internet platforms, millions of micro & small businesses and to the 4 billion people on the planet that are currently unserved
Insurers have been operating for decades and yet billions of people and millions of businesses still have no access to the safety net that insurance provides. Insurance is a highly fragmented market fixated on complex products, cumbersome customer journeys and stymied systems that prevents the swift payment of claims. The forming of “The Micro Insurance Company” will be the first global end-to-end digital micro insurance solution that will combine reinsurance capacity, in-country insurance licenses, world class distribution and market leading AI functionality.
MIC was formed to address this large market globally and focuses on the unserved population and businesses of the world by providing an insurance platform that is capable of assuming various types of micro transactional insurance risk covering GIG Workers, IoT, Sharing Economy, Micro/Small Businesses and Weather, all managed through technology and delivered at low cost by using the principles of straight through processing
Harry Croydon CEO STP Group said “Today’s announcement marks one of the most significant milestones in the history of the micro insurance industry. After years of market development, it is only now that the necessary technology has been developed so that we can offer complete micro insurance products to the unserved. We provide people with a simple safety net, so when the unexpected happens they can bounce back swiftly.”
The Micro Insurance Company is formed through the merger of TonkaBI, STP Insurance Services, and MicroEnsure which brings together resources, expertise and skills in underwriting, technology and distribution. Whereas most Insurtechs seek to improve existing monoline products and markets, we follow the concept of straight through processing to create highly relevant insurance products and to offer them globally and very low cost so that we can support people in their local communities.
Richard Leftley founder of MicroEnsure said “Today marks a new chapter for MicroEnsure, as the first dedicated micro insurance pioneer we needed to take on the role of underwriting; we have 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 lives of people globally.”
