About Microensure
Microensure: Revolutionizing the Insurance Industry with Innovative Microinsurance Products
Microensure is a leading insurtech company that has been revolutionizing the insurance industry by offering innovative microinsurance products to people who are often excluded from traditional insurance coverage. The company was founded in 2002 and has since then been providing affordable and accessible insurance solutions to low-income individuals and families across the globe.
MIC Global, the parent company of Microensure, is a full-stack insurtech that focuses on selling simple embedded microinsurance products through platform businesses. The company's mission is to provide financial protection to those who need it most, especially in emerging markets where access to traditional insurance products is limited.
Microensure's unique approach to microinsurance involves partnering with mobile network operators, banks, and other platform businesses to offer affordable and accessible insurance solutions directly through their platforms. This allows customers to purchase insurance policies easily using their mobile phones or other digital devices without having to visit an agent or fill out lengthy paperwork.
The company's product portfolio includes a range of microinsurance products such as life, health, accident, crop, livestock, and weather index-based insurance. These products are designed specifically for low-income individuals who are often vulnerable to unexpected events such as illness or natural disasters that can have devastating financial consequences.
One of Microensure's flagship products is "Bima", which provides life and health coverage for low-income families in emerging markets. Bima has already reached over 35 million customers across Africa and Asia since its launch in 2010. The product offers flexible payment options starting from as little as $0.10 per day making it affordable for even the poorest households.
Another innovative product offered by Microensure is "Kilimo Salama", which provides crop insurance for smallholder farmers in Kenya against droughts or excessive rainfall that can damage crops resulting in significant losses for farmers. Kilimo Salama uses weather index-based technology allowing farmers' claims to be automatically triggered when certain weather conditions are met, eliminating the need for time-consuming and costly claims assessments.
Microensure's microinsurance products have been recognized globally for their innovative approach to providing financial protection to low-income individuals. The company has won several awards including the "Best Insurtech Solution" at the 2019 Africa Insurance Awards and "Innovation of the Year" at the 2018 Insurance Asia Awards.
In addition to its innovative product offerings, Microensure is also committed to promoting financial literacy and inclusion among its customers. The company provides educational resources and tools that help customers understand insurance products better, enabling them to make informed decisions about their financial future.
Overall, Microensure is a game-changer in the insurance industry with its innovative microinsurance products that provide affordable and accessible coverage for low-income individuals. With a strong focus on customer needs and a commitment to promoting financial inclusion, Microensure is well-positioned to continue leading the way in insurtech innovation globally.