MIC Global, a full-stack embedded micro insurance provider, and WRMS Global, a climate and agriculture risk management company, have partnered to deliver parametric flood resilience cover to merchants and gig workers in India.
According to the announcement, this is the first of a series of product innovations responding to increasing events caused by extreme weather – such as floods – and the subsequent loss of income gap experienced by working individuals across the globe.
In India, this micro insurance parametric product is new to the market, and will be available to customers via platform partners and local insurers in the country.
It is to provide micro businesses, merchants, and gig workers in the South Asian country with access to cover for when faced with loss of income due to flooding in their local area.
The solution also includes a parametric claims process, with inconvenience payments made to help platform companies put money into the pockets of individuals.
MIC developed their Flood Resilience trigger as part of their MiIncome digital reinsurance solution.
Jamie Crystal, CEO & Co-founder, MIC Global, said: “As we embark on this exciting journey with WRMS, we are proud to introduce our first of its kind flood resilience product for the Indian market. Together, we are pioneering resilience micro insurance, supported by our MiIncome digital reinsurance solution – protecting merchants and gig workers in India from the harsh impact of income loss due to flooding and thereby helping to secure their livelihoods.
“This innovative product not only defines a new micro insurance category for India but also reflects our commitment to building a more sustainable and resilient future for the backbone of the nation’s economy.”
WRMS’ commitment to securing income – through risk management solutions based on data – was key to this partnership.
Anuj Kumbhat, CEO, WRMS, commented: “Our collaboration with MIC Global is an alliance with a shared purpose. This partnership embodies our joint commitment to create a more resilient future, intricately tailored by our expertise to fortify vulnerable individuals, communities, and businesses against emerging natural disaster risks. Together we are revolutionising protection for millions of lives and livelihoods, ensuring resilience in the face of rapid climate change and evolving challenges.”
