Source: APN News

With this association, the aim is to bring loss of income coverage to India’s merchants and gig workers faced with unprecedented flood risks, supported by MIC’s MiIncome digital reinsurance solution.

This new to market parametric micro insurance product – available to customers via platform partners and local insurers in India – provides micro businesses, merchants, and gig workers in India with access to cover for when faced with loss of income due to flooding in their local area. Our solution includes a parametric claims process, with inconvenience payments made to help platform companies put money into the pockets of individuals, supporting them when flooding hits their local area.

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.”

Anuj Kumbhat, CEO, WRMS, added: “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 revolutionizing protection for millions of lives and livelihoods, ensuring resilience in the face of rapid climate change and evolving challenges.”

Read full article: https://www.apnnews.com/wrms-global-partners-with-mic-global-to-deliver-flood-resilience-cover-to-merchants-and-gig-workers-in-india/