STP Group has merged with MicroEnsure and TonkaBI to offer micro insurance to internet platforms, micro and small businesses and individuals worldwide.
The unified entity began operations under the name The Micro Insurance Company.
The new company leveragesTonkaBI, STP Insurance Services, and MicroEnsure’s resources, expertise, and skills in underwriting, technology and distribution.
It combines reinsurance capacity, in-country insurance licenses, distribution and artificial intelligence functionality to offer end-to-end digital micro insurance solution.
The Micro Insurance Company said it aims to create ‘highly relevant’ insurance products at a very low cost to support people in their local communities around the world.
STP Group founder and The Micro Insurance CompanyCEOHarry Croydon said: “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.”
MicroEnsure pioneered micro insurance for emerging consumers in 2002. The company is said to be the first to weather index insurance and using mobile networks to distribute insurance.
It is said to have created 200 products for low-income families in partnership with a range of MFIs, banks, mobile networks and ride-hailing companies across Africa and Asia.
MicroEnsure founder and The Micro Insurance CorporationEVPRichard Leftley said: “Today begins an important new chapter for MicroEnsure.
“As the first dedicated micro insurance pioneer we needed to take on the role of underwriting 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.”
TonkaBI specialises in building software focusing on AI, computer vision and robotic process automation. It helps its partners transform their businesses into digital platforms.