MicroEnsure, TonkaBI and STP Group merge to launch The Micro Insurance Company

STP Group merged with MicroEnsure and TonkaBI to create The Micro Insurance Company which aims to provide insurance to internet platforms, micro-businesses and to the underserved. “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,’ according to a statement from the company.

“The new group will have the ability to underwrite, distribute and service insurance for the unserved globally, including the US. For a while now I have been convinced that MicroEnsure needed to become an underwriter as we were constrained by the products and service offered by traditional insurers. We tried to tie up with a number of the global insurers but found that being an innovator within a large company is just hard work; this merger with STP changes that for us with time to market for new products of a day rather than months!” – Richard Leftley, executive VP at Micro Insurance Company.

“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.” – Harry Croydon, CEO STP Group.

The Micro Insurance Company 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.