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Configure Small Ticket Insurance Product

 

Small Ticket Insurance

Innovate New Age Insurance Products. Garner New Markets and Boost your ROI

Configure Small Ticket Insurance Products to protect your customers against all odds, explore distribution through unconventional channels/partners and leverage faster go-to-market using MICA – a state-of-the-art technology platform

Address Unmet Customer Needs with Small Ticket Insurance Products

MICA is an end-to-end solution, that can serve as a supplementary core insurance platform. It automates the management of simple and innovative small ticket insurance products right from configuration – to distribution – to claims management – to accounting and reinsurance, across Property & Casualty (P&C), Life Insurance & Annuities and Accident & Health Insurance segments.
 

This robust platform, is one of our key offerings from our portfolio of digital insurance solutions. MICA improves the distribution capabilities of insurance companies and helps grow your customer base multi-fold, by offering ‘Small Ticket Insurance Products‘ with low premiums, through tech-enabled partners.

 

Faster ‘Go-to-Market’in 6 Easy Steps

  • On-board your partner
  • Define benefits, covers and premium
  • Define risk and claim parameters
  • Setup payment mechanism
  • Generate partner APIs
  • Deliver to customer

Sample Use Cases

Explore some sample use cases to configure coverage for small ticket insurance products, using MICA

Home Appliances

Design coverage for damages on consumer durables

Travel

Design coverage against accidents and missed flights, buses, trains
Personal accident coverage during a cab journey

Daily Hospital Cash (DHC)

Coverage for out-of-pocket expenses during hospitalization

Features

Learn more about how MICA – a customer-centric small ticket insurance platform with distinctive features helps in delivering value to insurance companies

Third Party Integration

  • Integration with partners, TPAs & the wider supporting ecosystem


Front-end Interface

  • Compatible with existing partner front-end interface


APIs for Partners

  • Partner specific APIs for Policy and Claim Transactions

Plug & Play Operations

  • Non-technical product setup
  • Policy issuance using customer information available with partner

Sandbox Environment

  • Ideate, experiment, test and innovate, prior to scaling the concept

Cloud Compatible

  • Secure, reliable & non-centralized access

Core Building Blocks – A Modular Approach

Combine simplified back-office capabilities with extra-ordinary flexibility to create innovative products, using MICA’s core building blocks

  • Product Configuration

    Configure product covers, benefits and limits
    Calculate premium rates/premium

  • Partner Configuration

    Partner empanelment/contract
    Quick mapping of partner to designed product
    Partner specific Policy API & Claim API

  • Accounting, Coinsurance, Reinsurance

    Receipting & maintenance of CD balance
    Accounting entries for policy/claim transactions
    Coinsurance and Reinsurance arrangements
    Statements for premiums and claims

  • Policy/Claim Register

    Unique policy ID/claim ID generation
    Map product to policy covers/benefits
    Simplified claim processing and settlement

Value Proposition – How can MICA help you?

MICA, a comprehensive technology platform specially designed for small ticket size insurance products, helps you to meet your business objectives

  • Foster Innovation & Growth

    Design ‘Partner and Channel Specific Products’

  • Develop New Channels of Distribution

    Onboard new partners and make sure your products reach the desired target audience

  • Leverage Faster Go-to-Market

    Quick and easy product configuration and partner on-boarding

  • Create New Markets

    Differentiated offerings help in entering new markets

  • Low Cost Operations

    Cost-efficient technology solutions with low-cost processing & settlement

  • Achieve Economies of Scale

    Reduced unit costs through increased volumes

  • Issue1 Real Time Quotes/Policies

    Instantly generate quotes and issue policies. Reduce load on your core insurance system

  • Provide Quick Turn Around Time (TAT)

    Delight your customers by providing quicker turnaround times for policy issuance, renewals, endorsements

  • Ensure Greater Flexibility

    Allows insurance companies to configure different privileges for pricing, underwriting and operations to
    different intermediaries

  • Gain Better Oversight

    Take complete control over your distribution network with configurable levels of pricing and underwriting
    privileges

  • Increase Transparency

    Manage complex commission structures and make payments online

  • Be Eco-friendly

    Help the environment by enabling end-to-end paperless process for policy issuance

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Interested to know how MICA would help you gain a competitive advantage ?

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