Innovate Small Ticket Insurance Products. Garner New Markets and Boost your ROI

MICA, a state-of-the-art technology platform from iNube, helps you ideate ‘Small Ticket/Context-based’ insurance products (across P&C, Life Insurance & Annuities and Accident & Health Insurance), explore distribution through unconventional channels/partners and leverage faster go-to-market


MICA is a state-of-the-art end-to-end solution, that can serve as a supplementary core insurance platform that automates the management of simple and innovative small ticket insurance products right from configuration – to distribution – to claims management – to accounting and reinsurance.

This robust platform improves the distribution capabilities of insurance companies by offering ‘Small ticket/ Need-based /Context-based’ Insurance Products with low premiums, through tech-enabled partners.


Common Pain Points faced by Insurance Companies

MICA is designed with an objective of fixing some of the common challenges faced by insurance companies and helps in converting each of them into a value-added opportunity –

• Dependency on core insurance systems
• Delayed Go-to-market, leading to loss of opportunities
• Lack of scope of innovation
• Lack of flexibility to design partner specific products
• Complicated processes resulting in high cost of operations
• Technology limitations that restrict expansion of distribution channels

‘Go-to-Market’ with your context-based insurance product in 6 easy steps, using MICA

  • 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 – Configure Coverage for’Context-Based Insurance Products’ using MICA

Home Appliances

Design coverage for damages on consumer durables

Personal Belongings

Design coverage for personal belongings, during travel/commute


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


Offer credit life cover along with credit instruments

Daily Hospital Cash (DHC)

Coverage for out-of-pocket expenses during hospitalization


Coverage for ligament tears/injuries/fractures during workout sessions


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

  • Dynamic API engine
  • Turn deployed code into an API microservice instantly
  • Partner specific APIs for Policy and Claim Transactionsy
  • Secure and scalable run-time environment

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

Being a versatile technology platform, MICA provides an array of benefits, to meet your business objectives

  • Foster Innovation & Growth

    Gain competitive advantage. Design ‘Partner and Channel Specific Products’ to address dynamic customer needs.

  • Develop New Channels of Distribution

    Onboard new partners and make sure your products reach the desired target audience. Build your customer base multi fold.

  • Leverage Faster Go-to-Market

    Quick and easy product configuration and partner on-boarding. Flexible pricing on a SaaS model.

  • Garner New Markets

    Differentiated offerings help in entering new markets and accelerates market penetration, thus building a greater customer base. Attract individuals to opt for plans that cater to their needs

  • Low Cost Operations

    Cost-efficient technology solutions with low-cost processing & settlement for sustainable profitability

  • Achieve Economies of Scale

    Reduced unit costs through increased volumes. Successful volume management across value chains, product lines & geographic markets

  • Gain Insights from Reports

    Product wise transaction reports, available for download helps to gain analytical insights

  • 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

  • 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

Related Solutions

Digital Sales & Underwriting

Empower your intermediaries with a digital virtual office to help expedite insurance processing services Know More

‘Do-it-yourself’ B2B Mobility Platform

Create & Manage Enterprise Mobile Apps on-the-fly using a ‘code-free’ platform and optimize on-field activities Know More

Request Demo

We use cookies to ensure that we give you the best experience on our website.