Configure Small Ticket Insurance Product

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

Protect your customers against all odds with an End-to-End solution to automate the management of small ticket insurance products. Explore distribution through unconventional channels/partners and leverage faster go-to-market using MICA , a state-of-the-art technology platform

Overview

Small ticket insurance products are sold as an attachment product to a different partner specific core offering.

MICA is an end-to-end solution that automates the management of small ticket insurance products right from configuration – to distribution – to claims management – to accounting and reinsurance.

Quickly Launch COVID-19 Specific Short-term Health Insurance Policies

MICA, a state-of-the-art technology platform specifically designed for small ticket insurance products can help insurance companies with the quick launch and rapid go-to-market of COVID-19 specific short-term health insurance policies for customers.

The end-to-end solution automates the management of small ticket benefit-based insurance products. It enables insurance companies to develop new distribution channels with swift on-boarding of partners to fulfill the needs of customers who are looking for adequate and affordable financial protection during the ongoing pandemic.

The cloud-based solution, with plug and play technologies and exclusive API integrations helps insurance companies to uninterruptedly focus on their core business operations and provide consistent health insurance protection for their customers.

Faster ‘Go-to-Market’ in 6 Easy Steps

  • 01
    On-board your partner
  • 02
    Define benefits, covers and premium
  • 03
    Define risk and claim parameters
  • 04
    Setup payment mechanism
  • 05
    Generate partner APIs
  • 06
    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 etc.

Daily Hospital Cash (DHC) – Coverage for out-of-pocket expenses during hospitalization

Features

MICA with its distinctive set of features helps insurance companies deliver unmatched value to their customers

Third Party Integration

  • Integration with partners & 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

MICA’s core building blocks with extra-ordinary flexibility helps insurers to seamlessly offer innovative insurance products

  • 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

MICA with its simple and nimble technology ensures unlimited benefits, to help you meet your business objectives

  • Foster Innovation & Growth

    Strike a chord with your customers by offering need based products

  • Develop New Channels of Distribution

    Easily on-board new partners and reach your desired target audience

  • Leverage Faster Go-to-Market

    Quick and simple product configuration and partner on-boarding

  • Create New Markets

    Differentiated offerings help in entering new markets

  • Low Cost Operations

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

  • Achieve Economies of Scale

    Reduced unit costs through increased volumes

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

Join the conversation on MICA.
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