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
Home -> Digital Insurance Solutions -> Small Ticket Insurance Solutions
Small Ticket Insurance
Innovate Small Ticket 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.
This robust platform improves the distribution capabilities of insurance companies by offering ‘Small Ticket Insurance Products‘ with low premiums, through tech-enabled partners.
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
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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?
Being a versatile technology platform, MICA provides an array of benefits, to meet your business objectives
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Foster Innovation & Growth
Design ‘Partner and Channel Specific Products’
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Develop New Channels of Distribution
Onboard new partners and make sure your products reach the desired target audience
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Leverage Faster Go-to-Market
Quick and easy product configuration and partner on-boarding
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Create New Markets
Differentiated offerings help in entering new markets
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Low Cost Operations
Cost-efficient technology solutions with low-cost processing & settlement
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Achieve Economies of Scale
Reduced unit costs through increased volumes
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Issue1 Real Time Quotes/Policies
Instantly generate quotes and issue policies. Reduce load on your core insurance system
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Provide Quick Turn Around Time (TAT)
Delight your customers by providing quicker turnaround times for policy issuance, renewals, endorsements
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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
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Be Eco-friendly
Help the environment by enabling end-to-end paperless process for policy issuance
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Interested to learn more about how to configure Small Ticket Insurance Products using MICA?
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