US-based insurtech firm MIC International is increasing operations by launching its MiIncome product in Qatar with accomplice Qatar Insurance coverage (QIC).
The transfer follows regulatory clearance in Qatar for MiIncome, an income-protection providing designed to deal with short-term earnings interruptions by digital payouts.
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MIC International plans a phased introduction of the product throughout Kuwait, Oman and Saudi Arabia.
The collaboration between MIC International and QIC targets gaps in accessible income-protection choices for digitally related staff and shoppers throughout the Gulf Cooperation Council (GCC).
The embedded insurance coverage resolution is distributed by way of integrations with banks, remittance platforms and telecommunications suppliers, enabling companions to include cowl inside their buyer journeys.
MIC International co-founder and CEO Jamie Crystal mentioned: “It is a defining second for revenue safety within the GCC. With regulatory approval in Qatar and the energy of our partnership with QIC, we’re creating a brand new, scalable insurance coverage class – one that’s digital, accessible and constructed for a way individuals earn right now.
“From Doha, we see extraordinary momentum to develop throughout the area and into Asia.”
MiIncome operates on pre-priced, utility programming interface-driven infrastructure supposed for enterprise adoption in embedded insurance coverage fashions.
Over the previous 12 months, MIC International has elevated its geographic presence from six to 24 international locations, offering cowl throughout mobility, property and digital platform ecosystems.
The corporate mentioned positioning Qatar as its regional base is anticipated to underpin additional GCC growth and assist entry into wider Asian markets, with Doha serving as a hub for its embedded insurance coverage operations.
QIC group CEO Salem Al Mannai added: “Our collaboration with MIC International displays QIC’s dedication to innovation and monetary inclusion.
“Collectively, we’re enabling a contemporary type of safety that meets the true wants of people and households throughout the GCC, whereas supporting the area’s quickly evolving digital economic system.”
