New India and GIC Re to launch India’s first Digital Identity Monitoring and Insurance Solution
“As more and more Indians go online and share sensitive personal information on various platforms, it is crucial for individuals to have access to the right protection in case their data is compromised. We are excited to introduce our latest innovation, the ‘My Identity Theft Insurance’ product, which aims to safeguard the Indian market against identity theft. One unique feature of this product is the inclusion of monitoring services,” said Mukta Sharma, the general manager of New India Assurance.
With the increasing incidents of identity theft and the subsequent financial losses, MIC Global, a pioneering micro insurance company, has partnered with New India Assurance (NIA), the largest general insurance company in India, to launch MiIdentity. This all-in-one digital identity monitoring, restoration, and insurance solution is the first of its kind in India.
The MiIdentity platform empowers NIA customers to monitor their digital identities and financial activities, enabling them to quickly restore compromised identities and unauthorized transactions. Customers can register the identities they want to track, such as email addresses, passport numbers, and banking details, and receive alerts if their monitored data appears on the Dark Web or is involved in suspicious financial activities.
“As more Indians move online and share sensitive personal information, it is crucial for individuals to have access to the right protection in case their data is breached. We are pleased to introduce our latest innovation, the ‘My Identity Theft Insurance’ product, to safeguard the Indian market against identity theft. One unique feature of this product is the inclusion of monitoring services,” added Mukta Sharma.
Hitesh Joshi, the general manager of GIC Re, India’s sole domestic reinsurer, expressed his pleasure in partnering with MIC to provide digital reinsurance solutions to the Indian insurance market. He believes that this product will meet the market’s needs and enhance personal digital security, contributing to a more reassuring digital environment in India.
The MiIdentity online portal offers advice and support for restoring compromised identities. In the event of monetary loss due to stolen or fraudulent use of identity, insurance triggers provide inconvenience payments up to policy limits. NIA provides the insurance coverage, with digital reinsurance provided by MIC in partnership with GIC Re.
As the world becomes increasingly digital, insurance innovations for personal online identities and personas will become more important. MIC is excited to be at the forefront of developing these insurance solutions, providing a safety net for the digital world.
Harry Croydon, the Co-Founder and COO of MIC Global, emphasized the significant shift in India’s financial landscape over the past decade. He highlighted how transactions that were once conducted with physical banknotes are now carried out using credit cards, smartphones, and QR codes. However, along with this digital transformation, new risks, such as identity theft and online fraud, have emerged, affecting not only India but also Asia as a whole.
“The MiIdentity project has been a massive undertaking for all parties involved, and we are thrilled to launch it in the Indian market. The innovative combination of embedded micro insurance and technology within the MiIdentity solution is a testament to MIC and NIA’s commitment to supporting individuals in the digital world when they need it the most. MiIdentity aims to alleviate the distress caused by identity fraud through education, online support, and financial assistance. We can’t wait for NIA customers to start benefiting from this new identity protection product.”
NIA strives to make insurance products easily understandable and accessible, providing simple digital platforms for individuals to purchase relevant coverage and make claims when needed. The MiIdentity platform further enhances their extensive insurance offering.
Aon’s Reinsurance Solutions brought together leading insurance and reinsurance providers to provide capital support for the MiIdentity platform, delivering strategic value to the re/insurance industry.
Kshitij Anand, the Head of International Strategy at Aon Reinsurance Solutions, commended the product as an example of Aon’s multi-faceted approach to innovation. By combining India’s leading insurance and reinsurance capacity with MIC Global’s underwriting and technological capabilities, MiIdentity offers a solution that assists policyholders in managing their digital health and identity threats.
