“As more of the Indian population moves online and shares sensitive identity information on various platforms, it’s vital that individuals have access to the right protection should their data be breached. We are pleased to introduce our latest innovation in safeguarding the Indian market against identity theft with our new ‘My Identity Theft Insurance’ product. A unique feature of this new product is that monitoring services are being offered.”Mukta Sharma, general manager,New India Assurance

Mumbai/New York:

With identity theft incidents and subsequent losses on the rise, MIC Global (MIC), a pioneering full stack embedded micro insurance company, has partnered with New India Assurance (NIA), India’s largest general insurance company, to launch India’s first all-in-one digital identity monitoring, restoration, and insurance solution: MiIdentity.

The MiIdentity platform empowers NIA customers to monitor digital identity and financial activity to quickly restore compromised identities and unauthorised transactions.

NIA customers register the identities they wish to track – such as email address, passport number, and banking details – and receive alerts when their monitored data appears on the Dark Web or is involved in suspicious financial activity.

Mukta Sharma, general manager, The New India Assurance, stated: “As more of the Indian population moves online and shares sensitive identity information on various platforms, it’s vital that individuals have access to the right protection should their data be breached. We are pleased to introduce our latest innovation in safeguarding the Indian market against identity theft with our new ‘My Identity Theft Insurance’ product. A unique feature of this new product is that monitoring services are being offered.”

“As a committed insurer, we’re dedicated to providing peace of mind and comprehensive protection for our customers’ digital identities.”

Hitesh Joshi, general manager, GIC Re added: “GIC Re, India’s sole domestic reinsurer, is pleased to partner with MIC to provide digital reinsurance solutions to the Indian insurance market. We believe this product will meet the need of the market and enhance personal digital security, thereby contributing to a more reassuring digital environment in India.”

The MiIdentity online portal provides advice and support for restoring compromised identities. Insurance triggers provide inconvenience payments (up to policy limits) in the event of monetary loss due to stolen and fraudulent use of identity – insured by NIA with digital reinsurance provided by MIC, in partnership with GIC Re.

As the world becomes increasingly digital, re/insurance innovations for personal online identities and personas will become more vital and relevant. MIC is excited to be at the forefront of developing these re/insurance solutions, providing a safety net for the digital world.

Harry Croydon, Co-Founder and COO, MIC Global, said: “Just 10 years ago typical transactions in India were all completed in local markets by people buying and selling goods with well-worn banknotes of all sizes. Today, these same people are more likely to use credit cards, smartphones and QR codes. New digital finance apps mean that millions of people in this vast economy can accept payments, settle invoices, and transfer funds anywhere in the country with just a few screen taps or a swipe.”

Along with this, new risks have been unmasked. Who would have thought 10 years ago, that an average household in India would need their identity protecting? Today, this is very necessary as identity theft and online fraud rocks not only India but Asia as a whole.

“The MiIdentity project has been a massive undertaking for all parties involved and we are excited to launch to the Indian market. The innovative merging of embedded micro insurance and technology within the MiIdentity solution is a testament to MIC and NIA’s unwavering commitment to providing support for people when they need it most in the digital world.

“MiIdentity seeks to mitigate the distress caused by identity fraud with useful education, online support, and financial support. We can’t wait for NIA customers to start reaping the benefits of this new identity protection product.”

NIA endeavor to make insurance products that are easy to understand and accessible, creating simple digital platforms for individuals to purchase relevant coverage and make claims in their time of need. The MiIdentity platform adds another supportive platform to their extensive insurance offering.

Aon’s Reinsurance Solutions brought together leading insurance and reinsurance providers to provide supporting capital for the MiIdentity platform, which in turn delivered strategic value to the re/insurance industry.

Kshitij Anand, Head of International Strategy, Aon Reinsurance Solutions said: “This product is a great example of how Aon’s multi-faceted approach delivers innovation in the marketplace. In line with our global perspective on Risk Capital, MiIdentity combines India’s leading insurance and reinsurance capacity with MIC Global’s underwriting and tech capabilities to create a solution that assists policyholders in managing their digital heath and identity threats.”