Conversation
Highlights

In 1999, when most businesses still relied on fax machines and dial-up internet, Harry Croydon decided to sell something that barely existed: cyber insurance. “Back then we called it insuring the Internet,” Harry recalls with a laugh. His first venture survived both the dot-com crash and 9/11 by following one critical principle: “Being there is more important than spending all the money quickly.”

Two decades later, that lesson would prove invaluable when Harry co-founded MIC Global, an embedded microinsurance company that has raised $13 million to reimagine insurance for the digital economy. But the path from idea to execution revealed how even experienced founders must sometimes rebuild their entire business model to solve customer problems.

The Pivot Point

MIC Global’s initial strategy seemed straightforward: find customers who needed insurance, connect them with major carriers like AIG and Munich Re, and earn broker fees. But after six months of pitching projects worth millions in premiums, they hit an unexpected wall.

“Despite having that work and despite having those projects and the clients wanting to do it, it took us a long time to get those companies to basically say no,” Harry explains. The deals were deemed too small or too difficult, leading to a crucial realization: the traditional broker model wouldn’t work for their vision.

Instead of accepting defeat, MIC Global made a radical pivot. “We started to turn ourselves into an insurance company… so that we could actually say to the client, yes, we can do this. We’ve got the capacity, the ability as an insurer to do it.”

Building for the Platform Economy

This transformation was driven by a clear insight about their target market. As Harry notes, “If you work with a lot of these platform companies… they get global very quickly.” Traditional insurance companies weren’t equipped to serve businesses that needed coverage by the mile, by the project, or across multiple countries within months.

The solution? Build a global infrastructure from day one. “We felt that there wasn’t an insurance solution to sort of service that sort of company,” Harry explains. “So we’ve kind of built it into that type of company in those years and get that moving so that we can actually respond to these global clients.”

The Power of Embedded Distribution

Rather than pushing traditional insurance products through conventional channels, MIC Global developed a new approach: embedding simple, relevant insurance products directly into customer purchase flows.

“We position our product in that sales flow,” Harry explains, using rent protection as an example. “When they come to sort of agree to pay fifteen hundred dollars a month for their rent, then we can also cover them for their loss of… if they lose their job, we can cover them for $1,500 a month for three or four months as well for a premium.”

This embedded approach solves a fundamental distribution problem: “They don’t have to think about it by going to a broker or going somewhere else. You know, it’s all within that sort of flow to buy the insurance.”

Multi-Channel Strategy for Global Scale

Instead of relying solely on direct sales or broker relationships, MIC Global developed a multi-channel strategy. “From my point of view always is keeping that kind of broader multi-channel process open rather than just saying ‘right, we’re just going to focus on brokers in America,'” Harry shares.

This approach includes partnerships with insurance companies worldwide, creating a network that can support global platform businesses. As Harry explains, “We can actually go to that network and help place business around the world for that platform company.”

The Future of Insurance Tech

Looking ahead, Harry sees technology becoming increasingly crucial for insurance innovation. “The old word AI and all that stuff getting embedded into our systems, you know, especially around claims management, customer service, fraud management and kind of the customer journey.”

But his most important advice for founders building insurance technology? “Don’t just think you know how the insurance industry works and you can solve their problems… You need to find a need first.” Sometimes, solving that need means becoming the solution you wish existed.

The path from cyber insurance pioneer to embedded insurance innovator reveals a crucial lesson for B2B founders: when market infrastructure doesn’t support your vision, build it yourself.