(From left): MIC Global co-founder and COO Harry Croydon and VOOM Insurance co-founder and CEO Tomer Kashi. Credit: MIC Global/EIN Presswire.

Embedded micro-insurance provider MIC Global has entered a collaboration with insurtech company VOOM Insurance to offer reinsurance for ride-share businesses in the US.

The collaboration aims to transform ride-share insurance by providing affordable, usage-based coverage options.

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VOOM Insurance specialises in usage-based insurance offerings and delivers customised solutions for new mobility markets in the US.

Its usage-based coverage charges drivers based on their actual personal mileage, which is said to lead to cost savings and fill coverage gaps.

VOOM Insurance co-founder and CEO Tomer Kashi said: “Partnering with MIC is a significant milestone for VOOM. Their expertise and commitment to innovation make them an ideal partner as we continue to develop and expand our ride-share insurance offerings.

“Together, we will provide unparalleled coverage and support for ride-share drivers, ensuring they have the protection they need.”

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The partnership between MIC Global and VOOM Insurance will aid the latter in enhancing its ability to cater to gig economy drivers with a product specifically designed for their needs, offering protection and potential savings.

MIC Global noted that this deal is in line with its mobility portfolio and will aid in fostering new insurance solutions for the future of transportation.

MIC Global co-founder and COO Harry Croydon said: “We are incredibly excited to partner with VOOM Insurance. This collaboration not only strengthens our mobility book but also allows us to support a company that is truly revolutionising the insurance industry.

“VOOM’s innovative approach to usage-based insurance is a perfect fit for our strategic goals, and we look forward to a successful partnership.”