MICT, announced that in connection with the Company’s previously announced $25,000,000 capital raise of common stock and warrants, the Company’s wholly-owned subsidiary, GFH Intermediate Limited (“GFHI”), is launching its insurance platform, which it anticipates starting to grow revenues as early as next quarter.
Read More: GlobalFintechSeries Interview with Derek Boirun, CEO and Founder at Realio
“We are executing on a huge opportunity in China‘s burgeoning insurance market by bringing in a first-class team from some of China’s largest insurance companies that is heavily incentivized to succeed,” stated MICT’s CEO Darren Mercer.
Delivering on its previously stated objective of capitalizing on the rapidly growing insurance market in China, MICT has signed an agreement with a management team, which is comprised of more than 25 high performing professionals who come from China‘s largest insurance companies. The group brings key relationships in China‘s market combined with their deep experience and knowledge to support the business plan of GFHI. Members of the incoming executive insurance team, including the CEO, COO and CTO, each have between 10 and 20 years track record leading sales, operations, and technology development delivering significant revenues on a very profitable basis at their prior listed insurance companies.
As a result of the partnership with the incoming team, MICT has created a new insurance division under GFHI which is wholly owned by GFHI/MICT and offers an attractive incentive plan for its management. Upon achieving the first year’s production target, which is to deliver in excess of $250,000,000 worth of premiums at a gross margin of more than $10,000,000, and significantly higher targets in years’ two and three, the insurance management team can earn a profit share of up to 40%.
“MICT have combined GFHI’s great technology platform with an excellent insurance group management team that has a track record of executing in a very significant marketplace. We are very excited about the opportunities we are creating together with this incoming team. With what we have created so far, the Board is confident in the new insurance platform generating growing revenues in the next quarter as we continue to build shareholder value for MICT. In each fintech vertical that GFHI enters, we are implementing a consistent plan of bringing in top performing management teams and incentivizing them to perform optimally in these high growth markets,” Mercer added.
