MICT Announces Launch of Online Insurance Platform

Funding enables MICT to accelerate its growth plans, including through the launch before year-end of insurance platform in China’s burgeoning market

High performing team from China’s largest insurance companies incentivized to produce annual gross margins in excess of $10 M in year 1 on premiums of more than $250m and to deliver significant year on year growth thereafter

MONTVALE, N.J., Nov. 2, 2020 /PRNewswire/ — MICT, Inc. (Nasdaq: MICT[1]) (the “Company”), today 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 to generate and grow revenues as early as next quarter.

“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 cash bonuses and up to 40% of the stock of such insurance subsidiary.

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