Stonestep has raised $4 million to offer micro insurance as a service.

The Zug, Switzerland-based startup is one of a number of companies trying to disrupt the traditional insurance market.

The funding comes from XL Innovate, an insurance tech venture fund.The company said the financing will allow it to establish its footprint in Asia, beginning in Myanmar, and gives the company access to the global skills and insurance capacity of XL Catlin, a global insurance and reinsurance company.

As part of the round, Sarah Street, a director at XL Innovate, will join Stonestep s board of directors.Insurance today is optimized for households with tens or hundreds of thousands of dollars in assets.

Yet in many emerging markets, household assets often add up to less than $5,000.

For the typical middle class in emerging markets, smartphones, appliances, basic legal assistance, and medical care represent steps to a better life.

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