mTek champions digital insurance adoption amid COVID-19
The Coronavirus pandemic (COVID-19) is already massively altering the global economy and humanity. There is no doubt that the pandemic will have widespread and long-term implications.
As cases continue to rise globally, recent reports show an increasing number of industries facing incredibly worrying times due to diminished customer demands, supply chain disruptions and government-enforced social distancing, among other bottlenecks.
With no fixed end date, no vaccine to combat it yet, nor any approved medication to slow its reaction in the human body, the world is starting to adapt to new ways of doing things. “In the blink of an eye, everything has now moved to digital platforms,” says Ms Bente Krogmann, the CEO and co-founder of mTek Services – A digital insurance broker.
“For the insurance industry, digital technologies play an important role in product design, distribution and service delivery,” she notes.
With this understanding, the techpreneur co-founded mTek Services in 2019 with an aim to revolutionize the customer experience in the insurance sector, eliminate the voluminous paperwork and reach the uninsured.
What Is mTek?
mTek is an innovative mobile application currently available on Google Playstore. The platform provides an entirely paperless end-to-end platform for the insurance industry.
mTek app, which is available in the Google Play store allows users to select insurance services from different underwriters locally such as AAR, Resolution, GA Insurance, Madison and ICEA Lion among others.
“mTek app covers the whole scope of general insurance from motor, personal accident, fire, local and international travel, education, medical and evacuation,” notes the executive.
According to her, insuretech can speed up the time to market products, reduce the cost of delivery and unlock markets which were previously perceived to be unviable.
Local underwriters have often been tipped to adopt insurance-focused technology known as “insurtech” to double coverage of underserved populations from the current three percent.
Ms Bente says insurance players must utilise technology to make products relevant to customers and create new opportunities or their traditional business models will be extinct.
Kenya’s mobile penetration hit 100 per cent for the first time in 2019 as active customer subscription touched 46.6 million, last December, official data show.
But challenges including a lack of awareness among customers, and fraud has locked many Kenyans from accessing insurance, according to industry reports.u