Business

Duo bets on app to get a piece of insurance billions

Duo bets on app to get a piece of insurance billions
  • The mTek, an app that allows users to select insurance services from various underwriters such as ICEA Lion, GA Insurance, Mua Insurance, Mayfair, Madison, Resolution and AAR.

The revolution around the digital economy is gradually gaining momentum in Kenya, and traditional business models are fast being relegated to the trash bin as more transformational solutions get designed.

Every sector is witnessing a seismic drift towards adoption of emerging technologies, with millennial customer preferences being the key driver of changing market demands.

In the insurance sector, brick and mortar mindsets of doing business are becoming obsolete, as clients look for more efficient, quicker and trustworthy means to obtain cover for various policies.

INSURANCE ECOSYSTEM

On this realisation, two Nairobi-based innovators, Ms Bente Krogmann and Mr Chris Osore, came up with the idea of a mobile app towards the end of 2019, with the ultimate goal of revolutionising customer experience and eliminating the voluminous paperwork in the insurance ecosystem, and reaching the underserved.

“Today everything is happening in a rush. With such agile live-patterns and Covid-19 living among us, we need the ability to carry on with our daily lives while still on the go,” Ms Krogmann, a 32-year-old techpreneur, told the Nation.

Together, the business partners have concocted mTek, an app that allows users to select insurance services from various underwriters such as ICEA Lion, GA Insurance, Mua Insurance, Mayfair, Madison, Resolution and AAR.

“We more or less cover the whole general insurance scope from motor, personal accident, domestic, medical, evacuation, fire, international and local travel and school,” said Mr Osore.

Contrary to traditional insurance cover registration that takes several days and requires too many photocopies of identity documents in paper form, registering on the app takes a maximum of six minutes.

FIVE MONTHS

Alex Karanja, who has used the service in the past five months, says it took him five minutes to download the app, register, select a cover and pay for it.

“It is less than 10mbs in size, so downloading it from Playstore is fast. I chose evacuation cover to give it a try. I filled in my details and paid Sh1,550 for the annual cover via M-Pesa on the same app. The cover was then sent to my email. I loved the speed,” he says.

He adds that the number of questions are fewer compared to those found in regular insurance registration processes. Users can also handle claims processing on the app and follow up on the same.

Additionally, a 360-degree comparison tool is on course to allow clients to compare policies based on price and service, and make informed decisions.