Digital insurance platform mTek has inked a deal with real estate platform BuyRentKenya, to enhance insurance ecosystem in the country by leveraging on tech.
The partnership will see the provision of a platform-as-a-service which seeks to improve the sector's operations while fostering connectivity across the entire system.
A pivotal aspect of the deal is the participation of GA Insurance Kenya as the underwriter for the home insurance products offered through mTek’s platform.
Commenting on the partnership mTek CEO Bente Krogmann they deal is key to extend their digital insurance services to more homeowners in Kenya.
"Our objective is to leverage technology to streamline the insurance process and enhance accessibility. Working with BuyRentKenya, we are dedicated to fostering innovation and digitisation in the insurance industry," Krogmann said.
On her part, Elizabeth Costabir, the CEO at BuyRentKenya said they seek to utilize their strengths and resources in the partnership to establish a seamless and user-friendly insurance experience for homeowners, ultimately enhancing the protection and security of their properties.
"This collaboration will not only streamline the insurance purchasing process but also enhance the overall customer experience, crating an informed real estate environment for homeowners and tenants alike," she said.
The 2022 Insurance Industry Market report by the Association of Kenya Insurers(AKI), reveals a shift in consumer preference towards digital insurance services.
According to the report, a majority of consumers now favor digital platforms for various insurance functions, including policy purchase, management, payment settlement and claims processing.
This trend indicates a growing preference for convenient and efficient digital solutions, allowing consumers to bypass traditional customer service processes and manage their insurance needs independently.
The report findings emphasise on the increasing importance of digitisation in meeting the evolving demands of insurance customers in Kenya.
The partnership therefore according to mTek, is a step towards an integrated and secure real estate ecosystem in Kenya.
mTek will harness its innovative Business-to-Customer (B2C) digital online insurance platform, providing a seamless and convenient avenue for individuals to access insurance products.
On the other hand, BuyRentKenya will leverage its extensive network and expertise in the real estate industry to promote and facilitate the adoption of home insurance solutions offered by mTek.
