KENYA – Digital online insurance platform mTek-Services has entered into a strategic partnered deal with general insurer MUA Kenya and The Unisure Group, an international health and life insurance solutions provider, to offer affordable international health insurance cover dubbed Umatter.

mTek-Services is a digital insurance platform that provides an entirely paperless ecosystem for the insurance industry through an online portal where customers can purchase insurance products directly from the insurer, compare insurance policies and file for claims directly through their smart devices.

Since 2019, mTek has revolutionized customer experience through the elimination of laborious insurance paperwork. Together with its partners, it has provided over 65,000 Kenyans with access to affordable comprehensive health care coverage for a monthly fee of KES 1 000.

Globally, the insurtech service market is expected to grow from $8.07 billion in 2021 to $10.42 billion in 2022. With a CAGR of 7% between now and 2025, Africa looks set to be the new emerging market to watch

The partnership deal with MUA Kenya and Unisure Global will allow mTek’s customers to be covered wherever they are in the world for whatever reason excluding the USA and Canada where consumers can enjoy the worldwide insurance cover during business, holiday, relocation or in their home country.

The Umatter international health insurance product will be underwritten by MUA Insurance Kenya and administered by Unisure in collaboration with local and international reinsurance partners to ensure the general public can access the sustainable, localized insurance product.

In addition, Umatter worldwide insurance cover has the Umatter policy that encompasses Serious Matters and Daily Matters categories where clients who select both options can pick and choose any other module within the offered range to add to their plan.

Organizations can access the innovative, personalized and flexible international private health insurance plan through the Umatter product that is underwritten by MUA Kenya at the affordable cost of KES 200,000 (US$ 1704.16) per person per year.

Moreover, clients can pay for unique international health care and protection products with an overall annual limit of KES 540 000 000 (US$) to access worldwide medical care and professional, quality customer service.

mTek’s Chief Executive Officer, Ms Bente Krogmann expressed that the partnership with MUA Kenya and Unisure Global is an indicator of investor confidence and growth prospects of insurtech in the East African region.

Ms Bente Krogmann explained that clients who select both the Serious Matters + Daily Matters options have the flexibility to add Family Matters, Opti-Denti Matters and/or Wellness Matters to their individual plan under the Umatter policy.

Our belief in paperless insurance has enabled us to provide our clientele with a wide range of personalized insurance products. Umatter strikes the perfect balance between being cost-effective and providing top international benefits and services,” CEO Krogmann reaffirmed.

Bente Krogmann said the firm is banking on technology and increased sensitization to encourage more people to adopt insurance policies and improve welfare and protection against emergencies while tackling the lack of transparency and the rigid payment structures of most policies.

According to Statistica, the insurtech market has seen growth with the rise of connected devices to financial services even as more companies seek business efficiency. Globally, the insurtech service market is expected to grow from $8.07 billion in 2021 to $10.42 billion in 2022. With a CAGR of 7% between now and 2025, Africa looks set to be the new emerging market to watch.

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