MFS, Heritage Insurance launch digital insurance platform with motor insurance installment plan

Kenyan fintech firm Mobile Financial Solutions (MFS) Technologies has launched a digital insurance booking platform to meet the growing demand for insurance policies purchase and claims processes.

Known as InsureMe, the end-to-end digital platform comes with a digital buy-now, pay-later option for comprehensive car insurance through its Insurance Premium Financing-led Lipa Pole Pole solution cushioning motor car owners from upfront premium payments which range from between 2.5%-6.5%.

The instalment option allows car owners to split their insurance payments into flexible installments of up to 10 months after paying an upfront of two months comprehensive premium and third-party cover – as InsureMe finances the remaining 83.3 percent of the premium or 10 out of 12 months of premium cover.

The platform, which is underwritten by leading insurance company Heritage Insurance Kenya, has eliminated time-consuming paperwork by providing customers with a quotation and motor cover insurance sticker within 15 minutes of signing up, after they provide an estimated car value, select the motor cover of their choice, and fill in the required information.

According to InsureMe Founder and Managing Director Fred Chege, the solution was created in response to consumer demand for simple, transparent, and inexpensive mobile-led customer processes to purchase or renew insurance coverage. “Consumers are always looking for more economical and simple alternatives to purchase comprehensive insurance coverage that is also convenient and quick. Mr. Chege added, “InsureMe is shifting the motor policy purchasing and claims process away from feature-focused platforms and toward experience and behavior-based platforms.”

The solution has automated 95 percent of the motor policy purchase and claim process, ensuring consumer satisfaction at any time and from any location in the country, at a time when the insurance industry is plagued by customer concerns about claims procedure turnaround time.

Godfrey Kioi, Managing Director of Heritage Insurance Kenya, said “This collaboration couldn’t have happened at a better moment. An important plank for insurance penetration in Kenya is the convergence of product affordability and new claims processing value proposition through technology. It demonstrates Heritage’s commitment to investing in end-to-end digitization that will help Kenyans and boost their efficiency and prosperity.”

Heritage’s Autocorrect Motor Insurance policy, which debuted in Kenya in 2019, is powered by telematics technology, an Artificial Intelligence data and analytics-powered technology that collects and transmits driving behavior relating to acceleration, braking, and cornering – which influences insurance premium pricing, claims processing, and motor fraud reduction.

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