Insurance startup mTek which offers its services through digital platforms and eliminates paperwork has inked a deal with Britam to offer mobile-enabled business protection to Micro, Small, and Medium Enterprises (MSMEs) against fire and burglary.
Insurance firm Britam has inked a deal with digital insurance platform mTek, to offer mobile-enabled business protection to Micro, Small, and Medium Enterprises (MSMEs) against fire and burglary.
The new cover dubbed Britam Biashara aims to cover over 100,000 MSMEs across the country, with services being issued digitally through mTek’s mobile application.
“By offering insurance to the informal retail sector, we become business enablers of MSMEs. This is by improving their risk profile, which then enables them to attract financial credit and expand their value chains,” said Britam Digital and Partnership Director Evah Kimani.
Under the new arrangement, business owners can choose from a basic property package that covers against personal accidents and interruption due to hospitalization or a package that offers both, depending on their requirements and affordability.
mTek chief executive officer Bente Krogmann said that building customized products through such partnerships is a vital component to increasing penetration among the uninsured.
“Small business owners can enjoy the seamless purchase of Britam Biashara and claims processing via the mTek platform which delivers convenience thus saving business people time to concentrate on more pressing issues,” stated Krogmann.
Technology adoption is helping to increase insurance penetration in the country, although uptake still remains very low.
mTek was launched in 2020, as a digital platform that provides an entirely paperless ecosystem for the insurance industry, and allows customers to purchase insurance directly from the insurer,
“As an InsureTech we urge the whole industry to join the digital era.” mTek says on its website.