Digital insurance platform mTek has bagged $1.25 million (Sh167.8 million) funding from investing partners Verod-Kepple Africa Ventures (VKAV) and Founders Factory Africa (FFA) to power its expansion in both the Kenyan and the East African insurance market.
The firm, which leverages technology to support the uptake of insurance services, says the latest funding round will also aid in solidifying its position as a trailblazer in insurtech innovation.
“We are excited to have VKAV and FFA as part of team mTek as we are building Africa's No. 1 platform as a service for the insurance ecosystem,” said mTek CEO Bente Krogmann.
“We are now looking forward to further strengthening our strategic partnerships with underwriters, regulatory bodies, banks, intermediaries, enterprises and other stakeholders in the industry to foster innovation, expand access to insurance, and create value for end-users and the wider insurance ecosystem.”
Ms Krogmann said they would tap emerging technologies such as artificial intelligence (AI) and machine learning along with product innovation to streamline processes, enhance customer experiences as well as drive operational efficiency across the insurance value chain.
On her part, VKAV partner Ory Okolloh highlighted mTek’s strong potential to resolve insurance penetration gaps through a combination of superior technology and strong partnerships, sentiments that were echoed by FFA investment manager Philani Mzila.
“As Founders Factory Africa, we are excited to partner with mTek. By providing customers with greater choice and partnering with insurers to optimise their distribution, mTek is making insurance increasingly accessible wherever it operates and lowering costs for all parties in the industry,” said Mr Mzila.
Since 2019, mTek has revolutionised customer experience in the insurance sector through the elimination of laborious insurance paperwork by adopting paperless transactions.
The insurtech market has seen growth with the rise of connected devices to financial services even as more companies seek business efficiency.
