New online motor insurance platform launched


Heritage Insurance Managing Director Godfrey Kioi with Mobile financial solutions (MFS) Managing Director Fred Michuki (left) during the official launch of insureMe. PHOTO | LUCY WANJIRU | NMG

A new platform to provide car owners with motor insurance on mobile phones has been launched.

The platform, InsureMe, is a joint project between Kenyan fintech company MFS Technologies Limited and Heritage Insurance Kenya.

The platform allows customers to buy comprehensive car insurance policies on their phones, computers or tablets.

The installment 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.

"Consumers are always looking for more economical and simple alternatives to purchase comprehensive insurance coverage that is also convenient and quick,” said InsureMe Founder and Managing Director Fred Chege

"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.

"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," said Godfrey Kioi, Managing Director of Heritage Insurance.

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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