Techpreneur sets up one-stop app for insurance products


Bente Krogmann, innovator of mTek, a platform for insurance products. PHOTO | COURTESY

Bente Krogmann came up with the idea of a mobile app in 2019, seeking to revolutionise customer experience and eliminate the laborious insurance paperwork.

"Today everything is happening in a rush. With such agile live patterns and Covid-19 living among us, we need the ability to carry on with our daily lives while still on the go," the 32-year-old innovator told Digital Business.

Her innovation, mTek allows users to select insurance services from firms such as ICEA Lion, GA Insurance, Mua Insurance, Mayfair, Madison, Resolution and AAR.

"We more or less cover the whole general insurance scope from motor, personal accident, domestic, medical, evacuation, fire, international and local travel and school," she says.

Contrary to traditional insurance cover registration that takes several days and requires too many photocopies of identity documents in paper form, registering on the app takes just about six minutes.

"It is less than 10mbs in size so downloading it from Playstore is fast. I chose evacuation cover to give it a try. I filled in my details and paid Sh1,550 for the annual cover via M-Pesa on the same app. The cover was then sent to my email. It took me five minutes," says Alex Karanja.

The number of questions, he adds are fewer compared to those asked in regular and manual insurance registration processes.

"Although the services are fantastic, I would advise that the number of insurers be increased,” says the 26-year-old.

“To achieve universal coverage, it is important that mTek partners with all insurance companies."

Users can also handle processing of claims on the app and follow up on the same. Additionally a 360 degree comparison tool is on course to allow clients to compare policies by various insurers based on price and service, and make informed decisions.

With regard to motor insurance, mTek has developed an app for valuers which allows them to schedule appointments and file their reports.

Registered with the Insurance Regulatory Authority (IRA), the platform, which promises to "build for the uninsured" has surpassed the 5,000 mark in terms of users.

Ms Krogmann says the digital processes are transparent, and "we process purchases and claims instantly." Additionally, digital identity for Know Your Customer (KYC) needs have been integrated.

"Also the payment from clients done from within the app goes to the underwriter directly which is line with the Insurance Act," she says

The cost of the premiums is based on policies, but mTek tries to make flexible policy durations and payment terms in accordance with underwriter directives, allowing real-time notifications during the claims process.

But all this has not come easy.

"We had to practice to be patient and committed to the goal to digitise the insurance industry. We were developing for two years without the opportunity to launch something in the market, because we wanted to ensure all players are covered. And it continues to be a working process," she narrates.