mTek, a leading Kenya-based digital insurance platform renowned for its seamless and convenient access to insurance products, has partnered with UzaPoint to enable Small and Medium Enterprises (SMEs) to access fully digital insurance products.
This partnership will empower UzaPoint to offer comprehensive digital insurance products to their SME customers through mTek’s platform.
SMEs can now obtain insurance coverage for risks such as theft, fire, floods, and other perils, along with optional covers like business interruption due to hospitalization, all through the mTek platform and protect their businesses in case of a peril.
“We are excited to partner with UzaPoint to improve accessibility and convenience via an integration that allows SMEs to easily purchase and manage insurance policies directly through the same system they use for other business operations, streamlining the entire process,” said Ms. Bente Krogmann, CEO of mTek.
Using the mTek platform, the UzaPoint team can select various policies, generate and share quotes with customers, and purchase these policies entirely digitally without sending emails or calling an agent or broker. This innovation will save significant time, reducing the sales process from 10 days to just 10 minutes.
“We are thrilled to partner with mTek as we work to enhance insurance access for SMEs, which are the backbone of our economy. This partnership will increase access to digital insurance solutions for SMEs, simplify the insurance purchase process, and promote financial inclusion through innovative and accessible insurance products,” said Mr. Victor Magaki, COO of UzaPoint.
“The inclusion of Insurance Premium Financing (IPF) options will make insurance products more affordable and accessible by allowing businesses to pay premiums in manageable installments. This feature will enable more SMEs to obtain necessary insurance coverage without the burden of large upfront payments, promoting greater financial security and protection.” Added Ms. Krogmann.
A key part of the roadmap is to integrate insurance products within the UzaPoint ecosystem (API), enabling customers to purchase insurance products directly from a trusted source within an environment they are already familiar with.
Statistics from the Ministry of Trade and Industry indicate that SMEs contribute up to 24 percent of the country’s GDP, account for over 90 percent of private sector enterprises, and employ 14.1 million people, representing 93 percent of the total labor force. Despite their critical role in development, many SMEs struggle to stay afloat due to high levels of risk and uncertainty, leading to closures.