mTek, a digital insurance platform has partnered with MUA Kenya, a general insurer , and The Unisure Group, a global insurance solutions provider. The partnership will see mTek provide an affordable international health insurance cover dubbed ‘Umatter.’
Under the partnership, customers will enjoy a worldwide insurance cover excluding the USA and Canada. They will be covered wherever they are in the world for whatever reason business, holiday, relocation or in their home country.
For as little as KES 200,000* per person per year, organisations (and individuals, in the near future) can access the innovative, personalised and flexible international private health insurance plan through the Umatter product, which is underwritten by MUA Insurance Kenya.
Underwritten by MUA Insurance Kenya, and administered and assisted by The Unisure Group, the Umatter international health insurance product is supported by both local and international reinsurance partners to ensure that a sustainable, localized insurance product is provided to the general public.
mTek’s Chief Executive Officer, Ms Bente Krogmann, said that the partnership is an indicator of investor confidence and growth prospects of insurtech in the East African region.
“Our belief in paperless insurance has enabled us to provide our clientele with a wide range of personalized insurance products. Through our partnership with MUA Insurance Kenya and Unisure, we will now be able to provide our clients with unique international health care and protection. With an overall annual limit of KES 540 000 000, access to worldwide medical care, and unparalleled customer service, Umatter strikes the perfect balance between being cost-effective and providing top international benefits and services” said Ms Krogmann.
Under the Umatter policy, clients who select both the Serious Matters + Daily Matters options can pick and choose any other module within the offered range to add to their plan. That means that they have the flexibility to add Family Matters, Opti-Denti Matters and/or Wellness Matters to their individual plan.
Since 2019, mTek has revolutionised customer experience through the elimination of laborious insurance paperwork. Together with its partners, it has provided over 65,000 Kenyans with access to affordable comprehensive health care coverage for a monthly fee of KES 1 000.
The insurtech market has seen growth with the rise of connected devices to financial services even as more companies seek business efficiency. Globally, the insurtech service market is expected to grow from $8.07 billion in 2021 to $10.42 billion in 2022. With a CAGR of 7% between now and 2025, Africa looks set to be the new emerging market to watch (Statistica).