mTek, a leading digital online platform dealing in insurance, is based in Kenya. The company has secured $1.25m (approx. KES 168m) funding, courtesy of Verod-Kepple Africa Ventures (VKAV) and Founders Factory Africa (FFA).
Expansion push
With the firm intending to expand its reach across Kenya and the wider East African market, the fund will go a long way in easing the firm’s operations. Moreover, the firm can stand to improve the country’s insurance penetration, which stands at a meagre 3%, according to statistics from the Insurance Regulatory Authority (IRA).
We are dedicated to leveraging technology such as artificial intelligence and machine learning, along with product innovation to streamline processes, enhance customer experiences, and drive operational efficiency across the insurance value chain as well as expanding our Software as a Service solution for our various partners within the East Africa region” – Bente Krogmann, mTek CEO
The initiative will surely position mTek as a major player in the insuretech industry. Innovation in the insurance industry should be a welcome addition, due to the sector’s untapped potential. Thus, with the right cooperation with key stakeholders such as insurance underwriters, finance institutions, businesses and regulators, the wider insurance ecosystem is primed for good returns.
About mTek
mTek aims to bridge the gap between the public and insurance companies in Africa. By incorporating AI and machine learning within its platform, it is able to create a insurance services ecosystem that is easily accessible to the public.