Kenya’s digital insurance firm, mTek, has secured Ksh 167.5 million ($1.25m) funding to support its regional expansion plans.
mTek Chief Executive Officer Bente Krogmann said the funding from Verod-Kepple Africa Ventures (VKAV) and Founders Factory Africa (FFA) will help build the firm as Africa’s leading platform as a service for the insurance ecosystem.
“We are now looking forward to further strengthen our strategic partnerships with underwriters, regulatory bodies, banks, intermediaries, enterprises and other stakeholders in the industry to foster innovation, expand access to insurance, and create value for end-users and the wider insurance ecosystem,” said Krogmann.
Krogmann added that mTek is leveraging artificial intelligence and machine learning along with product innovation to streamline the process, enhance customer experience and drive operational efficiency across the insurance value chain.
It will also expand the firm’s Software as a Service (Saas) solution for various partners within the East Africa region
“mTek is making insurance increasingly accessible wherever it operates and lowering costs for all parties in the industry,” said Investment Manager at Founders Factory Africa, Philani Mzila.
Use of technology has been backed as key in increase insurance penetration in Africa which has stagnated at less than 3pc.
