Mtek transforms Digital insurance in the wake of Covid 19
Traditional ways of doing things are quickly being dropped as new and transformational ways of doing business get designed.
In particular, the insurance industry is witnessing a shift towards adoption of new and efficient technologies.
“Changing market demands such as increased use of smartphones and internet support devices especially among millennial are driving this change,” notes Dennis Kimani, a system developer at mTek Services during an interview with Ghetto Radio.
“Today everything is happening in a rush. With Covid-19 living among us we need to adapt to easy and safe ways of doing things on the go while carrying on with our daily lives,” notes the executive.
Against this understanding, mTek was developed in 2019 to revolutionize the customer experience in the insurance sector, eliminate the voluminous paperwork and reach the uninsured.
mTek app which is available in the Google Playstore allows users to select insurance services from various underwriters locally such us Madison, Monarch, AAR, Resolution, GA Insurance and ICEA Lion among others.
The app covers the whole scope of general insurance from motor, personal accident, fire, international and local travel, school, health and evacuation.
“The registration process is transparent and we process purchases and claims seamlessly. The platform also allows underwriters to measure the performance of their different policies we are selling via a web dashboard,” adds Kimani.
Kevin Wachira who uses the app says it is fast to download because of its small size of about 7mbs.
“The app is user friendly and the questions asked are relevant and easy to answer on the platform. What I also like is the ability to buy a cover from the underwriter of my choice.”
Users can file for a claim and follow up on the same via the app. Additionally a comparison tool is being developed to allow users to compare policies from various underwriters based on service and price and allow them to make informed decisions.
Additionally, the app has a payment integration which processes any kind of payment instantly to the underwriter seamlessly and sends notification to a user via email.
Based on the fact that the firm is white labeling products from multiple underwriters, the cost of the premiums is based on the policies sold and dictated by respective underwriters. However, mTek tries to make flexible policy payments terms and duration in conjunction with the underwriters, and allows real-time notifications within the claims process.
The firm has also developed a similar app for insurance agents which they can use to on-board clients and be subjected to agreed commissions with their respective underwriters.
With fintech apps being a key target for hackers, the developer says that cyber security has been at the core of mTek Services. “We took a two year development period before we officially launched to make sure that we introduce a product that is market-ready and with robust security channels,“ he explains.
With the dynamic market trends, he says that the future is bright for industries that adopt relevant technologies.