Start-Ups

Kenya’s Insurtech Startup, mTek Gets $1.25 Million For AI

What's their vision? Using technology to transform Africa's insurance sector.

Kenya's Insurtech Startup mTek Gets $1.25 Million For AI
mTek team [PHOTO CREDIT: Techpoint Africa]

Bente Krogmann and Christopher Osore made headlines in 2019 when they co-founded mTek, an innovative insurtech firm based in Kenya. What’s their vision? Using technology to transform Africa’s insurance sector.

The removal of time-consuming paperwork in favour of seamless, paperless transactions, is central to mTek’s objective. They hope to not only improve operations but also increase insurance penetration across the continent by creating a platform that allows everyone to easily access insurance products.

One of the most notable aspects of mTek’s platform is its user-friendly interface, which allows people to buy insurance directly from insurers, easily compare policies, and file claims via their devices. But mTek doesn’t stop there; it’s also leveraging the power of artificial intelligence (AI) and machine learning to improve client experiences and optimise productivity across the insurance value chain.

With a recent fundraising round, Bente Krogmann, now CEO, is doubling down on mTek’s goal of being Africa’s best platform as a service for the insurance industry. This requires improved collaboration among diverse sectors, including underwriters, regulatory agencies, banks, intermediaries, corporations, and other stakeholders.

Krogmann emphasises, “We are now looking forward to further strengthening 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.”

Despite historically poor insurance uptake rates in Africa, mTek remains committed to driving change through creative solutions. Ory Okolloh, a partner at Verod-Kepple Africa Ventures, sees mTek as a possible game changer capable of closing the industry’s long-standing penetration gap.

In a place where insurance has long been perceived as inaccessible or complex, mTek’s solution offers a ray of light, offering to democratise access to critical financial protection for both individuals and enterprises. As mTek innovates and expands its reach, it is poised to revolutionise the African insurance sector.

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