NAIROBI, Kenya Aug 26 – Digital insurance platform mTek has inked a new deal with UzaPoint to enable Small and Medium Enterprises (SMEs) access fully digital insurance products.
The partnership will empower UzaPoint, a resource planning tool for small, medium, and large enterprises, to offer comprehensive digital insurance products to own SME customers through mTek’s platform.
Bente Krogmann, CEO of mTek assured that SMEs will now obtain insurance covers for risks, including theft, fire, floods, and other perils, along with optional covers such as business interruption due to hospitalization, all through the mTek platform.
“We are excited to partner with UzaPoint to improve accessibility and convenience via an integration that allows SMEs to easily purchase and manage insurance policies directly through the same system they use for other business operations, streamlining the entire process,” said Krogmann.
Victor Magaki, Chief Operations Officer (COO) of UzaPoint, said the platform will help the UzaPoint team select various policies, generate and share quotes with customers, and purchase the policies entirely digitally without sending emails or calling an agent or broker.
He added that the innovation will save significant time, hence reducing the sales process from 10 days to just 10 minutes.
“We are thrilled to partner with mTek as we work to enhance insurance access for SMEs, which are the backbone of our economy. This partnership will increase access to digital insurance solutions for SMEs, simplify the insurance purchase process, and promote financial inclusion through innovative and accessible insurance products,” said Magaki.
The platform features will facilitate the inclusion of insurance premium financing (IPF) options, making the insurance products more affordable and accessible by allowing businesses to pay premiums in manageable installments.
It will further integrate insurance products within the UzaPoint ecosystem (API), enabling customers to purchase insurance products directly from a trusted source within an environment they are already familiar with.
Statistics from the Ministry of Trade and Industry indicate that SMEs contribute up to 24 percent of the country’s GDP, accounting for over 90 percent of private sector enterprises.
The sector has also employed 14.1 million people, representing 93 percent of the total labor force. Despite their critical role in development, many SMEs struggle to stay afloat due to high levels of risk and uncertainty, leading to closures.
