Businesses & Financial News

mTek, Cheki ink crucial deal

Digital insurance firm, mTek and auto dealer platform Cheki Monday signed a strategic partnership agreement expected to enhance and simplify the process of obtaining and insuring a motor vehicle in the Kenyan market.

The deal will see car buyers not only connect to car dealers on the platform, but also instantly obtain the matching insurance product through mTek – which will provide end-to-end paperless service.

“We are extremely pleased to sign this partnership agreement with Cheki, a company with whom we are sharing a vision to provide industry leading solutions and seamless customer care services to the fast-evolving automotive market within Kenya,” Bente Krogmann, mTek Chief executive.

Last year the government embarked on a tedious process to have all motorists in Kenya upgrade their insurance cover certificates to digital copies. The motor insurance certificate is issued to customers via digital platforms such as email.

The new certificates issued by the Association of Kenya Insurers (AKI) will have on them a QR code, whose aim is to minimize fraud and predatory pricing.

“This partnership with mTek, ensures our customers find the best solutions to their motor insurance needs, through a transparent, reliable and easy digital solution,” said Brenna Excell, Managing Director, and Consumer Classifieds East Africa for ROAM.

In 2018 for instance, profitability in the insurance industry dropped from Sh9.2 billion to Sh3.5 billion with the motor vehicle and medical claims taking the lion’s share of this loss.

AKI figures show that during the year, an estimated 22 percent of motor vehicle insurance policies could not be authenticated and a further 12 percent of the covers do not exist in the underwriter’s books despite payment of premiums for the cover.

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