mTek launches affordable international health insurance coverage with limit of 540 million
mTek, a digital insurance platform, has partnered with MUA Kenya, a general insurer, and The Unisure Group, a global insurance solutions provider. Under this partnership, mTek will provide affordable international health insurance coverage called “Umatter”.
Under this partnership, customers will receive worldwide insurance coverage excluding the United States and Canada. They will be covered wherever they are in the world for whatever reason, business, vacation, relocation or in their home country.
For as little as KES 200,000* per person per year, organizations (and individuals, in the near future) can access the innovative, personalized and flexible international private health insurance plan through the Umatter product, which is underwritten by MUA Insurance Kenya.
Backed by MUA Insurance Kenya, and administered and assisted by The Unisure Group, the international health insurance product Umatter is supported by local and international reinsurance partners to ensure that a sustainable and localized insurance product is provided to the general public. .
mTek’s Managing Director, Ms. Bente Krogmann, said the partnership is an indicator of investor confidence and growth prospects for insurtech in the East African region.
“Our belief in paperless insurance has allowed us to offer our customers a wide range of personalized insurance products. Through our partnership with MUA Insurance Kenya and Unisure, we will now be able to provide our clients with unique international healthcare and protection. With a global annual limit of KES 540,000,000, access to worldwide medical care and unparalleled customer service, Umatter strikes the perfect balance between being cost effective and providing the best international benefits and services,” said Ms. Krogmann.
As part of the Umatter policy, customers who select both the Serious Matters + Daily Matters options can choose any other module in the offered range to add to their plan. This means they have the option of adding Family Matters, Opti-Denti Matters and/or Wellness Matters to their individual plan.
Since 2019, mTek has revolutionized the customer experience by eliminating the tedious insurance paperwork. Together with its partners, it has provided more than 65,000 Kenyans with access to comprehensive and affordable health care coverage for a monthly fee of KES 1,000.
The insurtech market has seen growth with the rise of devices connected to financial services, even as more companies seek business efficiency. Globally, the insurtech services market is expected to grow from $8.07 billion in 2021 to $10.42 billion in 2022. With a CAGR of 7% by 2025, Africa appears to be the new emerging market to watch (Statistica).