mTek, a digital insurance platform has deployed four low-cost micro-insurance products targeting students on internship starting from as low as KES 30 a month. The four products are Loyalty PA, and BeSmarter Bronze, Silver, and Gold and are underwritten by BRITAM.
mTek recently raised KES 402 million in additional funding for its products’ expansion plans, says the new offerings are aimed at enhancing student protection at the workplace when undertaking an industrial, office or field attachment.
Under the Work Injury Benefits Act (WIBA), permanent employees are assured of protection against liabilities, temporary disablement, or permanent disablement due to an injury, medical expenses, and funeral expenses in case of an employee suffering death and occupational illness.
“We are responding to a market need that will encourage young people to accept industrial attachment roles while providing them the assurance that they are covered against injury or even death. We are providing a solution that is affordable, accessible, and convenient that students can take up through our platform,” said mTek’s Chief Executive Officer, Ms. Bente Krogmann.
Ms. Krogmann added that one could easily apply for any of the covers from their phone at any time where applicants for Loyalty PA cover will pay a KES 30 per month premium, making them eligible to receive KES 5,000 for accidental hospitalisation and KES 20,000 paid to one’s family in case of accidental death.
The BeSmarter product starts at a KES 144 premium for the bronze cover for three months, where one will benefit from a KES 75,000 medical expenses cover, KES 100,000 from silver cover under a KES 188 tri-monthly premium while a KES 272 three-month premium will afford one a KES 150,000 gold cover. The plans have been subdivided into three, six, and 12 months based on one tenure of the internship.
mTek insurance technology platform also gives one a bird’s eye view of all insurance products in the Kenyan market, enabling one to choose the products they want from an informed point of view. With the platform, customers also enjoy 24-hour services that are also available over weekends and holidays.