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mTek Launches Ksh30 Personal Accident Cover For Interns

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Digital insurance platform mTek has deployed four low-cost micro-insurance products targeting students on internship starting from as low as Ksh30 a month.

mTek, which recently raised Ksh402 million in additional funding for its products’ expansion plans, says the new offerings – Loyalty PA, and BeSmarter Bronze, Silver, and Gold –  underwritten by BRITAM are aimed at enhancing student protection at the workplace when undertaking an industrial, office or field attachment.

“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.

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.

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 Ksh30 per month premium, making them eligible to receive Ksh5,000 for accidental hospitalisation and Ksh20,000 paid to one’s family in case of accidental death.

The BeSmarter product starts at a Ksh144 premium for the bronze cover for three months, where one will benefit from a Ksh75,000 medical expenses cover, Ksh100,000 from silver cover under a Ksh188 tri-monthly premium while a Ksh272 three-month premium will afford one a Ksh150,000 gold cover. The plans have been subdivided into three, six, and 12 months based on one tenure of the internship.

Other benefits provided under the BRITAM Students Insurance Benefit are Accidental dental expenses, permanent disability, accidental death, and funeral expenses.

Ms Krogmann said that the development of customized products is key to increasing penetration amongst the uninsured.

“We believe that technology plays a vital role in the provision of customer-specific insurance products by building trust. We can encourage and inculcate a culture of taking up insurance among the youth by enabling them to experience seamless purchase and claims processes,” said Ms Krogmann.

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.

Read: mTek Secures Ksh340M Investment For Digital Insurance Penetration

>>> mTek App Digitizing Insurance Amid Covid-19 Pandemic

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BT Reporter
BT Reporterhttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke
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