mTek, a leading Kenyan-based digital online insurance platform known for its seamless and convenient access to insurance products, has forged a partnership with BuySimu to extend coverage for phone products.
BuySimu, established in June 2023 and starting operations in November 2023, specializes in financing Apple products, including iPhones ranging from iPhone XS to iPads and Macbooks.
The collaboration comes as a boon to over 770,000 Apple product users in the country, who often find themselves grappling with losses incurred through the gadgets without any form of compensation.
In this venture, mTek will provide the technology distribution while Britam ensures seamless underwriting.
Bente Krogmann, mTek CEO, emphasized that the provision of insurance coverage for devices translates into reduced instances of defaults resulting from phone loss or damages, thereby bolstering customer satisfaction.
“Improved customer satisfaction levels contribute to enhanced customer retention rates, fostering long-term relationships and loyalty,” says Mr Krogmann.
mTek is an insuretech company based in Kenya providing a platform as a service which is aiming to improve the insurance ecosystem in Africa through technology and by connecting the whole ecosystem.
With a focus on leveraging technology to simplify the insurance process, mTek is dedicated to providing convenient and accessible insurance products to customers.
mTek also boasts of its innovative API integrations, white-labeled solutions, and other types of seamless integrations to empower its partners to offer insurance products to their customer base.
Ms Evah Kimani, Britam’s Director of Partnerships and Digital, said “we are delighted about this partnership giving Buy Simu a solution that meets their needs.
“This is in line with our purpose of safeguarding dreams and aspirations,” said Ms Kimani.
Britam is a leading diversified financial services group, listed on the Nairobi Securities Exchange (NSE).
The group has interests across the Eastern and Southern Africa region, with operations in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi.
The group offers a wide range of financial products and services in Insurance, Asset management, Banking and Property.
Ms Grace Karanja, the Operations Manager at BuySimu, expressed enthusiasm about the partnership noting that “we are thrilled to partner with mTek to offer insurance cover to our esteemed clients.”
“By integrating gadget insurance into our offerings, BuySimu actively mitigates risks associated with the device for both consumers and the company. This initiative enhances financial security by protecting against potential financial losses stemming from device-related incidents,” Ms Karanja notes.
A recent report by the International Data Corporation (IDC) indicates that smartphones now constitute about 72 percent share of overall mobile phone shipments to the country.
With several affordable financing options becoming available, the penetration of Apple devices such as iPhones is expected to increase further, driven by high demand especially from the youth and corporate organizations.
Studies show that currently, Apple devices make up about 2.5 percent of over 30 million active mobile phone users in Kenya.