As we continue accepting the new realities brought about by the pandemic, at mTek, we already have an appreciation of the bigger picture by always reassessing our business priorities and goals. We believe a stable and vibrant insurance industry of any country provides the population with peace of mind in performance of their daily operations and activities, while boosting investors confidence. Our operational factors include claims, agents, infrastructure, customer needs, finance, marketing and legislation among others. Inevitably, claims/ loss handling is the materialized utility of our insurance service since it is the actual product that our customers pay for. It is quite important to note that in order to determine the ability of an insurance firm to settle a claim, the most critical information is contained in the solvency ratio. The larger the ratio, the healthier an insurance company is financially and for a while now, this has enabled us to deal with all claims fairly and promptly
In the insurance sector, customers are definitely the end users of the companies’ products and services. Thus, feedback from them serves as a basis for innovation in product, business portfolio balance and formulation of organizational policies. mTek-Services aims at meeting customers’ needs all over Kenya, by tailoring our products to meet these specific needs so as to sustain growth and healthy relationships.
Although Insurance in Kenya is not at its peak yet based on data analysis and reviewed statistics, Kenya still is one of the fastest growing economies in Sub-Saharan Africa, fueled partially by accelerated and steady growth in Insurance (6.6%) . As of 2020, the insurance sector recorded a GWP of Ksh. 231.30 billion compared to Ksh. 216.11 billion in 2018; a 7.03% increase. Furthermore, the GWP for life insurance business stood at Ksh. 97.85 billion compared to Ksh. 87.26 billion and non-life business stood at Ksh. 133.45 billion compared to Ksh.128.85 billion between 2018 and 2020 respectively. However, insurance penetration has declined to 2.37% from 2.43% in 2018. As always, motor and medical insurance continue to be the main contributors of the non-life business as it continues to dominate at 58% of total GWP, while life insurance is at 42%.
To maintain growth and turn the curve upwards, one of the overall goals Kenyan insurance companies should aim for is to cultivate diverse and sustainable measures/ practices in this Covid-19 era, with a focus on digitalization. In other words, a particular set of mutually reinforcing digitalization practices is likely to have more impact on performance and growth, than applying one or just some of these practices in isolation.
The impact of information technology is being felt in every kind of organization in every industry. But with the help of Association of Kenya Insurers among other stakeholders, there are vast opportunities for insurers to utilize online and mobile platforms for insurance distribution, by adopting InsurTech and becoming innovative to develop new non-traditional insurance products that suit customer demands. At mTek, we are taking these opportunities head on and we believe this will definitely make insurance accessible, especially among low income earners and those in remote areas since we want you to also believe that what you see and get from us is exactly who we are.