BuyRentKenya, a market-leading portal in Kenya, has unveiled a strategic collaboration with mTek-Services, an insurtech firm specializing in digital online insurance solutions.
As part of this partnership, BuyRentKenya will leverage its network to promote and facilitate the adoption of home insurance solutions offered by mTek-Services.
In Kenya, where the insurance penetration rate stands at approximately 2.4%, with home insurance representing a fraction of this figure, there exists a significant gap in coverage for homeowners and renters. The partnership aims to address this gap by involving local insurance firm GA Insurance Kenya as the underwriter for the home insurance products offered through mTek’s platform.
Elizabeth Costabir, CEO at BuyRentKenya, expressed enthusiasm about the partnership, stating,
"By combining our strengths and resources, we aim to create a seamless and user-friendly insurance experience for homeowners, ultimately enhancing the protection and security of their properties."
Bente Krogmann, CEO of mTek-Services, echoed this sentiment, saying,
"Our goal is to leverage technology to simplify the insurance process and provide greater accessibility to insurance products. Together with BuyRentKenya, we are committed to driving innovation and digitization in the insurance industry."