Britam Holdings has partnered with digital insurance platform mTek to offer a mobile-enabled business protection cover targeting MSMEs.
The cover dubbed, Britam Biashara will protect businesses from fire and theft and also business owners from loss of income in case of fire or hospitalization together with disability caused by accidents.
Under the policy by Britam, businesses can choose from several options including the basic property cover with additional personal accident cover or business interruption due to hospitalisation cover or both depending on their requirements and affordability.
“By insuring the informal retail sector, we become business enablers of MSMEs. This is by improving their risk profile, which then enables them to attract financial credit and expand their value chains,” said Evah Kimani, Britam’s Digital and Partnership Director.
The partnership aims to sell the policy to 100,000 businesses across the country using mTek’s mobile application.
“This solution serves to ‘mainstream’ or formalise the MSMEs, by according them financial and social protection. It also boosts their sustainability by addressing the risk of disruption and failure,” said Kimani.
mTek’s Chief Executive Officer, Bente Krogmann noted that joint effort between the insurance industry players in creating customized products will be key in increasing the reach to the uninsured.
“We believe that technology plays a vital role in the provision of customer-specific insurance products. Small business owners can enjoy the seamless purchase of Britam Biashara and claims processing via the mTek platform which delivers convenience thus saving business people time to concentrate on more pressing issues,” said Krogmann.
The company has also been able to develop bundle products and policies to decrease fragmentation when selling to customers.