GLOBAL insurtech–Bolttech has acquired Kenyan-based digital insurance platform mTek, in a strategic move that targets to cement its operations in Africa with Nairobi as a major hub.
Founded in 2019, mTek has developed a strong and effective digital platform that enables customers in Kenya to compare, purchase and manage insurance seamlessly.
Its insurtech capability supports greater access to insurance and financial inclusion through simple, transparent and paperless insurance experiences.
The mTek platform partners with leading industry players, including GA Insurance, Sanlam and Britam.
In September, mTek and Mastercard announced a collaboration to bring embedded insurance solutions across East Africa.
As part of this acquisition, mTek's digital platform and insurance expertise will be leveraged on a global scale, combining local insight with bolttech’s extensive global insurance and protection ecosystem, according to management.
“This represents an exciting step forward for Bolttech as we expand our footprint in Africa. mTek’s innovative platform and talented team share our vision of using technology to make protection more accessible. Together, we can accelerate digital transformation in insurance and extend the reach of embedded protection across the region,” Bolttech CEO for Europe, Middle East and Africa, Stephan Tan, said.
Bolttech has presence in 39 markets across Asia, Europe, North America and Africa. With a full suite of digital and data-driven capabilities, bolttech powers connections between insurers, distributors and customers to make it easier and more efficient to buy and sell insurance and protection products.
mTek CEO Bente Krogmann said the firm’s technology, local insight and commitment to inclusive insurance have transformed how customers access protection in Kenya.
“This partnership allows us to scale that impact even further, bringing more innovative and relevant insurance solutions to customers at scale,” Krogmann said.
mTek’s existing leadership team, led by CEO Krogmann, will continue to oversee operations in East Africa, providing stability and support for customers, partners and employees during this next phase of growth.
As part of the acquisition, mTek will also rebrand in due course. Bolttech and mTek will work closely together to ensure a smooth integration for all employees, customers and partners, they said yesterday.
Established in 2019, mTek provides a fully digital end-to-end distribution platform that seamlessly integrates general and life insurance products with both business-to-customer and business-to-business-to-customer functionality.
The platform empowers more than 350,000 customers in Kenya alone to compare quotes from over 45 insurers and purchase coverage either upfront or through flexible instalment plans.
