This archive report was first published on 24 May 2020.
Published on May 24, 2020, the insurance sector is undergoing a significant transformation, driven by the COVID-19 pandemic and changing market demands.
According to Bente Krogmann, CEO and founder of mTek Services, the pandemic has exposed the fragility of many businesses, leading to a rethinking of traditional models and the adoption of new technologies.
With increased smartphone use and internet devices, especially among millennials, the insurance industry is witnessing a paradigm shift, with clients seeking more efficient and trusted ways of buying policies.
mTek Services has developed a mobile application, mTek, which aims to eliminate paperwork and reach the uninsured. The app covers general insurance, including motor, personal accident, fire, international and local travel, school, and health covers.
Users can select insurance services from various underwriters locally, file a claim, and follow up on the same via the app. Additionally, a comparison tool is being developed to allow users to compare policies from various underwriters based on service and price.
“Today, everything is happening in a flash. With COVID-19 living among us, we need to adapt to easy and safe ways of doing things on the go,” Krogmann said.
